Canada markets open in 7 hours 22 minutes
  • S&P/TSX

    20,861.10
    +227.83 (+1.10%)
     
  • S&P 500

    4,591.67
    +53.24 (+1.17%)
     
  • DOW

    35,227.03
    +646.95 (+1.87%)
     
  • CAD/USD

    0.7859
    +0.0019 (+0.24%)
     
  • CRUDE OIL

    70.38
    +0.89 (+1.28%)
     
  • BTC-CAD

    65,213.72
    +3,639.98 (+5.91%)
     
  • CMC Crypto 200

    1,324.07
    +63.91 (+5.07%)
     
  • GOLD FUTURES

    1,783.60
    +4.10 (+0.23%)
     
  • RUSSELL 2000

    2,203.48
    +44.17 (+2.05%)
     
  • 10-Yr Bond

    1.4340
    0.0000 (0.00%)
     
  • NASDAQ futures

    15,959.00
    +116.25 (+0.73%)
     
  • VOLATILITY

    27.18
    -3.49 (-11.38%)
     
  • FTSE

    7,232.28
    +109.96 (+1.54%)
     
  • NIKKEI 225

    28,455.60
    +528.23 (+1.89%)
     
  • CAD/EUR

    0.6957
    +0.0013 (+0.19%)
     

Eco Atlantic, Tullow and Total to meet this month for next steps in Guyana

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

(Reuters) - Canada's Eco Atlantic <EOG.V>, UK's Tullow Oil <TLW.L> and France's Total SA <TOTF.PA> will meet early this month to assess recent drilling results and set budgets and targets for their jointly operated Orinduik block offshore Guyana, Eco Atlantic said on Monday.

The Toronto-listed company said an independent Competent Persons Report (CPR) showed an increase in the gross prospective resources to 5,141 million barrels of crude oil equivalent (MMBOE) from the block from a prior estimate of 3,981 MMBOE in March last year.

London-listed shares of Eco Atlantic rose 11% in early trade, while Tullow slipped 1.3%.

The report added that there were 22 prospects, potential traps that may contain hydrocarbons, identified on the block, including 11 in a geological structure known as the Upper Cretaceous.

Guyana, a global exploration hotbed, has become an increasingly important region for Tullow after a series of missteps at its flagship fields in Ghana and projects in Kenya and Uganda ran into delays.

Tullow is the operator of the Orinduik block, with a 60% stake. France's Total SA holds 25% and Toronto-listed Eco Atlantic has the remaining 15%.

In the fourth quarter, Tullow's shares were partly hit by the oil quality found in a well in the Orinduik block.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Bernard Orr)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting