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Eco Atlantic - Major Oil Discovery Offshore Guyana
Jethro-1 Well Proves 180.5 feet (55 Meters) of Net High Quality Pay on Orinduik Block ...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco Atlantic - Major Oil Discovery Offshore GuyanaJethro-1 Well Proves 180.5 feet (55 Meters) of Net High Quality Pay on Orinduik BlockTORONTO, ONTARIO / ACCESSWIRE / August 12, 2019 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX-V:EOG), today announces a significant oil discovery on the Orinduik Block, offshore Guyana. The Jethro-1 exploration well was drilled by the Stena Forth drillship to a final depth of 14,331 feet (4,400 meters) in approximately 1,350 meters of water. Evaluation of logging data confirms that the Jethro-1 is the first Discovery on the Orinduik licence and comprises high quality oil bearing sandstone reservoir of Lower Tertiary age. It encountered 180.5 feet (55 meters) of net high-quality oil pay in excellent lower Tertiary sandstone reservoirs which supports recoverable oil resources. The well has been cased, and is now awaiting further evaluation to determine the appropriate appraisal activity.Colin Kinley, COO and Co-Founder of Eco Atlantic commented: \"Jethro is a fantastic find for us. This discovery was made due to our team at Eco and Kinley Exploration stepping out beyond the conventional exploration plays and seeking new resources through old-fashioned exploration science. The Jethro-1 well confirms the continuance of the petroleum system onto the Orinduik Block, up dip from the prolific discoveries on the Exxon operated Stabroek Block. The well has resulted in a mitigation of risk of the presence of quality reservoir sands, seal and trap parameters. We have multiple drilling targets on the block with similar geophysical characteristics and we are moving the Stena Forth drill ship immediately to its next target, Joe-1. The Joe-1 location is just a short move to a shallower target, and is expected to spud mid-August.\"\"The Orinduik Block, and the corner of the block where Jethro is located, were selected and pinned for drilling long before the first Exxon discovery. We appreciate the support of our partners from Tullow, Total and now Qatar Petroleum joining our quest, as well as the support of the Government of Guyana and its belief in our team.\"Gil Holzman, CEO and Co-Founder of Eco Atlantic stated:\"We are thrilled to report this exceptionally exciting discovery. This is a revolutionary moment for Eco. It has been a long path of hard work for our team, and with today's announcement we feel ou...