StockMarketWire.com - Oil and gas exploration company Eco (Atlantic) Oil & Gas said the Jabillo-1 well in the Canje Block, offshore Guyana, would be plugged and abandoned after no evidence of commercial hydrocarbons were found.

The company would now move onto spudding the Sapote-1 well, expected in mid-August 2021 with an estimated drilling time of up to 60 days.

'While today's update from JHI is disappointing, this is the nature of oil exploration,' the company said.

'The targets in the region have proven to hold some hundreds of millions of barrels of oil and oil equivalent and we look forward to similar scaled results from this upcoming well,' it added.






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