Spud of Sapote-1 Well, Offshore Guyana

Source Press Release
Company Eco (Atlantic) Oil & Gas Ltd.ExxonMobilJHI Associates, Inc.Mid-Atlantic Oil & Gas Inc.TotalEnergies SE 
Tags Discovery, Strategy - Upstream, Upstream Activities
Date August 30, 2021

 Eco (Atlantic) Oil & Gas Ltd. (“Eco,” “Eco Atlantic,” “Company,” or together with its subsidiaries, the “Group”) (AIM: ECO, TSX ‐ V: EOG), the oil and gas exploration company with licences in the proven oil province of Guyana and the highly prospective basins of Namibia, is pleased to announce that the Sapote-1 well on the Canje Block, offshore Guyana has been spudded.

Eco was officially informed today by its investee company, JHI Associates Inc. ("JHI"), about the spudding of the well. The Sapote-1 well is designed to test Upper Cretaceous reservoirs in a stratigraphic trap. Drilling of the well is expected to take up to 60 days. The well is approximately 225 km northeast of Georgetown in 2,550 meters of water and is being drilled with the Stena DrillMax drillship.

Eco holds an indirect interest in the Canje Block as a result of its transaction to acquire up to 10% interest in JHI, and JHI is fully funded for the ongoing program on the Canje Block, including for the Sapote-1 well and any additional potential wells considered for this year.

The Sapote-1 prospect is located in the south eastern section of Canje, approximately 50 km north of the Haimara discovery in the Stabroek Block which encountered ~207 feet (63 meters) of high-quality, gas-condensate bearing sandstone reservoir and approximately 60 km northwest of the Maka Central discovery in Block 58 which encountered ~164 feet (50 meters) of high-quality, oil-bearing sandstone reservoir.

The Canje Block is operated by ExxonMobil and is held by Working Interests partners Esso Exploration & Production Guyana Limited (35%), with TotalEnergies E&P Guyana B.V. (35%), JHI Associates (BVI) Inc. (17.5%) and  Mid-Atlantic Oil & Gas Inc. (12.5%).

Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:

“With other drilling targets in the region having yielded significant discoveries, now totalling billions of barrels of oil and oil equivalent, we are excited about the potential of the Sapote-1 well and look forward to receiving the well results in due course. We also are keen to deliver additional drilling success with our next exploration campaign on our neighbouring Orinduik block in the Basin and the follow-through potential of ExxonMobil's recently announced multiple well pre-permitting on the Canje Block next year. We are entering a very busy period of drilling and updating drilling plans and we look forward to updating the market in the coming months on our progress of the Orinduik Block and on the Sapote-1 results.”

Source: EvaluateEnergy® ©2021 EvaluateEnergy Ltd