Eco (Atlantic) Oil & Gas Ltd says Orinduik licence renewed until 2023
“We are high-grading candidates for the next drilling program, with the Operator expected to select targets later this year.”
Eco (Atlantic) Oil & Gas Ltd (LON:ECO) said the renewal of the Orinduik licence has been signed off by the oil authorities in Guyana.
Colin Kinley, Eco Atlantic’s chief operating officer, said: “We very much appreciate the Government of Guyana’s continued support of our exploration and expanding partnership on the Orinduik Block.
“As a group, the JV Partners continue with advanced reprocessing of the geophysical data, in combination with the additional information obtained from regional drilling results, and further evaluation of the Joe and Jethro discoveries.
“The partnership is focused on its multiple light sweet oil prospects on the Orinduik Block, and we are high-grading candidates for the next drilling program, with the Operator expected to select targets later this year.
The new (First) Renewal Period runs through to 13 January 2023 and until the second renewal period. The licence was originally awarded in 2016.
Total SE, the licence’s operator, has also received approval for the transfer of part of its working interest (WI) into TOQAP Guyana BV, a new joint venture between the French group and Qatar Petroleum.
The structure of the joint venture at Orinduik is Eco Atlantic (15% WI), Tullow Guyana BV (Operator, 60% WI) and TOQAP (25% WI).
Read More: Eco (Atlantic) Oil & Gas Ltd says Orinduik licence renewed until 2023