Eco Atlantic nears completion of 3D seismic survey offshore Guyana

Eco Atlantic Oil&Gas

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Eco Atlantic Oil and Gas said it had nearly completed a seismic survey of the Orinduik Block offshore Guyana nearly two years ahead of schedule and that it was evaluating new assets.

The 3D seismic survey over the roughly 1,800 square kilometres of the Orinduik Block, which was being carried out in conjunction with its opertaing partner, Tullow Oil, would help de-risk the existing defined targets, the company said in a statement.

Orinduik was located up dip and just a few kilometres from three of Exxon Mobil's discoveries in the Stabroek block containing an estimated between 2.25bn and 2.75bn barrels of recoverable oil.

Management added they were actively engaged in the evaluation of new assets and possible transactions which would add value to their existing robust portfolio of licences.

At period-end, the AIM-listed company had CAD$4.9m of cash and working capital of CAD$5.4m.

Gil Holzman, president and chief executive of Eco Atlantic said that the company remained confident about the rest of the fiscal year.

"On the financial side, we are spending more time in the UK broadening our investor base. Our strong balance sheet, together with our progression on our existing licences, has enabled us to start to engage in seeking new potential assets and explore new transactions. We are confident that the remaining fiscal year will be as productive and successful as 2017", he said.