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ECO (Atlantic) Oil & Gas Ltd on its Acquisition in Guyana

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ECO (Atlantic) Oil & Gas Ltd on its Acquisition in Guyana

CDH's Corporate & Commercial Practice and Oil & Gas Sector advised ECO (Atlantic) Oil & Gas Ltd on its Acquisition in Guyana

22 Aug 2023 1 min read Featured work

CDH's Corporate & Commercial practice and Oil & Gas sector advised ECO (Atlantic) Oil & Gas Ltd on its Sale Purchase Agreement, pursuant to which its wholly owned subsidiary, Eco Guyana Oil and Gas (Barbados) Limited, will acquire a 60% Operated Interest in the Orinduik Block offshore Guyana. This acquisition will be facilitated through the purchase of Tullow Guyana B.V., a wholly owned subsidiary of Tullow Oil Plc. The transaction aligns with Eco's strategic goal of delivering substantial value for its stakeholders by strategically entering and exploring hydrocarbon opportunities in some of the world's most prolific petroleum basins.

Currently, Eco, via its wholly owned subsidiary Eco (Atlantic) Guyana Inc, holds a 15% working interest in the Orinduik Block. Upon the completion of this transaction, Eco will become the operator and majority interest holder of the Orinduik Block. This change in status will enable Eco to drive the exploration process forward and execute its strategy of attracting new partners to participate in the license, while also proactively engaging in drilling activities

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