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Hammerhead sanction ignites fresh hope for Eco Atlantic’s Jethro prospect
(Kaieteur News) – Chief Executive Officer (CEO) of Canadian exploration company Eco (Atlantic) Oil & Gas Ltd., Gil Holzman, has disclosed that the company has been encouraged by ExxonMobil Guyana Limited’s (EMGL) sanctioning of the Hammerhead discovery in the Stabroek Block to take a fresh look at its 2019 Jethro find.
Chief Executive Officer (CEO) of Canadian exploration company Eco (Atlantic) Oil & Gas Ltd. Gil Holzman
Holzman made the disclosure during a recent fourth-quarter interview. Eco Atlantic currently holds a 100 percent working interest in the Orinduik Block, following the exit of former joint venture partners TotalEnergies and QatarEnergy, who withdrew for strategic reasons. Also, in November 2023, Eco Atlantic completed the acquisition of a 60% operated interest in the Orinduik Block from Tullow Guyana for US$700,000 in cash, along with future contingent royalty considerations.
The CEO acknowledged that the company’s planned farm-out process to attract partners for the next phase of exploration in the block has taken longer than expected. “In Guyana, we embarked on a lengthy process of potential farm out after we managed to buy out Tullow. At first, we thought we farm out just in order for someone to come and partner with us to drill the light crustaceous,” he said.
Holzman noted that recent developments, such as the Government of Guyana’s September 2025 approval of a Petroleum Production Licence (PPL) for EMGL’s seventh project, the US$6.8 billion Hammerhead development have renewed Eco’s interest in the Orinduik Jethro discovery.
“Exxon decided to FID [final investment decision] Hammerhead and now they’re busy developing this field. First oil is expected 2028 and that gave a fresh look on what could be find in Guyana,” he stated.
He added, “Until now, the sixth project that Exxon had in Guyana were light oil cretaceous discoveries and all of the sudden they came up with Hammerhead and actually proved that they can develop and make economic a heavy oil discovery at the tertiary.”
According to Holzman, Exxon’s move with the Hammerhead field has encouraged Eco to re-examine the Jethro 1-billion-barrel heavy oil discovery made in 2019.
Eco had said that it has been assessing its Jethro-1 and Joe-1 finds both discoveries being located in the Lower and Upper Tertiary formations of the Orinduik Block. While both finds contain heavy oil, further analysis has been ongoing to determine development feasibility. Eco said it continues to evaluate these discoveries while assessing deeper Cretaceous prospects, believed to hold potential for lighter crude.
The Orinduik Block
Holzman stated, “Together with the government, we are in discussions to potentially re-evaluate and recall the non-commercialization notice that Tullow gave to the government and to have a fresh look into a potential heavy oil development.”
He noted that the company will require both a partner and government support. “Understating that might be a big resource there that might be developed,” he said.
“So the Hammerhead FID together with the fresh understanding of how the tertiary horizon in Guyana might work containing some heavy oil which is needed in many places around the world made us take a different approach to the farm out and a different approach toward the license and hopefully we’ll be able to be granted with the reevaluation right of the Jethro discovery,” Holzman added.
Eco has been in talks with prospective partners, as the January 2026 deadline looms for the company to drill an exploration well on the block in keeping with its petroleum agreement. Eco entered the Second Phase of the Second Renewal Period of the Orinduik Licence on January 14, 2024. This phase requires the drilling of one exploration well targeting the Cretaceous formation before the licence term ends on January 13, 2026.
The Orinduik Block, which covers 1,354 square kilometers, is located approximately 170 kilometers offshore Guyana and lies adjacent to the prolific Stabroek Block operated by EMGL and estimated to hold 11.6 billion barrels of oil.
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