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Eco unit option agreement with Total on Orinduik block

By BFN News | 09:58 AM | Tuesday 26 September, 2017


Eco (Atlantic) Oil & Gas subsidiary, Eco Atlantic (Guyana) Inc has entered into an option agreement on its Orinduik block, offshore Guyana, with Total E&P Activites Petrolieres, a wholly-owned subsidiary of Total. Total has an option to acquire a 25% working interest in the Orinduik block from Eco Guyana. Eco Guyana currently holds a 40% working interest in Orinduik, and Tullow, the operator, holds the remaining 60%. The Orinduik block directly offsets a line of discovery wells recently drilled by Exxon in its Stabroek block in the Guyana-Suriname Basin, with Exxon estimating between 2.25 and 2.75 billion barrels of recoverable oil. Eco said Total would make an immediate payment of US$1,000,000 for the option and $12.5m if it decided to farm-in to the block fto earn the 25% working interest. Eco said the exercise of the option must be made within 120 days of completion of processing of the 3D seismic. The survey acquisition was completed on 5 Sep. At 9:58am: (LON:ECO) Eco Atlantic Oil Gas Ltd Com Shs Npv Di share price was +1.63p at 18.75p Story provided by StockMarketWire.com

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