Eco Atlantic Oil & Gas Ltd – Flash Note

26 September 2017

Eco Atlantic Oil & Gas has entered into an option agreement on its Orinduik Block offshore Guyana with Total E&P Activitiés Pétrolières, a wholly owned subsidiary of Total SA.

Under the terms of the agreement, Total has agreed to make an immediate payment of US$1.0m to secure the option pursuant to a cash payment of US$12.5m to earn a 25% working interest in the Orinduik Block. This is a great deal for Eco Atlantic given that it will fund the company to participate in at least two exploration wells on the block and recover the costs of its recently completed 3D seismic survey.

To read our flash note please click here.