Offshore staff

TORONTO – Guyana’s president has approved the transfer of a 25% interest in the offshore Orinduik block from Eco Atlantic to Total subsidiary Total E&P Activités Pétrolières.

The value of the arrangement to Eco is $12.5 million, making the company fully funded for the planned 2019 drilling program on the block.

Total took an option on the farm-in just over a year ago, pending delivery of processed 3D data from a 2,550-sq km (984-sq mi) survey acquired over the block by Eco and operator Tullow Oil.

Following completion of the transaction, interests in the block will be as follows:

Tullow - 60% (operator)

Total - 25%

Eco - 15%

10/31/2018