StockMarketWire.com - Oil and gas company Eco Atlantic said an updated independent report had shown a significant increase in resources for its Orinduik Block offshore Guyana.

The updated compliant competent persons report for the Orinduik Block offshore Guyana included a 'significant' increase in gross prospective resources to 5,141m barrels of oil equivalent (MMBOE) - 771 MMBOE net to Eco - from the previous estimate of 3,981 MMBOE in March 2019.

The report confirmed that over half of the company's 22 leads had over a 30% or better chance of success (COS), while two targets in the cretaceous horizon including Amaila/Kumaka and Iatuk-D, were identified as having in excess of 725 MMBOE each.

Looking ahead, the joint venture partners in the Orinduik Block - Tullow and Total, along with Eco Atlantic - had an operations committee meeting scheduled in early February 2020 to evaluate recent drilling results, define drilling targets, and consider the budgets and dates for future drilling, Eco said.


At 8:34am: [LON:ECO] Eco Atlantic Oil Gas Ltd share price was +1.5p at 43.5p



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