Eco Oil and Gas to spud Jethro Lobe propsect in late June

Eco Oil and Gas to spud Jethro Lobe propsect in late June

Toronto based oil and gas drilling and production company Eco Atlantic Oil and Gas Ltd (CVE: EOG) said that they expected to begin drilling (spud) of their Jethro Lobe prospect on approximately the 26th of June.

Jethro Lobe details

The Company stated that it expected the Stena Forth drill ship to arrive at the fimr’s Orinduik Block around the 24th of June and that the ship would spud the Jethro Lobe prospect two days later.

Prior to this undertaking, the Stena Forth rig was actively carrying out an existing contract for Tullow Oil Plc (LON: TLW). Immediately following the completion of this contract, the rig began its transition to the Jethro Lobe propsect in offshore Guyana, the company said.

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The Company added geological detail by commenting that it would be testing the upper and the Jethro venture would also be drilled down to the Cretaceous section.

Eco Atlantic Oil and Gas comments

In the Company’s statement earlier today, Chief Operating Officer Colin Kinley stated,

“The Mobilization of the Stena Forth is the final stage of a long, conservative and quality-controlled process to plan and drill the initial two wells on Orinduik. The Block licence was applied for in March 2014 and was awarded to Eco and Tullow in January 2016 with a first well commitment for 2021/2022,”

“With 13 discoveries, so far totalling over 5.5bboe on Exxon’s adjacent Stabroek Block in the past three years, and with our strong commitment to Guyana, the Joint Venture partners have since expedited and significantly expanded their work programme far beyond and ahead of the committed requirements.”

Trading update

Following the announcement, the company’s shares rallied 1.32% or 0.02p during Monday trading, up to 1.54p a share 10/06/19 11:58 GMT. Published in January, Berenberg initiated their broker rating of Eco Atlantic stock with a ‘Buy’ stance.