Eco Atlantic working to identify drilling targets (Namibia)

Oil company Eco Atlantic has started a 3D seismic survey over the Cooper block in the Walvis Basin, offshore Namibia.

The company has entered into a service agreement with PGS Geophysical Ltd., who will use its proprietary high resolution GeoStreamer technology to perform the survey.

Covering more than 1,000 km2, the survey is expected to be completed during the month of November 2014. Eco Atlantic is fully carried through the processing and interpretation of the Survey and has a 45% working interest in the Block.

If drilling targets are identified on the Block, Tullow has the option to acquire an additional 15% working interest in exchange for a full carry of Eco Atlantic’s cost through the drilling of an exploration well, and the repayment of an additional 17.14% of Eco Atlantic’s past costs.

Earlier this year, Eco Atlantic received a Gross Prospective Unrisked Resource Lead Report prepared by Gustavson Associates LLC of Colorado, on the Block, supporting a P50 Best Estimate of 4.5 billion barrels of gross prospective oil over the existing targets.

Eco Atlantic holds a 45% carried working interest, Tullow holds a 25% working interest, AziNam Ltd. holds a 20% working interest, and NAMCOR holds a 10% carried working interest in the Cooper Block.

Colin Kinley, Chief Operating Officer of Eco Atlantic commented: “We are very pleased with the progress on the Cooper block; we have secured PGS’s GeoStreamer technology to complete the 1,097 km2 survey across very interesting targets selected by our exploration team and partners. The survey is underway right now and we anticipate to be completed in November 2014.

“AziNam is contributing its very capable expertise to the completion of the survey and, once completed, we are happy to have secured the unique experience of Tullow to lead the processing and interpretation of the acquired data. Tullow is a world leading expert in interpretation of off continent sand flows and structural targets as evidenced by its current discoveries and production offshore Ghana in a very similar geologic environment. We hope to identify the drilling targets and move on to drilling Cooper in accordance with our work program.”

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