Eco Atlantic completes 3D Seismic Survey
Oil and gas exploration company, Eco Atlantic announced earlier this week the completion of a 3D seismic survey covering 1097 square kilometres on the Cooper Block, PEL 30, in the so-called Walvis Basin offshore Namibia.
The survey took almost a year to complete as it was first announced on 16 October last year.
The survey was performed by PGS Geophysical, using its proprietary high resolution GeoStreamer technology to capture the three-dimensional sections of the seabed and the substrate.
Eco Atlantic is an oil and gas exploration company focused on the acquisition and development of unique upstream petroleum opportunities around the world. It is dual-listed on the Namibian Stock Exchange.
Eco Atlantic said it is fully carried through the processing and interpretation of the survey and has a 32.5% working interest in the Block. Eco Atlantic is partnered with AziNam, Tullow Kudu (a wholly-owned subsidiary of Tullow Oil PLC) and NAMCOR.
When drilling targets are identified on the Block, Tullow has the option to acquire an additional 15% Working Interest and Operatorship 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.
In a statement released earlier this week, Colin Kinley, Chief Operating Officer of Eco Atlantic, said, “This survey was very carefully planned by the partners and Eco Atlantic, the resultant unprecedented quality of the 3D data resolution for this basin, has yielded some very interesting initial areas of focus as we begin the interpretation.”
“This same ship and quality control process was used immediately after the Cooper 3D survey for a 1000 Km 2D on our Guy Block, this too now completed in its process and has similarly provided excellent quality data,” he added.
According to Kinley, the Cooper 3D files have now all been moved to Tullow´s exploration team office in Cape Town, where the partners will be working through the interpretation on a contract set by Eco Atlantic with Tullow’s interpretation team.
Kinley added, “The partners all work very well together and we have confidence in our ability to define high quality results and an effective interpretation process. The positioning of this block in the basin, the sequencing of the geology and our joint understanding of this play over the last few years, has produced very encouraging results that provide promising value, even in this tight economic climate.”