Eco Atlantic and its operating partner, Tullow Oil, have approved a 2,550 sq km seismic survey on the Orinduik block offshore the Co-operative Republic of Guyana.
Eco Atlantic said the survey by Schlumberger Guyana Inc was expected to commence in the next two weeks.
Eco Atlantic (Guyana) Inc, a subsidiary of Eco Atlantic, holds a 40% working interest in Orinduik, and Tullow, the operator, holds the remaining 60%.
Eco Atlantic co-founder and chief operating officer Colin Kinley said: "We are excited to embark on this very significant 3D survey which is substantially greater than the originally planned survey.
"In addition to de-risking the existing two defined targets, the survey will hopefully generate additional targets on the Orinduik Block, thereby increasing the prospective oil in place and adding leads for future work programmes.
"We were keenly interested in this region of the Guyana-Suriname Basin even prior to Exxon's highly successful drilling programme, applying for the Orinduik block in 2014 because of its highly prospective Cretaceous canyon and fan plays.
"We have since been excited to see Exxon continue to successfully prove out the region in its ongoing drilling programme and look forward to results from our own 3D survey, which are expected to come in the next couple of months.
"The 2D interpretation has led to at least two significant reservoir leads on the Orinduik block that both we and Tullow believe may hold significant oil comparable to the world class regional discoveries identified by Exxon.
"Eco Atlantic expects to confirm a number of drilling targets with this increased 3D survey, ahead of drilling of the first well in Orinduik, hopefully in 2018."
At 8:06am: (LON:ECO) Eco Atlantic Oil Gas Ltd Com Shs Npv Di share price was 0p at 17.75p