Partners Tullow Oil Plc, Total SA and Eco Atlantic Oil & Gas Ltd. have chosen the "Joe" prospect for a second well in their much-watched Orinduik oil and gas field off Guyana's coast, Eco said March 29.

Eco Atlantic earlier this month increased the estimate for the field to about 3.9 billion barrels of oil equivalent (boe), a third more than announced in an estimate released in September.

The well will be drilled with the Stena Forth drillship in mid-July moving on from the Jethro Lobe well in the same field.

"Joe is a 150 million boe (P50 – best estimate) Upper Tertiary target which has a 43.2% chance of success... Net cost to Eco for its 15% working interest in the Joe Well is expected to be approximately $3 million," Eco Atlantic said.

Eco Atlantic Guyana Asset Map
Eco Atlantic Guyana Asset Map (Source: Eco Atlantic Oil & Gas Ltd.)

The Orinduik Block is located next to an Exxon Mobil field, which has an estimated 4 billion boe. The Exxon Mobil discovery put Guyana on the world map of oil resources.

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Tullow, the operator of the Orinduik Block, has a 60% stake. Meanwhile, Total has a 25% stake with Eco Atlantic owning the remaining 15%.