OIL and gas exploration company, Eco (Atlantic) Oil & Gas Limited, has announced that it has begun drilling operations offshore Guyana on the Orinduik Block, which is located 11km from and up-dip to ExxonMobil’s Liza discoveries.

A release from the company announced the spudding of the first exploration well on its Jethro-Lobe prospect on the Orinduik Block. Jethro-Lobe was spud at 22:45 hours on Thursday, July 4, using the Stena Forth drillship.

According to resource study dubbed “Competent Persons Report for Certain Assets in Offshore Guyana” published in September 2018, it was estimated that the Orinduik block contains a resource of around 2.9 billion barrels of oil and gas equivalent in 10 large prospects.

The company noted that it has estimated that the well will take up to 40 days to drill.

“Jethro Lobe is the first prospect to be drilled as part of a two-well programme and will be immediately followed by the drilling of an exploration well on the Joe prospect,” the release said.

The company also made known that it is fully funded for its share of up to six potential exploration or development wells on the Orinduik Block in addition to the Jethro Lobe and Joe exploration wells, as announced on June 10, 2019.

“Today Eco Atlantic’s first Guyana well has been spud, three years ahead of our Petroleum Agreement commitment,” Chief Executive Officer of Eco Atlantic, Gil Holzman, commented.

He explained that Jethro Lobe will test the lower tertiary aged turbidites, as well drilling down into the Cretaceous. As such, he noted that the results of the drilling will provide a greater understanding of the geological plays.

“The huge success which ExxonMobil has had on the neighbouring Stabroek Block, has aided our geological assessment of the many similar channel systems in our Orinduik Block,” he said too.

“With 15 leads and prospects identified on the Orinduik Block, and funding to drill six potential exploration wells beyond the two currently planned, this is only the start of a fascinating and potentially transformational time for the company,” Holzman noted.