Eco (Atlantic) Oil & Gas and Tullow Oil have elected to enter phase two of the initial period under the petroleum agreement and prospecting licence for Orinduik block, offshore Guyana.
Eco Atlantic said the work commitment under phase two required the acquisition of at least a minimum of 1,000 square kilometres of 3D seismic on the block and this had already been completed and exceeded during phase one when the partners completed a 2,550 sq km survey in September.
It said as such, there was no further 3D seismic in phase two of the initial exploration period.
Eco's chief operating officer, Colin Kinley, said: 'We are delighted to enter into Phase Two on Orinduik.
'We have completed and significantly exceeded our 3D seismic requirements for Phase Two already during Phase One.
'The initial phase of processing is nearing completion. Once we are satisfied with the data at that stage, we will supply it to Total for their review under their option agreement.
'While the precise date is yet to be determined by the Partners, an announcement will be made at that time and the companies will begin working together on the interpretation and selection of well targets.
'Our entry into Phase Two further endorses our belief of the potential of the Orinduik Block.
'This has also recently been strengthened by ExxonMobil's sixth discovery on the adjacent Stabroek Block, Ranger-1, which is now increases Exxon's estimated to total more than 3.2 billion recoverable oil-equivalent barrels on the Block.'
At 8:14am: (LON:ECO) Eco Atlantic Oil Gas Ltd share price was +0.5p at 31.3p