Eco Atlantic upbeat over Tullow’s Namibia farm-out

Eco Atlantic has welcomed the news on Tullow Oil’s farm-out of a portion of a stake in an offshore license in Nambia to India’s ONGC.

As Offshore Energy Today has reported, ONGC Videsh has reached a binding agreement with Tullow Oil to buy 30 percent interest in Namibia Petroleum Exploration License 0037 for Blocks 2112A, 2012B and 2113B out of Tullow’s existing participating interest of 65% in the license.

So, why is Eco Atlantic, a company with no interest in the license in question praising the deal?

Because the license is located immediately north of the Cooper license (PEL 0030) in which Eco holds a 32.5% interest and is operator, Azinam holds 32.5%, Tullow Oil holds 25% and NAMCOR owns 10%. In addition, Tullow has an option to increase its interest on the Cooper license to 40% upon a drilling decision.

“Eco’s and the industry’s interpretation of the farm-out news is extremely positive as it validates the attractiveness of the Walvis Basin’s oil potential, confirms Tullow and partners’ drilling program is scheduled for the first quarter of 2018, and it refocuses interest on a number of potential high impact wells in the basin in the next calendar year,” Eco Atlantic said.

“As obviously some of Tullow’s financial commitments associated with the drilling costs of PEL0037 are now lifted and shared with its new JV partner, and coupled with favourable rig rates, Eco looks forward with optimism on potential developments in the region and in particular on its own Walvis Basin blocks 030 (Cooper), 034 (Guy), 033 (Sharon), and 050 (Tamar),” the company said.

According to info found on Eco Atlantic’s website, the work program for its block in Namibia entails additional seismic acquisition survey of 500 square kilometers in March 2019, and an exploration well to be drilled after identification of target post 3D, no later than March 31, 2020.

Offshore Energy Today Staff

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