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Eco (Atlantic) Oil & Gas Ltd V.EOG

Alternate Symbol(s):  ECAOF

Eco (Atlantic) Oil & Gas Ltd. is a Canada-based oil and gas exploration company with offshore licensed interests in Guyana, Namibia, and South Africa. The petroleum and natural gas interests of the Company are located offshore in Guyana, South Africa, and Namibia. In Guyana, the Orinduik block is situated in shallow to deep water (70m-1,400m), approximately 170 kilometers (km) offshore Guyana in the Suriname Guyana basin (Orinduik License). In Namibia, the Company holds four offshore petroleum licenses in the Republic of Namibia, being petroleum exploration license number 097 (the Cooper License), petroleum exploration license number 098 (the Sharon License), petroleum exploration license number 099 (the Guy License) and petroleum exploration license number 100 (the Tamar License). In South Africa, it holds two offshore petroleum licenses in South Africa, being petroleum exploration license number 2B (the 2B Block) and petroleum exploration license number 3B/4B (the 3B/4B Block).


TSXV:EOG - Post by User

Comment by gunnaron Jan 24, 2023 7:22am
224 Views
Post# 35241668

RE:Shell hits hydrocarbons

RE:Shell hits hydrocarbons

"Orange basin: Shell hits hydrocarbons in world's hottest new hunting ground
Jonker-1 wildcat has founds hydrocarbons on a different geological play to Shell's previous Graff and Rona finds offshore Namibia
23 January 2023 11:29 GMT UPDATED 23 January 2023 12:09 GMT
*By Iain Esau in London *
The temperature is rising again in Namibia’s Orange basin, the world’s hottest new hydrocarbon hunting ground, with Upstream told that early signs from Shell’s Jonker-1 exploration probe are promising.*
Northern Ocean’s semi-submersible Deepsea Bollsta began drilling the high-profile well in Block 2913A in mid-December.
The probe is chasing a different geological play to the Upper Cretaceous, light oil discoveries made last year by Shell's Graff-1 and La Rona-1 exploration wells.
Instead, Jonker-1 is targeting an eastern extension of the Lower Cretaceous oil and gas play that TotalEnergies hit in adjacent Block 2913B in 2022 with its Venus-1 probe, potentially Africa’s largest ever offshore discovery.
Three informed sources told Upstream in recent days that Jonker-1 has hit hydrocarbons in a shallow reservoir, offering significant encouragement for what may yet be found in the probe’s deeper primary objective.
It is understood that Shell was running in-hole flow tests on this secondary target last week.
Shell “has found something interesting in a shallow target and is drilling ahead to the thicker primary objective,” said one well-watcher.
Another exploration source said: “They have a hit in the first target (and are) testing it.”
A third well-placed contact agreed, saying last week: “They are testing at the moment.”
The closed-hole test equipment used by Shell would allow it to achieve flow rates of about 2000-3000 barrels per day, according to an observer with knowledge of downhole equipment.
However, because this type of test is short-lived compared to a full production test, it will not give a true indication of the pressure “build-up” rate which is vital to develop an understanding of a reservoir’s true potential.
The size of Jonker is not known, but explorers suggested Shell would only drill this probe ahead of appraising and testing Graff if the structure’s size is significant and has the potential to host higher quality reservoirs.
“Shell are chasing much better reservoirs than Graff and La Rona which, while they encountered hydrocarbons, have questions over their deliverability,” remarked one knowledgeable source.
Multiple contacts in the southern African exploration community have given the name Venus East or East Venus to Shell’s prospect.
However, based on current knowledge, Jonker is not expected to be in direct communication with the Venus discovery.
“It looks to be a separate closure on the same play,” said an explorer familiar with Namibia.
Another source agreed but believes Jonker does stretch into TotalEnergies’ acreage.
“It’s separate but does it extend over the border.”
If Shell does make a discovery at Jonker and the prospect is found to either be linked directly to Venus or traverse the boundary between blocks 2912A and 2913A, then unitisation will be needed.
Any future allocation of hydrocarbon resources between the two operating groups could, however, be smoothed somewhat by the presence of Qatar Energy as a partner in both Venus and Jonker.
Shell declined to comment on the status of its latest Namibian well.
Shell operates Petroleum Exploration Licence 0039, which covers blocks 2913A and 2914B, with a 45% working interest.
QatarEnergy also has a 45% stake while state-owned Namcor holds 10%"

 

Conclusion: Shell is drilling on the same primary target as our 3B / 4B and the Venus findings. News pending in a week or so. AOIs drilling in the Venus block next to be drilled this Q. Exellent timing for our farmout of 3B / 4B.

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