Eco (Atlantic) Oil & Gas Limited Update

RNS Number : 7624I

Pires Investments PLC

12 August 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 significant oil discovery on the Orinduik Block, offshore Guyana. The Jethro-1 exploration well was drilled by the Stena Forth drillship to a final depth of 14,331 feet (4,400 meters) in approximately 1,350 meters of water. Evaluation of logging data confirms that the Jethro-1 is the first Discovery on the Orinduik licence and comprises high quality oil bearing sandstone reservoir of Lower Tertiary age. It encountered 180.5 feet (55 meters) of net high-quality oil pay in excellent lower Tertiary sandstone reservoirs which supports recoverable oil resources. The well has been cased, and is now awaiting further evaluation to determine the appropriate appraisal activity."

The announcement can be viewed in full at: https://polaris.brighterir.com/public/eco_atlantic_oil_gas_plc/news/regulatory_news/story/xpqygjr

Eco (Atlantic) Oil & Gas Limited is one of the Company's principal investments in its portfolio. Pires currently owns 847,250 shares in Eco.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries:

Pires Investments plc Peter Redmond, Director	Tel: [phone]
Nominated Adviser Cairn Financial Advisers LLP Liam Murray / Tony Rawlinson	Tel: [phone]
Broker Peterhouse Capital Limited Duncan Vasey / Lucy Williams	Tel: [phone] Tel: [phone]

 

END

 

 

UPDBXGDIUUBBGCD