Eco (Atlantic) Oil & Gas NPV (DI) (ECO)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

8.50p
   
  • Change Today:
    -0.35p
  • 52 Week High: 21.00
  • 52 Week Low: 8.50
  • Currency: UK Pounds
  • Shares Issued: 368.51m
  • Volume: 956,951
  • Market Cap: £31.32m
  • RiskGrade: 106

Eco Atlantic riding high after Tullow discovery at Carapa-1

By Josh White

Date: Friday 03 Jan 2020

LONDON (ShareCast) - (Sharecast News) - Eco Atlantic Oil & Gas updated the market on Friday, following a recent announcement from Tullow Oil, Repsol and Total over the cretaceous age light oil discovery made at the Carapa-1 well on the Kanuku block, directly in board of the Orinduik block, offshore Guyana.
The AIM-traded firm noted that the preliminary results of drilling, wireline logging, pressure testing and sampling of reservoir fluid indicated the discovery of oil in Upper Cretaceous age sandstone reservoirs.

Testing indicated that the oil was 27 degrees API, with a sulphur content of less than 1%.

"The Carapa discovery is very important to us technically and confirms our thinking on prospectivity on our Orinduik block," said Eco Atlantic's chief operating officer Colin Kinley.

"The existence of a good oil grade unaffected by sulphur in board of us is excellent news.

"We have a proven source kitchen to the north, with ExxonMobil and partners having defined and now producing 32 API at the Liza field to the north of us, and now a 27 API oil discovery on Carapa to the south of us."

Kinley said the company was continuing to gain a "good understanding" of the transportation and pooling systems, adding that Eco Atlantic could see the reservoirs clearly in the cretaceous.

He said that as more wells were drilled, it was "becoming clearer" to understand and define new drilling locations.

"We see very significant thick pay opportunities in the cretaceous section on Orinduik and we are currently defining our upcoming drilling plans, which we hope to have confirmed in the next few weeks.

"Eco is currently preparing an updated CPR under TSX and AIM guidelines, which will incorporate the recent discoveries in the Tertiary Section on Orinduik, ExxonMobil's additional regional discoveries in 2019 and some of the read through we see by the derisking of the cretaceous section, which is estimated to contain close to 3 Billion Barrels of oil on the Orinduik Block, that the Carapa discovery has helped define."

Kinley added that 2020 would be a "significant year" for Eco Atlantic, with the discovery at Carapa "exactly" what the board was looking for.

"We now have drilling prospects that are significantly brightened and we will provide further updates regarding the CPR, analysis of our discoveries to date and upcoming drilling plans soon."

At 0848 GMT, shares in Eco Atlantic Oil & Gas were up 8.45% at 56.4p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

ECO Market Data

Currency UK Pounds
Share Price 8.50p
Change Today -0.35p
% Change -3.95 %
52 Week High 21.00
52 Week Low 8.50
Volume 956,951
Shares Issued 368.51m
Market Cap £31.32m
RiskGrade 106

ECO Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
57.28% above the market average57.28% above the market average57.28% above the market average57.28% above the market average57.28% above the market average
7.89% above the sector average7.89% above the sector average7.89% above the sector average7.89% above the sector average7.89% above the sector average
Price Trend
78.74% below the market average78.74% below the market average78.74% below the market average78.74% below the market average78.74% below the market average
41.46% below the sector average41.46% below the sector average41.46% below the sector average41.46% below the sector average41.46% below the sector average
Income Not Available
Growth
88.66% above the market average88.66% above the market average88.66% above the market average88.66% above the market average88.66% above the market average
77.36% above the sector average77.36% above the sector average77.36% above the sector average77.36% above the sector average77.36% above the sector average

ECO Dividends

No dividends found

Trades for 28-Mar-2024

Time Volume / Share Price
16:35 11,371 @ 8.50p
16:35 56 @ 8.50p
16:35 11,000 @ 8.50p
16:35 12 @ 8.50p
16:35 303 @ 8.50p

ECO Key Personnel

COO Colin Brent Kinley
Finance Director Gadi Levin

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