Eco Atlantic boosted by Exxon’s latest discover offshore Guyana

Eco (Atlantic) Oil & Gas Ltd’s (LON:ECO) explorations prospects offshore South America have received a further boost, from the continuing success of near-neighbour ExxonMobil.

Exxon has just unveiled Sneok, its third discovery in the waters offshore Guyana. The new oil find, like the two before, is located within the Stabroek Block which is adjacent to Eco’s Orinduik Block.

Sneok was found just 5 miles from Exxon’s flagship Liza discovery (estimated at 1bn barrels, with production forecast at 100,000 boepd) and with 82 feet of oil pay it represents another significant success.

Eco chief executive Gill Holzman, in a statement, highlighted that Sneok cements Guyana’s position as one of the most exciting oil and gas exploration jurisdictions in the world.

“The new Snoek discovery on the Stabroek Block on an adjacent field to our Orinduik Block is extremely encouraging and augurs well for Eco’s prospectivity in the area.

“Such developments merely reinforce the Board’s growing conviction that Eco-Atlantic’s collection of international oil and gas prospects represents a significant, potentially world-class portfolio.”

Exxon’s Stabroek Block spans some 26,800 square kilometres and the successes there are leading the emerging new oil province offshore Guyana.

Eco owns a 40% stake in Orinduik, which spans 1,800 square kilometres, and it is partnered with Tullow Oil plc (LON:TLW) which has the other 60% of the exploration venture.

Story by ProactiveInvestors