Eco Atlantic Issues AIM CPR and TSX Compliant NI-51-101 Report on Guyana Block
Orinduik License P50 (Best Estimate) 2.9 MMBOE Gross Prospective Resources
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), the oil and gas exploration company with licences in highly prospective regions in Namibia and Guyana, is delighted to announce that Gustavson Associates LLC (“Gustavson”) of Boulder, Colorado has prepared a Competent Persons Report (“CPR”) for the AIM Market of the London Stock Exchange along with a NI 51-101 report for the TSX Venture Exchange. This CPR is the first on Eco Atlantic's Orinduik Block (“the Block”), Offshore Guyana.
The Company announces Gross P50 (Best Estimate) 2,913.3 MMBOE and Net (40%) 1,165.3 MMBOE, identified across a total of 10 Leads on the Orinduik Block.
Gross Unrisked Prospective Resource Estimates 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||Best Estimate||High Estimate|
(MMBbl = million barrels of oil; BCF = billion cubic feet) Eco's 40% Net Unrisked Prospective Resource Estimates for Orinduik Block and Lead Risk%
| ||Oil in Place, MMBbl||Prospective Oil Resources, MMBbl||Prospective Associated Gas Resources, BCF||Risk*|
| ||Low Estimate||Best Estimate||High Estimate||Low Estimate||Best Estimate||High Estimate||Low Estimate||Best Estimate||High Estimate||POS (Probability of Success) Range %|
|Orinduik Block||1,859.3||3,483.0||6,079.6||492.2||941.9||1,679.9||468||920.9||1,695.8||16.8 – 22.4|
(MMBbl = million barrels of oil; BCF = billion cubic feet)
Eco Atlantic holds a 40% Working Interest (WI) in the block and Tullow Oil, Operator, holds a 60% WI. As previously announced Total Petroleum SA ("Total”) has an option to acquire a 25% WI from Eco subject to payment of an additional US$ 12.5 million to the Company. The 3D seismic survey shot on the block in September 2017 is currently being finalized and the final data is expected to be sent to Total this month. Total will have up to 120 days following receipt of the data to exercise the option. Colin Kinley, Co-Founder and Chief Operating Officer of Eco Atlantic, commented:
“Today's CPR confirms the high prospectivity of our Orinduik Block. We are delighted by the identification of at least ten exploration leads with close to 3 Billion barrels (BOE) of recoverable oil potential, confirmed by Gustavson.
“We are very pleased with the current interpretation work that has been completed at Tullow, Gustavson and within Eco and have a great deal of confidence in our joint efforts to date. The additional discoveries on Exxon's Stabroek Block, including the most recent Hammerhead-1 that is on our 3D survey, enables us to see the formations ramp up onto Orinduik. These have greatly helped us to further understand the play. Ten key leads have been identified on Orinduik to date. The partners will carefully consider in the coming months the prioritization of the leads for drilling as we continue work on the drilling engineering and the environmental permitting.
“We have identified the potential for close to 2.5 Billion barrels of recoverable oil and 2.45 TCF of associated gas. These are very meaningful numbers for all the partners and most importantly the people of Guyana.
“Three of the targets we have identified have estimated Probability of Success calculated at 22.4% at this stage This risking is extremely good for any company on a single lead, let alone three. As noted in the previous announcement, we continue to derisk the play and are approaching this with a conservative and focused approach. As our partner Tullow announced last week, we are planning to drill our first well early Q3 2019 and we are in the process of permitting and engineering in parallel with continuing geophysical and geological assessments.” Qualified Person's Statement:
Jan Joseph Tomanek, Vice President of Gustavson Associates LLC, has reviewed the technical information contained within this announcement for the purposes of the current Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange. Jan Tomanek is an American Institute of Petroleum Geologist Certified Petroleum Geologist and an American Institute of Professional Geologist Certified Professional Geologist and has over 35 years' experience in the oil and gas field.
All Reserves and Resources definitions and estimates detailed in this announcement are based on the 2007 SPE/AAPG/WPC/SPEE Petroleum Resource Management System ("PRMS").
The full CPR Report can be viewed online at www.sedar.com
and is also available on the Company's website: www.ecooilandgas.com
New service from OilVoice
is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it