As one of the world’s most vital resources, mint oil and gas ventures are not simple to acquire. The highly regulated industry is encountering challenges and competition due to rising costs, alternative sources of energy, and non-governmental organizations which are advocating against market production. However, one company, Eco Atlantic Oil and Gas has been successful in bringing about new and innovative projects around the globe, including Africa. Now, the enterprise is expanding its reach into large prospective oil blocks in South America’s Guyana.
Eco Atlantic Oil and Gas is defined as an oil and gas exploration operation but its aim is to identify, purchase and develop unique offshore petroleum opportunities worldwide. The company’s activity contains a strong slant towards growing and groundbreaking projects in frontier areas requiring low-cost entry. With initial successes in identifying and developing major prolific oil basins and ranking second on the Energy Sector of 2019 TSX Venture 50, Eco Atlantic Oil and Gas and investment company JHI Associates Inc. celebrated the spudding of the Sapote-1 well on the Canje Block, offshore Guyana.
Known for being a massively untapped oil-rich basin, the Guyana- Suriname basin is currently the world’s most prolific oil producer 6 years running, with nearly 10 billion barrels of oil discovered in 20 exploration wells. Drilling of the Sapote-1 well is expected to take approximately 60 days. Located about 225 km northeast of Georgetown, the discovery and development of the Sapote-1 well have the potential capacity of tripling investors’ market cap, with many more drilling catalysts expected both this year and next.
The successes of the drilling on the Canje Block in the Basin, comprising of the Sapote-1 well, leaves Eco Atlantic keen to deliver
more drilling successes and exploratory campaigns on this oil-rich block and on their 15% WI in the nearby Orinduik Block. Just recently, ExxonMobil announced its intention to pursue 12 wells pre-permitting for the Canje Block next year. The prominent global oil producer and distributor has generated significant discoveries in the region, very close in proximity to Eco Atlantic Oil & Gas’s interests in the Orinduik Block and in Canje Block.
While the operation is busy with drilling and updating drilling plans, Eco Atlantic Oil & Gas has conducted several extensively successful projects in both Namibia and Guyana. Eco, in partnership with TotalEnergies EP Guyana BV and Tullow Oil, has 15% working interest in the Orinduik offshore block of the Guyana-Suriname basin, adjacent to ExxonMobil’s Stabroek Block (whose estimated resources are at approximately 9 billion barrels of oil). The Orinduik Block contains the Jethro-1 well, its first major oil discovery followed closely by Joe-1, showcasing a high-quality oil-bearing sandstone reservoir.
In addition, Eco Atlantic Oil & Gas has massive stakeholder shares in Namibia (Africa), featuring the Walvis Basin. With interest in four offshore petroleum licenses, Cooper, Guy, Sharon, and Tamar are being developed and explored by Eco, NAMCOR, and other license partners. In this venture, the company maintains an average of approximately 60% working interest, with an estimate of at least 25 billion barrels expected to be extracted from this licensed area.
In the past few years, the company has acquired several substantial shareholders, partners, and investors, including the Africa Oil Corp. – which retains a 19.77% stake in Eco. AOI, based in Canada, is an oil and gas company within a varied and intense African portfolio with a focus on production and development. The company equally holds strategic agreements with JHI Associates Inc., a private company with headquarters in Canada, with a 17.5% active interest in the Canje Block, and NAMCOR, an oil and gas company owned by the
government of Namibia that engages in the exploration and development of oil-bearing basins.
Since its founding, Eco Atlantic Oil & Gas’ experienced management team has been incredibly thorough and features vast experience in the intricate world of offshore oil licensing. Collaborating with world renown and respected petrol and fuel experts, Eco Atlantic Oil & Gas is devoted to upholding the highest standards of ESG (Environmental, Social, and Governance) across the broad spectrum of oil and gas exploration, acquisition, and development, the enterprise takes responsibility for sustainable growth of the company while supporting the local communities in both Namibia and Guyana through the implementation of education-focused social programs, providing the younger generations of Namibia and Guyana with the tools and skills for success.
While some are skeptical about the oil and gas industry, Eco Atlantic Oil & Gas has been able to compete in the niche market and ensure prior accomplishments with its strategic partners. As the excitingly significant discovery and drilling of the Sapote-1 well, Eco Atlantic and its associates are working hard at delivering immense value to their shareholders while sensitively maintaining, respecting, and elevating the local communities in frontier areas.
It is estimated that a big discovery on the Sapote-1 well within the next 60 days has the potential to triple Eco’s market cap, and this is just the beginning of many more wells to come in the Canje and Orinduik blocks. Drilling success over the next year will return Eco to its central place among the AIM and TSX listed energy companies.
