Eco (Atlantic) takes up interest in Canje Block for US$10m  

Gil Holzman

Eco (Atlantic) Oil & Gas Ltd yesterday announced it has closed a transaction with JHI Associates Inc, a private company incorporated in Ontario and headquartered in Toronto, Canada, for Eco to acquire up to a 10% interest in JHI which will allow it access to the Canje offshore block where oil exploration is taking place.

A release from Eco, also headquartered in Toronto, Canada,  said that the Transaction provides it with immediate exposure to a current active drilling programme in the Canje Block offshore Guyana. The Canje Block is operated by ExxonMobil and is held by Working Interests partners Esso Exploration & Production Guyana Limited (35%), with Total E&P Guyana B.V. (35%), JHI Associates (BVI) Inc. (17.5%) and Mid-Atlantic Oil & Gas Inc. (12.5%).

The Canje Block was controversially awarded in 2015 just prior to the general elections in May that year. Eco already has interest in another offshore block, Orinduik.