June 19, 2019 / 10:35 AM / a month ago

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

LONDON (Reuters) - Canadian-listed Eco Atlantic said on Wednesday it was not aware of any corruption probe in Guyana that would affect an offshore concession it has with partners Total and Tullow Oil.

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 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

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