This follows two oil discoveries earlier this year on the block’s Jethro and Joe prospects.
According to Eco Atlantic, the priorities are to assess both finds, additional research for the selection of future wells targets, and determining costs of wells under review for 2020.
Eco’s own evaluation of the Jethro-1 discovery well confirmed the sands intersected were as foreseen in its Competent Persons Report.
Interpretation continues of the data from Joe-1 with potential emerging for a larger resource. At the same time, the reservoir and proven oil charge in the well’s Upper Tertiary sands could be repeated in various other Upper Tertiary age locations throughout the block.
One of these is the nearby off‐setting Jimmy prospect which according to Eco appears to be in the same charged sands.
Colin Kinley, the company’s COO, said: “Our Jethro‐Lobe discovery, announced in August 2019, is in a clean Lower Tertiary amalgamated sandstone.
“Tullow described the Jethro-1 well, upon discovery, as having the potential to be a standalone commercial discovery, having a clear seismic definition and excellent reservoir. The JV partners are currently evaluating the requirements for an appraisal well…
“Joe-1… was drilled at less than half of Jethro-1’s cost, on budget - under $21 million gross. We believe that these lower drilling costs positively affect development economics in this play.”