Offshore staff
TORONTO, Canada — Eco (Atlantic) Oil & Gas has gained approval from Guyana’s government to assume Tullow Oil’s 60% interest in and operatorship of the offshore Orinduik Block.
The two companies first announced the transaction in August. Tullow will receive $700,000 upfront and a contingent consideration.
Upon completion of the transfer, expected shortly, Eco Orinduik will operate while TOQAP Guyana will retain a 25% stake.
Colin Kinley, COO of Eco Atlantic, said, “After nearly 10 years of exploration and interpretation, and multiple regional discoveries at the Cretaceous level of close to 11 Bbbl of recoverable oil, our team has a good understanding of the Cretaceous play, and we have a great deal of confidence in drilling our first well, targeting a stacked pay target in this well proven horizon.
“Eco now seeks qualified partners in this high-value play and has commenced a formal farm-out process for the block. Recent interest from supermajors and other well-capitalized energy companies in the latest licensing bid round in Guyana, for blocks updip of us, supports our thesis of the oil migration and the high quality and charged reservoirs we see on our block.”
11.15.2023
