Eco (Atlantic) Oil & Gas Ltd. (ECO) has announced that it is currently reviewing multiple prospects offshore Guyana for further high graded candidates under consideration for a 2020 drilling programme.

In an operational update on Thursday, Eco Atlantic stated that together with its partners on the Orinduik Block, Tullow (Operator) and Total are “currently reviewing a post-discovery drilling strategy and supplemental budget”.

“This includes post-discovery activities on the two recent oil discoveries, additional exploration research in relation to future well target selection, and costs associated with activities for the further wells being considered for drilling in 2020,” the company stated.
Less than six weeks apart, Tullow Oil, a UK-based oil company, discovered oil twice in the Orinduik Block at the Jethro-One well and the Joe-One well.

Jethro-One was drilled by the Stena Forth drillship to a total depth of 4,400 metres in approximately 1,350 metres of water. It was the first discovery on the Orinduik licence and comprises high-quality oil-bearing sandstone reservoirs of lower tertiary age.
The well encountered 55m of net oil pay which supports a recoverable oil resource estimate which exceeds Tullow’s pre-drill forecast of 100M barrels of recoverable resources.
Meanwhile, the Joe-One exploration well was drilled by the Stena Forth drillship to a total depth of 2,175 metres in water depth of 780 metres.

The evaluation of logging and sampling data confirms that Joe-One has encountered 14 metres of net oil pay in high-quality oil-bearing sandstone reservoirs of upper tertiary age.
On Thursday, the company noted that the Jethro and Joe wells were drilled on budget with Joe delivering for less than $21M gross which is less than half of the cost of the Jethro well.
“Interpretation of the data from the Joe-1 discovery is ongoing. There is the potential for more resource than previously anticipated, and the reservoir and proven oil charge in the Upper Tertiary sands on Joe?1 provides encouragement in relation to many other Upper Tertiary age locations throughout the Orinduik Block,” the company stated.
It stated that interpretation of data from both the Jethro and Joe discoveries is ongoing with an updated Competent Person’s Report (CPR) to be commissioned once an analysis is completed.