ECO hired advisers to prepare for any potential approach ..Bloomberg --Eco Atlantic Oil & Gas Ltd., the Canadian company working with Tullow Oil Plc in Guyana, hired advisers to prepare for any potential approach by suitors before results emerge from a closely watched drilling campaign, people with knowledge of the matter said.
Eco appointed Tudor, Pickering, Holt & Co., the people said, asking not to be identified because the information isn’t public. The company and its partners started drilling the first of two wells at the Orinduik Block on July 4, and estimated it would take as many as 40 days to complete.
The Orinduik Block, where Eco owns a 15% stake, Tullow has 60% and Total SA holds 25%, is adjacent to an oil discovery by Exxon Mobil Corp., which is estimated to hold 5.5 billion barrels.
Eco Atlantic didn’t immediately respond to a request for comment. Tudor, Pickering, Holt declined to comment.
Eco said July 5 that it is fully funded for its share of as many as six exploration or development wells on the block, in addition to the current two-well program.
Advisory boutique Perella Weinberg Partners in 2016 acquired oil and gas investment banking firm Tudor, Pickering, Holt.