Eco (Atlantic) Oil & Gas Ltd., the oil and gas exploration company with licenses in highly prospective regions in South America and Africa, announces that at the Company and Tullow Oil (together “the Partners”) on the Orinduik Block, have elected to enter Phase Two of the Initial Period under the Petroleum Agreement and Prospecting License, Orinduik Block, offshore Guyana. As operator of the Block, Tullow Oil has notified the Guyana Geology and Mines Commission as well as the Honorable Minister Trotman, Minister of Natural Resources of the Partners’ decision.

The work commitment under Phase Two requires the acquisition of at least a minimum of 1,000 square kilometers of 3D seismic on the Orinduik Block. This has already been completed and exceeded during Phase One when the Block partners completed a 2,550 square kilometers survey in September 2017. As such, there is no further 3D seismic in Phase Two of the Initial Exploration Period.

Current Working Interests on the Orinduik Block are as follows:

• Tullow Oil - 60% (Operator)
• Eco Guyana - 40%  

As announced on 26 September 2017, Eco signed an agreement with Total E&P Activités Pétrolières, a wholly owned subsidiary of Total SA (“Total”), whereby Total has an option to acquire a 25% Working Interest in the Orinduik Block from Eco Guyana.

Colin Kinley, Eco’s Chief Operating Officer commented:
“We are delighted to enter into Phase Two on Orinduik. We have completed and significantly exceeded our 3D seismic requirements for Phase Two already during Phase One. The initial phase of processing is nearing completion. Once we are satisfied with the data at that stage, we will supply it to Total for their review under their option agreement. While the precise date is yet to be determined by the Partners, an announcement will be made at that time and the companies will begin working together on the interpretation and selection of well targets.  Our entry into Phase Two further endorses our belief of the potential of the Orinduik Block.  This has also recently been strengthened by ExxonMobil’s sixth discovery on the adjacent Stabroek Block, Ranger-1, which is now increases Exxon’s estimated to total more than 3.2 billion recoverable oil-equivalent barrels on the Block.”