Eco (Atlantic) Oil and Gas Ltd. Government Approval - Further Interest in Orinduik (4628T)
15 November 2023 - 8:00AM
UK Regulatory
TIDMECO
RNS Number : 4628T
Eco (Atlantic) Oil and Gas Ltd.
15 November 2023
15 November 2023
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Receipt of Government Approval for Operatorship
and Acquisition of Additional 60% Interest in Orinduik Block
offshore Guyana
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX -- V: EOG) ,
the oil and gas exploration company focused on the offshore
Atlantic Margins, is pleased to announce Government approval of the
transfer of 60% Working Interest and Operatorship in the offshore
Orinduik Block in Guyana from the Minister of Natural Resources,
Cooperative Republic of Guyana.
On 10 August 2023, the Company announced the signing of a Sale
Purchase Agreement pursuant to which its wholly owned subsidiary,
Eco Guyana Oil and Gas (Barbados) Limited ("Eco Guyana"), will
acquire a 60% Operated Interest in Orinduik Block, offshore Guyana,
through the acquisition of Tullow Guyana B.V. ("TGBV") , a wholly
owned subsidiary of Tullow Oil Plc. ("Tullow") in exchange for a
combination of upfront US$700,000 cash and contingent consideration
. The Company is pleased to announce that it has now received
approval from Minister of Natural Resources and the Government of
Guyana for the transfer of the one hundred percent (100%)
shareholding interest in TGBV to Eco Guyana.
On completion of the transaction, Eco will become the Operator
and hold an aggregate 75% Participating Interest in the Orinduik
Block, via subsidiary Eco Orinduik B.V. following a scheduled name
change ("Eco Orinduik"), which will hold a 60% Operated Interest,
and Eco (Atlantic) Guyana Inc. which holds a 15% Participating
Interest. TOQAP Guyana B.V will continue to hold a Participating
Interest of 25%. Completion of the transaction is expected before
year-end 2023.
Colin Kinley, Co-founder and Chief Operating Officer of Eco
Atlantic, commented:
"We are very happy to have support from the Minister of Natural
Resources and the Government of Guyana and their approval to
transfer 60% of the Working Interest and Operatorship of the
Orinduik Block to Eco. We have always been very involved with the
exploration and interpretation of the Block, and our experienced
team will step directly into Operatorship to finalize target
selection.
"After nearly 10 years of exploration and interpretation, and
multiple regional discoveries at the Cretaceous level of close to
11 Billion Barrels of recoverable oil, our team has a good
understanding of the Cretaceous play and we have a great deal of
confidence in drilling our first well, targeting a stacked pay
target in this well proven horizon. This Transaction structure
allows Tullow to continue to share upside in a discovery.
"Eco now seeks qualified partners in this high-value play and
has commenced a formal farm-out process for the Block. Recent
interest from supermajors and other well capitalized energy
companies in the latest licencing bid round in Guyana, for blocks
up dip of us, supports our thesis of the oil migration and the high
quality and charged reservoirs we see on our Block."
**ENDS**
For more information, please visit www.ecooilandgas.com or
contact the following :
Eco Atlantic Oil and Gas c/o Celicourt +44 (0) 20
8434 2754
Gil Holzman, CEO
Colin Kinley, COO
Alice Carroll, Head of Corporate Sustainability +44(0)781 729 5070
Strand Hanson (Financial & Nominated Adviser) +44 (0) 20 7409 3494
James Harris
James Bellman
Berenberg (Broker) +44 (0) 20 3207 7800
Matthew Armitt
Detlir Elezi
Echelon Capital (Financial Adviser N.
America Markets)
Ryan Mooney +1 (403) 606 4852
Simon Akit +1 (416) 8497776
Celicourt (PR) +44 (0) 20 7770 6424
Mark Antelme
Jimmy Lea
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018 (as amended).
About Eco Atlantic:
Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused
oil & gas exploration company with offshore license interests
in Guyana, Namibia, and South Africa. Eco aims to deliver material
value for its stakeholders through its role in the energy
transition to explore for low carbon intensity oil and gas in
stable emerging markets close to infrastructure.
Offshore Guyana in the proven Guyana-Suriname Basin, the Company
holds a 15% Working Interest in the 1,800 km(2) Orinduik Block
Operated by Tullow Oil. In Namibia, the Company holds Operatorship
and an 85% Working Interest in four offshore Petroleum Licences:
PELs: 97, 98, 99, and 100, representing a combined area of 28,593
km(2) in the Walvis Basin.
Offshore South Africa, Eco is Operator and holds a 50% working
interest in Block 2B and a 26.25% Working Interest in Block 3B/4B
operated by Africa Oil Corp., totalling some 20,643km (2) .
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END
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