Canadian oil & gas exploration company Eco Atlantic has received approval to release its public notice for an environmental clearance certificate (ECC) for exploration well drilling in the Cooper block off Namibia.
The company said on Thursday that the well would be drilled in the Osprey Lead within its offshore Cooper block (PEL30) in the Walvis oil basin.
According to Eco Atlantic, the ECC is a key clearance required ahead of potential drilling on the block. The company will publish the notice in all applicable jurisdictions on Friday, November 3.
The Osprey lead is located in approximately 500 meters of water. The company completed the interpretation of several thousand kilometers of 2D seismic as well as completing a 1,100-kilometer 3D survey carried out by PGS across the lead.
Eco Atlantic also contracted Tullow’s exploration team, who have experience in these types of fan plays, similar to the Jubilee Field in Ghana, to oversee processing and conduct the initial interpretation for the block partners.
“[…] each of the partners, whose teams have evaluated the data, all concur that there is a highly justifiable lead and an exact drilling location is being defined,” the company added.
Eco has recently filed a report by Gustavson Associates that indicates 882 million barrels of oil resources in the block. The company intends to further define the exact drilling location and to move the project ahead through to drilling.
Colin Kinley, Eco’s COO, said: “We are confident in the detailed and conservative work carried out thus far on the Osprey lead on Cooper by our team and that of our partners and we continue to advance our learnings in the region through the interpretation of our own four blocks and through our partnership ties to the other block holders in the Walvis Basin.
“Namibia has witnessed a resurgence of interest and activity during 2017, and we see this continuing into 2018 with a number of majors and independent E&P companies undertaking drilling activity in the blocks surrounding Cooper Block, including wells announced by Tullow Oil and Chariot Oil & Gas in the offsetting blocks to Eco’s acreage.”
Eco Atlantic is the operator of the Cooper block and holds a 32.5% interest. Its partners are National Petroleum Corporation of Namibia with 10%, AziNam with 32.5%, and Tullow Oil with the remaining 25%. Tullow Oil has the option to increase its stake by 15% in exchange for a capped well carry.