Eco (Atlantic) Oil & Gas Ltd announced today that the joint venture partners in respect of the Orinduik Block offshore Guyana have successfully entered into the first renewal period of the concession’s Petroleum Prospecting License initially signed on January 14, 2016, with the Government of Guyana with the associated notice having now been approved and signed by the Department of Energy (DOE).
This news agency understands that the DOE has also provided final approval for the transfer of the Total Exploration and Production Guyana B.V. 25% working interest (WI) in the Orinduik Petroleum Agreement to a new company jointly owned by Total E&P Guyana B.V. (60%) and Qatar Petroleum (40%), namely TOQAP Guyana B.V. (“TOQAP”).
Accordingly, the JV Partners now comprise Eco Atlantic (15% WI), Tullow Guyana B.V. (Operator, 60% WI), and TOQAP (25% WI).
The First Renewal Period sees the JV Partners maintain control of the license through to January 13, 2023, and until the second renewal period.
Colin Kinley, Co-Founder of Eco Atlantic commented that the partners are very appreciative of the administration’s continued support of its exploration and expanding partnership on the Orinduik Block. As a group, Kinley said the JV Partners will continue with advanced reprocessing of the geophysical data, in combination with the additional information obtained from regional drilling results, and further evaluation of the Joe and Jethro discoveries.
The Chief Operating Officer said, “The partnership is focused on its multiple light sweet oil prospects on the Orinduik Block, and we are high-grading candidates for the next drilling program, with the Operator expected to select targets later this year. We will update the market on further drilling plans in due course on our opportunity and prospects in this prolific oil basin.”
The Orinduik Block is adjacent and updip to ExxonMobil Operated Stabroek Block, on which eighteen discoveries have been announced and over 9 Billion barrels of oil equivalent recoverable resources are estimated.
Jethro-1 was the first major oil discovery on Orinduik Block. The Jethro-1 encountered 180.5 feet (55 meters) of net high-quality oil pay in excellent Lower Tertiary sandstone reservoirs which further proves recoverable oil resources. Joe-1 is the second discovery on the Orinduik Block and comprises a high-quality oil-bearing sandstone reservoir with high porosity of Upper Tertiary age. The Joe-1 well encountered 52 feet (16 meters) of continuous thick sandstone which further proves the presence of recoverable oil resources.