Eco (Atlantic) Oil & Gas Ltd yesterday announced that the joint venture partners in the Orinduik Block offshore Guyana (the “JV Partners”) have successfully entered into the First Renewal Period of the Orinduik Petroleum Prospecting License.
A press release from the company said that the license was initially signed on 14 January 2016 with the Government of Guyana (the “Orinduik Petroleum Agreement”), with the associated notice having now been approved and signed by the Department of Energy of the Government (“DOE”) (the “First Renewal Period”). There has been no announcement by the Guyana Government of this.
The release said that the DOE has also provided final approval for the transfer of the Total E&P Guyana B.V. 25% working interest (“WI”) in the Orinduik Petroleum Agreement to a new company jointly owned by Total E&P Guyana B.V. (60%) and Qatar Petroleum (40%), namely TOQAP Guyana B.V. (“TOQAP”). Accordingly, the JV Partners now comprise Eco Atlantic (15% WI), Tullow Guyana B.V. (Operator, 60% WI) and TOQAP (25% WI).
The First Renewal Period will see the JV Partners maintain control of the licence through to 13 January 2023 and until the second renewal period.
Colin Kinley, COO and Co-Founder of Eco Atlantic commented:
“We very much appreciate the Government of Guyana’s continued support of our exploration and expanding partnership on the Orinduik Block. As a group, the JV Partners continue with advanced reprocessing of the geophysical data, in combination with the additional information obtained from regional drilling results, and further evaluation of the Joe and Jethro discoveries.
These two discoveries were classified as heavy crude and were not seen initially as commercially viable.
Eco (Atlantic) Oil and Gas describes itself as an international oil and gas exploration and development company focused on the identification, acquisition and development of upstream petroleum opportunities in politically stable and technically de-risked jurisdictions around the world.
