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Eco Atlantic Oil & Gas Ltd

Eco (Atlantic) has bagged an 'elephant' at Orinduik, offshore Guyana, believes CEO Holzman

Gil Holzman, Eco (Atlantic)’s chief executive (LON:ECO) is super-excited about the start of drilling at Orinduik next year, with offshore Guyana set to become a huge new oil address he believes.

It’s the ‘elephant -size’ asset we were looking for when we took on the licence, he says, adding that if a well is drilled next year it will be three and half years ahead of schedule.

With an estimated 3bn barrels of recoverable, Eco’s 15% take is worth roughly US$2bn at currently prices.

Operator Tullow and Total, its other partner, are keen to move forward as fast as possible, which might even mean more than one well being drilled and tested in 2019.

Quick facts: Eco Atlantic Oil & Gas Ltd

Price: £1.18

Market: AIM
Market Cap: £215.14 m
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Big oil discovery offshore Guyana is just the beginning for Eco Atlantic...

Results from the Jethro-1 well offshore Guyana exceeded all expectations a delighted Eco (Atlantic) Oil & Gas Limited (LON:ECO) chief executive Gil Holzman told Proactive. He explains that the 55m of high-quality oil beat pre-drill estimates and has de-risked the tertiary sandstone layer...

4 days, 6 hours ago

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