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Eco Atlantic finds 2.9B barrels of oil and gas offshore Guyana

first_img– company confirms plans to start drilling next yearBy Jarryl BryanEco Atlantic, one of several companies drilling for oil offshore Guyana, has announced a gross figure of approximately 2.9 billion barrels of oil and gas equivalents in its Orinduik block, verified by the first ever independent assessment done on the field.The Orinduik blockAccording to a Competent Persons Report (CBR) done by Gustavson Associates, the oil was found in 10 prospects within the block. It is believed to include 2.505 billion barrels of recoverable oil and 2.449 trillion cubic feet of associated gas.Those are, however, gross estimates. According to the company, the total net figure is 1.165 billion barrels. The CBR adds that the risk, or probability of success when extracting the oil, is a 16.8 to 22.4 per cent range.In a statement on the find, Chief Operating Officer of Eco Atlantic Colin Kinley expressed pleasure at the findings and noted that the first well is expected to be drilled early in 2019. He described it as a major development for both the shareholders and the people of Guyana.Chief Operating Officer of Eco Atlantic, Colin Kinley“Today’s CPR confirms the high prospectivity of our Orinduik Block. We are delighted by the identification of at least 10 exploration leads with close to three billion barrels of recoverable oil potential, confirmed by Gustavson. We are very pleased with the current interpretation work that has been completed at Tullow, Gustavson and within Eco and have a great deal of confidence in our joint efforts to date.”“The additional discovery on Exxon’s Stabroek Block, including the most recent Hammerhead-1 that is on our 3D survey, enables us to see the formations ramp up onto Orinduik. These have greatly helped us to further understand the play. The partners will carefully consider in the coming months the prioritisation of the leads for drilling as we continue work on the drilling engineering and the environmental permitting.”Kinley noted that three of the targets that were identified have estimated Probability of Success rates calculated at 22.4 per cent. The executive described these figures as “extremely good” for any company on a single lead, let alone three.“As noted in the previous announcement, we continue to de-risk the play and are approaching this with a conservative and focused approach. As our partner Tullow announced, we are planning to drill our first well early Q3 2019 and we are in the process of permitting and engineering in parallel with continuing geophysical and geological assessments,” Kinley stated.Gustavson Associates, for its part, is an international oil, gas, and mining consulting firm with a staff of professional geologists, engineers, economists, and appraisers. It is understood that a major reason for ordering CBR’s is to provide an independent technical report on oil and gas assets that investors can appraise. It is usually prepared in the context of the London Stock Exchange and other exchange markets in Europe.The Orinduik oil block is just a few kilometres from Exxon’s discoveries in the Liza and Payara fields. It is under the administration of Eco Guyana and Tullow, who signed a 10-year Petroleum Prospecting licence and Production Sharing Agreement with the Guyana in 2016French firm Total E&P Activities Petrolieres entered the fray last year; partnering with Eco with the option to get a 25 per cent share in the block. A 3D seismic survey on the block is being finalised. It is understood that Total has up to 120 days to acquire its working stake through payment of US$12.5 million, after getting the survey data.last_img read more

Hart, L.A Baptist get top seeds

first_imgL.A. Baptist earned a first-round bye in the Div. V-A bracket and will host either Mesrobian of Pico Rivera or San Gabriel Academy in the second round at 7:30 p.m. Saturday. The Knights (17-6) are led by Andreanna Marshall, who averaged an area-best 26.3 points per game. Five Marmonte League teams were selected to the Div. I-AA bracket, but none are expected to seriously contend for a title in the Southern Section’s toughest division. No. 10-seed Moorpark (23-3), No. 11 Newbury Park (19-7) and No. 13 Royal of Simi Valley (21-5) will be favored in Saturday’s first-round games. Flintridge Prep of La Canada Flintridge (Div. IV-A) and Village Christian of Sun Valley (Div.V-AA) received No. 2 seeds and figure to contend for division titles. kevin.connelly@dailynews.com (818) 713-3607 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Britney Fitchpatrick and Amanda Adjari add an experienced backcourt for Hart, the Daily News’ top-ranked team, which will host either Poly of Riverside or Glendale in the first round at 7:30 p.m. Saturday. The Indians will be heavily favored until the quarterfinals Feb.24, when they could potentially face No. 5-seed Mira Costa of Manhattan Beach (20-6). Mira Costa beat Hart 46-45 on Dec. 27. center_img The Southern Section girls’ basketball playoff pairings created little surprise Sunday, as Hart of Newhall and L.A. Baptist were the local schools to earn top seeds, and several others earned favorable spots. Hart earned the distinction in Div.I-A after winning its sixth consecutive Foothill League title earlier this season. The Indians (24-2) are the defending Div. I-A champion, and they have one of the most dominant front lines in the state with Tatianna Thomas, Megan Ford and KaLana Inemer. last_img read more