LONDON (ShareCast) - (Sharecast News) - Eco Atlantic Oil & Gas announced on Friday that drilling operations had started offshore Guyana, with the spudding of the first exploration well on its Jethro-Lobe prospect on the Orinduik Block.
The AIM-traded firm said Jethro-Lobe was spud at 2245 local time in Guyana on 4 July, using the Stena Forth drillship.

It said itself and its partners on the Orinduik Block, the operator Tullow Guyana with a 60% working interest and Total E&P Guyana with a 25% working interest, estimated the well would take up to 40 days to drill.

Jethro Lobe was the first prospect to be drilled as part of a two-well programme, and would be immediately followed by the drilling of an exploration well on the Joe prospect.

Eco said it was fully funded for its share of up to six potential exploration or development wells on the Orinduik Block, in addition to the Jethro Lobe and Joe exploration wells, as it announced on 10 June.

"Today Eco Atlantic's first Guyana well has been spud, three years ahead of our petroleum agreement commitment," said Eco Atlantic chief executive officer Gil Holzman.

"This is the start of a hugely exciting time for the company.

"Jethro Lobe will test the Lower Tertiary aged turbidites, as well drilling down into the Cretaceous."

As such, Holzman said the company was awaiting the well results with "great anticipation", as they would give it a greater understanding of the geological plays.

"The huge success which ExxonMobil has had on the neighbouring Stabroek Block, has aided our geological assessment of the many similar channel systems in our Orinduik Block.

"With 15 leads and prospects identified on the Orinduik Block, and funding to drill six potential exploration wells beyond the two currently planned, this is only the start of a fascinating and potentially transformational time for the company."

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE