ECO Atlantic Oil & Gas Limited has announced that the interpretation and processing of Eco’s 3D seismic survey on the Orinduik Block is nearing completion.

The oil and gas exploration company with licences in highly prospective regions in South America and Africa had announced that they received the Pre-Stack Depth Migration (‘PSDM’) data and will receive the conditioned PSDM stacks from Tullow next week.

According to a press statement from the company, all the data that was received so far has already been delivered to Total and, Eco anticipates that the final batch of data will be delivered to Total E&P Activitiés Pétrolières for analysis in the coming weeks, with the final report expected to be delivered in August.

“The company is extremely pleased with the processing product and the definition of the leads earlier established now beginning to define potential targets. The block has a clearly established set of cretaceous channel and fan systems that have clearly been proved prolific through the basin.

The work on understanding these systems is being led by the Tullow team, who have extensive proven experience in Ghana and other similar plays on the Atlantic Margin,” the company said.

Eco’s partners on the Orinduik Block have also approved the commencement of the drilling engineering and environmental permitting process required for drilling the Orinduik Block.

Under the terms of the Total option agreement announced on September 26, 2017, Total will have a period of 120 days to exercise its option to acquire a 25 per cent working interest in the Orinduik Block from Eco Guyana upon final delivery of the final 3D seismic survey data report.

Chief Operating Officer of Eco Atlantic Colin Kinley had said that Eco’s location along the slope is defining leads now in similar sands and within the same age formation as ExxonMobil’s Longtail and Liza, which are in 70 to 300 metres of water.

U.S oil giant ExxonMobil Corporation made its eighth discovery offshore Guyana at the Longtail-1 well, much to the satisfaction of the government and people of Guyana.
In making the announcement on Wednesday, ExxonMobil disclosed that plans are in the pipeline to bring a third drillship to operate in Guyana’s waters – a move that has received the agreement of the Guyana Government.

In a statement on Wednesday, ExxonMobil said it encountered approximately 256 feet (78 metres) of high-quality, oil-bearing sandstone reservoir at the Longtail-1 well.

“The well was safely drilled to 18,057 feet (5,504 metres) depth in 6,365 feet (1,940 metres) of water. The Stena Carron drillship commenced drilling on May 25, 2018,” the US oil company explained, while noting that the discovery is within close proximity to the Turbot discovery southeast of the Liza field.

The combined estimated recoverable resources of Turbot and Longtail will exceed 500 million barrels of oil equivalent, and will contribute to the evaluation of development options in this eastern portion of the block.

“Exxon’s Longtail-1 discovery in the Stabroek Block, further inboard of the Liza field, further demonstrates the world class significance of this region of the Guyana/Suriname Basin.

“The acceleration of potential within the Guyana/Suriname Basin has been extraordinary and with each discovery well we are learning more. The pay thickness alone in Longtail that nears Liza, and its location along the slope just east of Orinduik, are both quite meaningful in our interpretation,” said Kinley.

The company anticipates defining drill targets in September of this year with the partners and hopes to see engineering completion and environmental permission accelerated for 2019 drilling.