February 3, 2020 / 8:23 AM / 6 months ago

Eco Atlantic, Tullow and Total to meet this month for next steps in Guyana

(Reuters) - Canada’s Eco Atlantic (EOG.V), UK’s Tullow Oil (TLW.L) and France’s Total SA (TOTF.PA) will meet early this month to assess recent drilling results and set budgets and targets for their jointly operated Orinduik block offshore Guyana, Eco Atlantic said on Monday.

The Toronto-listed company said an independent Competent Persons Report (CPR) showed an increase in the gross prospective resources to 5,141 million barrels of crude oil equivalent (MMBOE) from the block from a prior estimate of 3,981 MMBOE in March last year.

London-listed shares of Eco Atlantic rose 11% in early trade, while Tullow slipped 1.3%.

The report added that there were 22 prospects, potential traps that may contain hydrocarbons, identified on the block, including 11 in a geological structure known as the Upper Cretaceous.

Guyana, a global exploration hotbed, has become an increasingly important region for Tullow after a series of missteps at its flagship fields in Ghana and projects in Kenya and Uganda ran into delays.

Tullow is the operator of the Orinduik block, with a 60% stake. France’s Total SA holds 25% and Toronto-listed Eco Atlantic has the remaining 15%.

In the fourth quarter, Tullow’s shares were partly hit by the oil quality found in a well in the Orinduik block.

Reporting by Yadarisa Shabong in Bengaluru; Editing by Bernard Orr

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