Eco Atlantic and its operating partner, Tullow Oil have revealed that the Orinduik Block offshore Guyana could potentially contain in excess of 1 billion barrels of oil equivalent.
Eco Atlantic (Guyana) Inc, a subsidiary of Eco Atlantic, holds a 40 per cent Working Interest in Orinduik, and Tullow, the Operator, holds the remaining 60 per cent.
The Orinduik Block is located up dip and just a few kilometers from Exxon’s recent Liza and Payara discoveries confirming, by Exxon’s estimates, in excess of 1.5 billion barrels of recoverable oil.
The companies said in a release on Wednesday that leads are up dip from the Liza discoveries located on the Stabroek Block and are currently being evaluated and matured to prospect status on recently acquired 3D survey data.
It said Gustavson Associates of Colorado has been contracted to provide independent interpretation services. And Total is now interpreting the first batch of the 3D survey data from the Orinduik Block, completed last year.
Director and Chief Operating Officer of Eco Atlantic, Colin Kinley, said it is an exciting time for Eco, and the company is being careful to ensure a comprehensive and conservative interpretation of the Orinduik data as it is being delivered.
He said he “was delighted that we were able to secure Gustavson as an independent team to work with us on Guyana. Gustavson have extensive expertise and knowledge of the region and will provide a CPR and NI-51-101 on the block as the interpretation matures. Drilling is expected to commence in late 2018 or early 2019 and the potential scale of this resource requires a detailed strategy and confident interpretation.”