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Eco (Atlantic), Tullow Oil sign joint operating agreement

Published: 14:02 28 Jan 2016 EST

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Eco Atlantic said earlier this month that Eco Guyana has been granted a petroleum prospecting license offshore Guyana in partnership with Tullow.

Eco (Atlantic) Oil & Gas Ltd. (CVE:EOG), a Canada-based development stage company, and Tullow Oil Plc., a UK-based oil and gas exploration and production company, signed a joint operating agreement on an Orinduik petroleum prospecting license.

The signing took place through Eco’s unit Eco (Atlantic) Guyana Inc. and Tullow’s unit Tullow Guyana BV, Toronto-based Eco said in a statement on Thursday.

The agreement was signed with respect to the Orinduik Block, offshore, the CoOperative Republic of Guyana.

On January 19, Eco Atlantic announced that Eco Guyana has been granted a petroleum prospecting license offshore Guyana in partnership with Tullow.

In total, the license term of the exploration period is for 10 years. The decision to drill and to complete the first exploration well must occur within the first renewal period in years five and six.

"The expedited signing of the JOA by Eco Atlantic and Tullow Oil evidence our great working relationship and the commitment of the partners to advance the exploration of the Orinduik Block,” Eco’s COO Colin Kinley said in the statement.

“Tullow is a sound partner and excellent operator,” he added.

He said that both, Tullow and Eco  independently identified the prospectivity of this area through their research prior to the Liza discovery.

“As we advance our program on the block, and as drilling activity progresses on the contiguous Liza discovery at Exxon's Stabroek block, Tullow and ourselves are able to gain a better understanding of the prospectivity and our targets within the basin," Kinley added.

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on 02/22/2018