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Regulatory Story
Company Pires Investments PLC
TIDM PIRI
Headline Eco (Atlantic) Oil & Gas Limited Update
Released 15:23 16-Sep-2019
Number 4952M15

RNS Number : 4952M
Pires Investments PLC
16 September 2019
 

 

Pires Investments PLC

("Pires" or the "Company")

 

Eco (Atlantic) Oil & Gas Limited Update

 

The Company notes the announcement made today by Eco (Atlantic) Oil & Gas Limited ("Eco"), the AIM and TSX-V listed Oil and Gas exploration and production Company with interests in Guyana and Namibia, some of the text of which is set out below:

 

"Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG) today announces a second oil discovery on the Orinduik Block, offshore Guyana. The Joe-1 exploration well was drilled by the Stena Forth drillship to a final depth of 7,176 feet (2,175 meters) in approximately 2,546 feet (780 meters) of water. Evaluation of MWD, wireline logging and sampling of the oil confirms that Joe-1 is the second discovery on the Orinduik license and comprises high quality oil-bearing sandstone reservoir with a high porosity of Upper Tertiary age. It encountered 52 feet (16 meters) of continuous thick sandstone which further proves the presence of recoverable oil resources. Additional thinner sands above and below the main pay are being evaluated for possible incremental pay."

 

The announcement can be viewed in full at:

https://polaris.brighterir.com/public/eco_atlantic_oil_gas_plc/news/regulatory_news/story/xpqp59r

 

Eco (Atlantic) Oil & Gas Limited is one of the Company's principal investments in its portfolio.

 

 

Enquiries:

 

Pires Investments plc

Peter Redmond, Director

 

 

Tel: +44 (0) 20 3368 8961

 

Nominated Adviser

Cairn Financial Advisers LLP

Liam Murray / Tony Rawlinson

 

 

Tel: +44 (0) 20 7213 0880

Broker

Peterhouse Capital Limited

Duncan Vasey / Lucy Williams

 

Tel: +44 (0) 20 7469 0935

Tel: +44 (0) 20 7469 0936

 

 

 


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