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Eco Atlantic Granted Petroleum Prospecting License Offshore Guyana in Partnership with Tullow
TORONTO, ON / ACCESSWIRE / January 19, 2016 / Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco Atlantic Granted Petroleum Prospecting License Offshore Guyana in Partnership with TullowTORONTO, ON / ACCESSWIRE / January 19, 2016 / Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (NSX: EOG) (\"Eco Atlantic\" or the \"Company\") is pleased to announce that, through its subsidiary, Eco (Atlantic) Guyana Inc. (\"Eco Guyana\"), it has been issued an interest in a Petroleum Prospecting License over the new Orinduik Block, offshore the Co-Operative Republic of Guyana (the \"Block\"). The Company further announces that it has entered into a Petroleum Agreement (the \"Agreement\") with the Government of Guyana and Tullow Guyana BV (\"Tullow\"), a subsidiary of Tullow Oil plc., through which Eco Atlantic will hold a 40% working interest in the Block and Tullow, as Operator, will hold the remaining 60% working interest (collectively, the Company and Tullow referred to as the \"Partners\"). Tullow will reimburse Eco Atlantic for part of its costs in relation to the application of the Block license and will partially carry Eco Guyana for the future 3D program. \nIn total, the license term of the Exploration Period is for 10 years. The decision to drill and to complete the first exploration well must occur within the first renewal period in years five and six.\nThe Block is located in the Suriname Guyana basin in shallow waters and is located close to Exxon Mobil Corporation's recently announced \"Liza\" discovery (the \"Exxon Discovery\"). Exxon Mobil announced in May 2015 that the Exxon Discovery well encountered more than 90 meters of high-quality oil-bearing sandstone reservoirs. The well was safely drilled to 5,433 meters in 1,743 meters of water. In July 2015, Bloomberg published an article quoting a Guyana minister as saying the discovery probably holds the equivalent of more than 700 million barrels of oil. Wood MacKenzie has called this discovery one of Latin America's most exciting exploration developments.\nImage: https://www.accesswire.com/uploads/18907_eht1.jpg\nTo view an enhanced version of this image, please visit: \nhttps://www.accesswire.com/uploads/18907_eht2.jpg\nColin Kinley, COO and Director of Eco Atlantic commented: \"We very much appreciate the award of the Orinduik Block license by the Government of Guyana and the signing of the Petroleum Agreement. We have worked diligently for the last 18 months on this init...