Tullow Oil, Eco Atlantic entering phase 2 on Orinduik Block

London-based Tullow Oil has decided to enter phase two of the initial period of the Orinduik Block located offshore Guyana under the Petroleum Agreement and Prospecting Licence.
Tullow is the operator of the Block with a 60 per cent interest and Eco Atlantic Oil and Gas is its partner with the remaining 40 per cent interest, in the shallow water of the prospective Suriname-Guyana basin.
The decision to enter phase two of the initial period under this licence on Orinduik Block was announced by Eco Atlantic on Thursday.
As the operator of the Block, Tullow Oil has notified the Guyana Geology and Mines Commission (GGMC) as well as Natural Resources Minister Raphael Trotman of the partners’ decision.
The work commitment under phase two requires the acquisition of a minimum of 1000 square kilometres of 3D seismic survey on the Orinduik Block. This has already been completed and exceeded during phase one when the Block partners completed a 2550 square-kilometre survey in September 2017.
As such, there will be no further 3D seismic work in phase two of the initial exploration period.
Eco had signed an option agreement on the Orinduik Block with the French oil company, Total, in late September 2017. Under the agreement, Total has an option to acquire a 25 per cent working interest in the Orinduik Block from Eco Guyana, a subsidiary of Eco Atlantic. The exercise of the option must be made within 120 days of completion of processing of the 2550 sq km 3D seismic survey.
Eco Chief Operating Officer Colin Kinley has said that his company was delighted to enter into phase two on Orinduik, after significantly exceeding the 3D seismic requirements for phase two.
“The initial phase of processing is nearing completion. Once we are satisfied with the data at that stage, we will supply it to Total for their review under their option agreement,” he added.
Kinley said while the precise date was yet to be determined by the partners, an announcement would be made at that time, and the companies would begin working together on the interpretation and selection of well targets.
“Our entry into phase two further endorses our belief of the potential of the Orinduik Block. This has also recently been strengthened by ExxonMobil’s sixth discovery on the adjacent Stabroek Block, Ranger-1, which now increases Exxon’s estimate to total more than 3.2 billion recoverable oil-equivalent barrels on the Block.”
ExxonMobil revealed positive results from its Ranger-1 exploration well, marking the company’s sixth oil discovery offshore Guyana since 2015, earlier in January.