Business
Eco (Atlantic) Oil and Gas Ltd Announces Operational Update and Notice of AGM
TORONTO, ON / ACCESSWIRE / November 1, 2021 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd Announces Operational Update and Notice of AGMTORONTO, ON / ACCESSWIRE / November 1, 2021 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX‐V:EOG), the oil and gas exploration company with licences in the proven oil province of Guyana and the highly prospective basins of Namibia, provides an operational update on the Group's activities and announces notice of its annual and special meeting (\"AGM\").HighlightsJHI well drilled by ExxonMobil establishes oil presence at Sapote-1, GuyanaProgress to define multi-million barrel targets on Orinduik, GuyanaEco elected as Operator on PEL 99, Blocks 2111B & 2211A, NamibiaEco negotiates new Joint Operating Agreements on all offshore Namibia licensesEco advances development of solar business in EuropeGuyanaEco received, on Saturday 30 October, a detailed update from JHI Associates Inc. that ExxonMobil has successfully and safely drilled the Sapote-1 well on the Canje Block, to a depth of 6,759 meters (22,172 ft), in 2,549 meters (8,362 ft) of water. The well recorded hydrocarbon shows while drilling, and in the logging sequence, in a deeper interval than anticipated, but had no shows in the upper primary objective horizon. With sidewall coring and wireline logging complete, ExxonMobil will now work to define the reservoir properties, including porosity and permeability, and the cored samples will be analysed for hydrocarbons.As previously announced in June of this year, Eco acquired a 6.4% interest in JHI Associates Inc. (\"JHI\"), a private Canadian company, which holds a 17.5% working interest (\"WI\") in the Guyana Canje Block. JHI, with a current very strong cash balance, has already paid for its 17.5% of the Sapote-1 well from treasury. No costs are attributable to Eco.On its primary asset in Guyana, the Orinduik Block, the JV partners; (Eco Atlantic: 15% WI; Tullow Guyana B.V. 60% WI (Operator); and TOQAP Guyana B.V. 25% WI), are currently advancing toward target selection on the Block. The partnership has used state-of-the-art processing technology to merge its seismic data sets and to incorporate regional well results into target selections. The teams are using conservative and proven sciences to define sweet light oil drilling targets, likely within the proven Cretaceous section. The partnership hopes to establish firm targets in the near t...