Eco Atlantic says the Jethro-1 Well stretches over 20 square kilometres.
Speaking with Proactive Investor – a leading source of in-depth financial news – Chief Executive Officer (CEO) of Eco Atlantic Oil and Gas Limited, Gil Holzman compared the oil find to a 15-storey building.
“That means that you have 15 storey building worth of sand full of oil which potentially stretches over 20 square kilometres. That’s a lot of oil,” he said in the video posted on the company’s website.
“We see more than two billion barrels of oil on tertiary alone going forward…” he added.
After forty days of drilling, Tullow Oil – which owns 60 per cent stake in the Orinduik block –on August 12 announced that it encountered high-quality oil-bearing sandstone reservoirs at the Jethro-1 well, the first discovery of oil on the Orinduik block.
Holzman said the Jethro-1 discovery increases optimism for the other targets on the entire block.
“It will be very telling for us in relation to other…targets we see and identify on our block,” he said.
Eco’s second Well on the Orinduik Block, Joe-1, is expected to spud mid-August. According to Holzman, that Well, can produce around 150,000,000 barrels of oil, but the exact figure will be known in less than a month.
The net cost for the second Well is expected to be approximately US$3 million. The Joe prospect will be drilled using the Stena Forth and the ‘Chance of Success’ was estimated to be 43.2% but that has now increased.
Eco Atlantic in partnership with Tullow Oil and Total operates on the Orinduik block offshore Guyana. Tullow Guyana B.V. owns a 60 per cent stake while Total E&P Guyana B.V. holds 25 per cent stake and the remaining 15 per cent is being held by
In making the Jethro-1 announcement, the Department of Energy said the Carapa-1 well will be drilled later this year on the adjacent Kanuku licence.