Canada’s Eco Atlantic Oil & Gas Ltd. entered into a deal to sell its total interest in Eco Atlantic Ghana Ltd. (Eco Ghana) to PetroGulf Ghana (PetroGulf), reported Offshore Engineer.
State-owned companies Ghana National Petroleum Corporation (GNPC) and GNPC Explorco have both approved the transaction, which will increase PetroGulf’s interest in the offshore Three Point West Deep Water block from its current 4.5%, informed Offshore Magazine.
Under the terms of the agreement, Eco Atlantic is entitled to receive $576,580 as reimbursement for past operating expenditures owed to the company on the block. Accordingly, PetroGulf assumes all obligations of Eco Ghana on the block.
Eco Atlantic’s President and CEO, Gil Holzman, said the company would now focus on its exploration activities offshore Namibia and Guyana. He said: “The company has decided to focus its priorities on the significant discoveries made by ExxonMobil in Guyana, all directly adjacent and down dip from our recently acquired Orinduik block in partnership with Tullow Oil Plc.” Holzman added: “The three major discoveries, Liza 1, 2 and most recently 3, all have shown significant sand thickness and have defined a plus billion-bbl oil reservoir.”