- Eco Atlantic Oil & Gas said it was part of a venture that had made a significant oil discovery on the Orinduik Block, offshore Guyana.

Well operator Tullow Oil encountered 180.5 feet (55 meters) of net high-quality oil pay in excellent lower tertiary sandstone reservoirs at the Jethro-1 exploration well.

The well had been cased, and was now awaiting further evaluation to determine the appropriate appraisal activity.

'Jethro is a fantastic find for us. This discovery was made due to our team at Eco and Kinley Exploration stepping out beyond the conventional exploration plays and seeking new resources through old-fashioned exploration science,' said Colin Kinley, COO and Co-Founder of Eco Atlantic.

'The Jethro-1 well confirms the continuance of the petroleum system onto the Orinduik Block, up dip from the prolific discoveries on the Exxon operated Stabroek Block. The well has resulted in a mitigation of risk of the presence of quality reservoir sands, seal and trap parameters.'

'We have multiple drilling targets on the block with similar geophysical characteristics and we are moving the Stena Forth drill ship immediately to its next target, Joe-1. The Joe-1 location is just a short move to a shallower target, and is expected to spud mid-August.' At 9:07am: [LON:ECO] Eco Atlantic Oil Gas Ltd share price was 0p at 68p

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