Eco Atlantic completes seismic survey at Orinduik Block on schedule

Eco Atlantic and its operating partner, Tullow Oil confirmed the completion of a seismic survey, a method used to determine the location and size of oil and gas reservoirs, on the company's Orinduik Block, offshore Guyana.

Schlumberger Guyana had completed the survey covering approximately 2,500 km2 successfully and on schedule, Eco Atlantic said in a statement.

Just recently, oil major Exxon had estimated that between 2.25bn and 2.75bn barrels of recoverable oil were present at its Liza and Payara discoveries, which lay just a few kilometres away.

As a result, Eco and Tullow would now begin the processing and interpretation of the data, with the latter responsible for the company's share of the originally proposed 1,000 km2 of the survey, at a cap of $1.25m, with the balance of the program to be funded by both parties on a pro-rata basis.

The company said that its immediate aim now was to process and interpret the data.

"Our goal is to evaluate and de-risk our existing leads to better define the reservoir characteristics and define potential drilling targets", said Colin Kinley, chief operating officer and co-founder of Eco Atlantic.