StockMarketWire.com - Eco (Atlantic) Oil & Gas said that Gustavson of Boulder Colorado's updated competent person's report on the Orinduik Block showed a 37% increase in gross unrisked oil prospective resources for the project.

The prospective resource estimate was now 3,981m barrels of oil equivalent (MMBOE), implying net 15% of 597.3 mmboe to ECO, the company said. The new findings represented an increase of about 37% from the previous report estimating 2,913 mmboe.

The report, the second on Eco Atlantic's Orinduik Block, followed the completion of the 3D processing and an additional six months of interpretation work, the company said.

'Eco is pleased with the progress made in defining the prospectivity on Orinduik. As the regional play continues to develop, and more discoveries have been made, particularly in the Tertiary play, as was proven by Exxon's Hammerhead 1 discovery, this has allowed us to build upon our model,' said Colin Kinley, co-founder and Chief Operating Officer of Eco Atlantic.

'Our first drill target scheduled for June is Jethro, on which Gustavson has firmed up their estimate to contain 214.5 MMBOE (P50) at 43.2% Chance of Success.'

'The partners are in the process of approving a second well and we believe the risking will be in the same range as for Jethro. We hope to confirm drilling plans for well number two in the near future to take advantage of the economics of our rig on the block.'

'We are very happy with the interpretation of the Hammerhead-1 discovery up on to Orinduik. Although the volumes are conservative, it has an extremely low risk for drilling (81% Chance of Success) and has confirmed the presence of oil on our block. We understand that this discovery will be offset drilled on the Stabroek block in the near future which will help further define our interpretation of our other leads and targets.'

'We have confidence in our and our partners' work to date, as we continue to work with the industry leading teams at Tullow, who is Operator, and Total, who is a fully engaged partner. At this point we are looking to drill strategic lower risk targets. Assuming positive results, we aim to move quickly to production planning and optimum economics for our partnership and the people of Guyana.'


At 8:43am: [LON:ECO] Eco Atlantic Oil Gas Ltd share price was +4p at 93.5p



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