Jethro-Lobe Spud, Offshore Guyana .. In approx 40 days we will know if this is a +8 dollar stock:
Drilling operations have commenced offshore Guyana with the spudding of the first exploration well on its Jethro-Lobe prospect on the Orinduik Block. Jethro-Lobe was spud at 22:45hrs (Local Guyana time) on Thursday 4th July 2019 using the Stena Forth drillship.
Gil Holzman, Chief Executive Officer commented:
"Today Eco Atlantic's first Guyana well has been spud, three years ahead of our Petroleum Agreement commitment. This is the start of a hugely exciting time for the Company. Jethro Lobe will test the Lower Tertiary aged turbidites, as well drilling down into the Cretaceous. As such, we await the well results with great anticipation, as they will give us an even greater understanding of the geological plays.
"The huge success which ExxonMobil has had on the neighbouring Stabroek Block, has aided our geological assessment of the many similar channel systems in our Orinduik Block. With fifteen leads and prospects identified on the Orinduik Block, and funding to drill six potential exploration wells beyond the two currently planned, this is only the start of a fascinating and potentially transformational time for the Company."