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203.9p -3.3  -1.6%

Last Trade - 18/10/19

Sector
Energy
Size
Large Cap
Market Cap £2.87bn
Enterprise Value £6.28bn
Revenue £1.48bn
Position in Universe 234th / 1855

Eco Atlantic not aware of any Guyana oil probe that would affect its work

Wed 19th June, 2019 11:25am
LONDON, June 19 (Reuters) - Canadian-listed Eco Atlantic
 EOG.V  said on Wednesday it was not aware of any corruption
probe in Guyana that would affect an offshore concession it has
with partners Total  TOTF.PA  and Tullow Oil  TLW.L .
    Guyana's anti-corruption agency launched an investigation
into how exploration rights were awarded for Guyana's offshore
fields, Bloomberg reported last month. Officials in Guyana have
not responded to Reuters requests for comment.
    "We are not aware of any investigation. We were not
approached," Eco Chief Executive Gil Holzman told Reuters. "We
are very comfortable, not concerned at all."
    Eco and its partners hold the Orinduik block, which the
Canadian-listed company estimates has 3.9 billion barrels of oil
equivalent. Tullow, the operator of the Orinduik block, has a
60% stake, while Total has 25% and Eco has 15%.
    Exxon  XOM.N  has made discoveries of more 4 billion barrels
in an adjacent block.
    The two projects are among the most-watched in the oil
markets.
    Results for two exploration wells that Eco and its partners
are drilling in Orinduik's Jethro and Joe areas were due by the
end of August, Holzmann said.
    He added that results from those wells and from a well
Tullow was drilling in September in an adjacent block could
affect the resource estimate of the Orinduik block.
    

 (Reporting by Shadia Nasralla
Editing by Edmund Blair)
 ((Shadia.Nasralla@thomsonreuters.com; +44 207 542 5083; +44 778
99 43141; Reuters Messaging: Reuters Messaging:
shadia.nasralla.reuters.com@reuters.net))
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