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Eco (Atlantic) Oil and Gas Ltd Announces - Jethro-Lobe Spud, Offshore Guyana
TORONTO, ONTARIO / ACCESSWIRE / July 5, 2019 / Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, T...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd Announces - Jethro-Lobe Spud, Offshore GuyanaTORONTO, ONTARIO / ACCESSWIRE / July 5, 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 pleased to announce that drilling operations have commenced offshore Guyana with the spudding of the first exploration well on its Jethro-Lobe prospect on the Orinduik Block. Jethro-Lobe was spud at 22:45hrs (Local Guyana time) on Thursday 4th July 2019 using the Stena Forth drillship.Eco and its partners on the Orinduik Block, Tullow Guyana B.V. (\"Tullow\") (Operator, 60% Working Interest (\"WI\")) and Total E&P Guyana B.V. (\"Total\") (25% WI), estimate the well will take up to 40 days to drill.Jethro Lobe is the first prospect to be drilled as part of a two-well programme and will be immediately followed by the drilling of an exploration well on the Joe prospect.Eco is fully funded for its share of up to six potential exploration or development wells on the Orinduik Block in addition to the Jethro Lobe and Joe exploration wells, as announced on 10 June 2019.Gil Holzman, Chief Executive Officercommented:\"TodayEco Atlantic's first Guyana well has been spud, three years ahead of ourPetroleum Agreement commitment. This is the start of a hugely exciting time forthe Company. Jethro Lobe will test the Lower Tertiary aged turbidites, as welldrilling down into the Cretaceous. As such, we await the well results withgreat anticipation, as they will give us an even greater understanding of thegeological plays.\"Thehuge success which ExxonMobil has had on the neighbouring Stabroek Block, hasaided our geological assessment of the many similar channel systems in ourOrinduik Block. With fifteen leads and prospects identified on the OrinduikBlock, and funding to drill six potential exploration wells beyond the twocurrently planned, this is only the start of a fascinating and potentiallytransformational time for the Company.\" **ENDS** For moreinformation, please visit www.ecooilandgas.com orcontact the following: Eco Atlantic Oil and Gas +1 (416) 250 1955 Gil Holzman, CEO Colin Kinley, COO Alan Friedman, Director Strand Hanson Limited (Financial & Nominated Adviser) +44 (0) 20 7409 3494 James Harris Rory Murphy James Bellman Stifel Nicolaus Europe Lim...