Eco Atlantic looks to close Guyana farmout by midyear
Eco Atlantic Oil & Gas aims to finalize a farmout deal for Guyana offshore block Orinduik in the coming months, according to company president and CEO Gil Holzman.
The executive provided the update during an investor presentation where he said talks are underway with nine groups.
Holzman said the goal is to farm-out 80% and reiterated Eco’s focus on high impact prospective opportunities, not production assets.
When asked if the potential farminee includes ExxonMobil, Hess and CNOOC, the partners of Guyana flagship block Stabroek, Holzman said he could not disclose names due to confidentiality requirements but added that discussions are being held with “very big” companies.
Orinduik is 170km off the coast and straddles Stabroek, covering 1,354km2 with two confirmed discoveries.
Read Exploration estimate for Guyana’s Orinduik block reaches US$30mn
In Guyana, Eco also holds an indirect stake in the Canje offshore block.
In a related development, CGX Energy reported that Houlihan Lokey is helping look at strategic options for Guyana offshore block Corentyne, including a potential farm down.
Source: Eco (Atlantic) Oil & Gas
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