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ECO RELEASES POSITIVE OPERATIONAL OUTLOOK FOR OFFSHORE GUYANA

October 29, 2019 – Georgetown, Guyana – Eco Atlantic (Eco), together with JV partners Tullow Guyana B.V. (Tullow) and Total E&P Guyana B.V. (Total), has provided a very positive outlook for offshore Guyana.


Eco is currently reviewing activities following two discovery wells, Joe-1 and Jethro-1, in the Orinduik Block, north of the ExxonMobil Stabroek block, located offshore Guyana. A recent press release provided details and shows the reason for the positive outlook.


Gil Holzman, Co‐Founder and Chief Executive Officer for Eco, commented:

“After great success in our 2019 drilling campaign, with two significant oil discoveries, the JV Partners on the Orinduik Block have many additional targets to consider in the near term.”

Colin Kinley, Co‐Founder and Chief Operating Officer for Eco, commented:

“Our Jethro‐Lobe discovery, announced in August 2019, is in a clean Lower Tertiary amalgamated sandstone. Tullow described the Jethro-1 well, upon discovery, as having the potential to be a standalone commercial discovery, having a clear seismic definition and excellent reservoir. The JV Partners are currently evaluating the requirements for an appraisal well.”

Kinley continued his comments, stating:


“The Joe‐1 discovery on the Orinduik Block, announced in September 2019, is in a shallow, clean, Upper Tertiary age channel sandstone. Not only have we opened a new shallow play, furthering and de-risking other opportunities on the Block, we have also done this cost effectively. Joe-1, the second well on the Orinduik Block, was drilled at less than half of Jethro-1’s cost, on budget – under $21 million gross. We believe that these lower drilling costs positively affect development economics in this play.”

Lars Mangal, CEO of TOTALTEC Oilfield Services commented:


“We are entering a new phase of offshore activity as operators other than ExxonMobil are having exploration success. These successes highlight both the need and opportunity for accelerating Guyanese capacity to take increased ownership of a range of oil & gas activities.”

FUTURE INSIGHTS FROM KANUKU

Repsol’s Kanuku block is adjacent to the Orinduik block, where there has been optimism expressed for the Carapa well, currently being drilled in shallow water. As more wells are drilled, data acquired, the full potential of the Orinduik block will become clearer.





Read the Eco press release here: https://www.ecooilandgas.com/eco-2019-operations-update/


About TOTALTEC

TOTALTEC Oilfield Services is focused on the success of the oil industry in Guyana for the benefit the country, its people, and partner companies. It does this through three areas: people, partnerships, and facilities. Qualified and motivated Guyanese develop through the Academy. Partnerships prioritize products and services that are starting points to grow from, in effectively introduce companies new to Guyana. The Guyana Shore Base facility provides support to offshore operations.


The 94% Guyanese TOTALTEC workforce includes 8 nationalities with over 160 years of international oilfield experience. https://www.totaltec-os.com

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