Guyana: Tullov is entering the second stage of the Orinduik group.
Tullow Oils, a London-based company, has agreed to move into the second stage of the first stage of the Orinduik bloc off the coast of Guyana. The Tullow is the owner of the 60% stake and Eco Atlantic Oils & Gas is its shareholder with the other 40%. Eco Atlantic on Thursday announces the announcement of its move into the second stage of the first stage of the Petroleum Agreement and Prospecting License on the Orinduik Northwest.
Tullow Oil has informed the Guyana Geology and Mines Commission and Guyana's Minister of Natural Resources, Raphael Trotman, of the partners' decisions, added Eco Atlantic. Work in the second stage will require the purchase of at least 1,000 km2 of 3-D seismics on the Orinduik area.
The first stage of the project was already complete and surpassed when the bloc partner carried out a 2,550 sq. km study in September 2017. In this way, there will be no further 3-D seismology in stage two of the first prospecting season, said Eco Atlantic. At the end of September 2017, Eco entered into an options contract with the France based petroleum corporation Total for the Orinduik group.
As part of the options arrangement, Total has an options to purchase a 25 per cent stake in the Orinduik block of Eco Guyana, a Eco Atlantic affiliate. Exercising the options must take place within 120 working day after the 2,550 square kilometre 3-D seismology has been completed. "We are pleased to be entering the second stage with Orinduik.
In the first part of the project, we have already finished and clearly surpassed our demands on 3-D seismics for the second part. This is the first step of the process. As soon as we are happy with the information at this time, we will deliver it to Total for verification under their options arrangement. The ExxonMobil Group has announced favorable results from its Ranger-1 well, which marks the company's 6th crude off the coast of Guyana since 2015, early January.