Petroleum Africa
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Tuesday, November 24, 2020
Eco (Atlantic) Oil & Gas Ltd., the oil and gas exploration company with license interests in Guyana and Namibia, announced its results for the three and six months ended 30 September 2020, alongside a corporate and operational update.
The company reports multiple light sweet oil drilling prospects on the Orinduik block are currently being reviewed by the Company’s and its license partners (the “JV Partners”), with high-graded candidates being considered for the next drilling program. The intention is to provide further definition to the Cretaceous interpretation and target selection for drilling.
On 30 June 2020, the Company and its JV Partners approved a budget in the amount of approximately US$5 million through to 31 December 2020 for 3D reprocessing based on new regional results and high grading of target selection. The Company’s share of this budget is US$750,000.
The Company, together with its strategic alliance partners Africa Oil Corp., is currently reviewing and evaluating additional assets opportunities in both Africa and South America.
Eco states that it continues to benefit from a strategically significant acreage position in-country and is progressing its various work programs on its four blocks offshore Namibia. The Company has witnessed considerable interest from multiple IOCs in Namibia.
Eco continues to monitor upcoming drilling activity in the region, which should potentially see up to five exploration wells drilled on behalf of ExxonMobil, Total, Maurel & Prom, Shell and ReconAfrica in the next 12 months.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented: “The Company remains well placed to capitalize on its strategic acreage in both Guyana and Namibia; both prolific hydrocarbon provinces. With no debt and strong cash reserves, Eco remains fully funded for its further near-term drilling plans in Guyana and continues to evaluate additional value enhancing opportunities.
“In Namibia, we have seen a ramp up in activity by other operators towards their respective drilling programs and we expect any success here to considerably benefit Eco. Namibia continues to become ever more attractive to the major players in the industry, and we look forward to an exciting year of activity in 2021 in country and for Eco.
“Eco’s resilient business model, along with its strong management, shareholders, and assets in prolific E&P hotpots, means the Company is well positioned to deliver value for shareholders going forward. We very much look forward to keeping the market up to speed on developments for the remainder of 2020 and into the New Year.”
For the full release including financials and updates on its Guyana activity, visit the company’s website: www.ecooilandgas.com.
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