ECO (ATLANTIC) OIL & GAS (ECO) , the oil and gas exploration company with licences in Guyana and Namibia, made a significant oil discovery on the Orinduik Block, offshore Guyana.
Exploration drilling at the Jethro-1 well encountered 55 meters of oil pay in lower Tertiary sandstone reservoirs, which supports recoverable oil resources, the company said.
Logging data from Jethro-1, operated by Tullow Oil , confirms that it is the first Discovery on the Orinduik licence, which is jointly owned by Eco, Tullow, Total and Qatar Petroleum.
Tullow Chief Executive Paul McDade told Reuters that the well is expected to hold over 100 million barrels of oil, in excess of expectations.
Shares in Eco were trading 90% higher at 129.5p each following the announcement
Gil Holzman, CEO and Co-Founder of Eco Atlantic stated: “This is a revolutionary moment for Eco. It has been a long path of hard work for our team, and with today's announcement we feel our first rewards have justified our journey.”
He added: “We have been very confident in the prospects of the Orinduik since we first decided to make a licence application in February 2014, based on a strong recommendation from our team at Kinley Exploration.”
Gil said the event was transformational for the company, which he said is funded for at least six additional wells.
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