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Eco (Atlantic) Oil and Gas Limited Announces Updated CPR on Orinduik Block, Offshore Guyana
Updated NI 51-101Compliant Competent Person's Report (CPR) on Orinduik Block, Offshore Guyan...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Limited Announces Updated CPR on Orinduik Block, Offshore GuyanaUpdated NI 51-101Compliant Competent Person's Report (CPR) on Orinduik Block, Offshore Guyana;Increasein Gross Prospective Resources P50 (Best) to 3,981MMBOE (from previous 2,913 MMBOE)TORONTO, ONTARIO / ACCESSWIRE / March 18, 2019 / Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), the oil and gas exploration company with licences in highly prospective regions in Guyana and Namibia, is delighted to announce that Gustavson Associates LLC (\"Gustavson\") of Boulder Colorado has completed and delivered an updated NI 51-101 compliant Competent Persons Report (\"CPR\") on the Orinduik Block offshore Guyana (\"Orinduik Block\"). This report is the second on Eco Atlantic's Orinduik Block and follows the completion of the 3D processing and an additional six months of interpretation work. It supplements and updates the interpretation of the previous CPR announced on 11 September 2018.Following the completion of the processing of the 2,550 km2 3D seismic program and the reported regional Tertiary aged discoveries, including Exxon's Hammerhead discovery, the company and its partners (Tullow - 60% Operator, Total - 25%, Eco - 15%) have completed a further extensive evaluation and risking exercise on the leads and targets on the Orinduik Block following review and analysis of this additional information. Gustavson has independently updated the previously announced P50 Best estimate of the Gross Unrisked Prospective Resources within the Orinduik Block.Theupdated CPR estimates an increase in Gross Unrisked Prospective Resources P50(Best) to 3,981.9 MMBOE on theBlock, implying Net (15%) 597.3 MMBOE to Eco, identified across a total of15 Leads on the Orinduik Block.Gross (to Block) and Net (to Eco) Barrels of OilEquivalent Unrisked Prospective Resources Gross Prospective Oil Equivalent Resources, MMBOE6 Net Prospective Oil Equivalent Resources, MMBOE6 Orinduik Block Low Estimate Best Estimate High Estimate Low Estimate Best Estimate High Estimate TOTAL 2,015.8 3,981.9 7,215.0 302.4 597.3 1,082.3 Gross Unrisked Prospective ResourceEstimates for Orinduik Block Oil in Place, MMBbl Prospective Oil Resources, MMBbl Prospective Associated Gas Resources, BCF Low Estimate Best Estimate High Estimate Low Estimate Best Estimate High Estimate Low Estimate Be...