Eco Atlantic initiates drilling
Eco Atlantic Oil and Gas recently commenced its planned 3D seismic drilling survey on its Cooper Block located in the Walvis Basin anticipated to be completed before December 2014. Eco Atlantic Oil and Gas has also entered into a service agreement with PGS Geophysical who will perform the survey using its proprietary high resolution GeoStreamer technology to perform the survey.
Colin Kinley, Chief Operating Officer of Eco Atlantic said, “We are very pleased with the progress on the Cooper block, we have secured PGS’s GeoStreamer technology to complete the 1,097 square kilometers 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,” he added. “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,” he said.
Eco Atlantic Oil and Gas 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. As described in the Company’s news release dated 18 February 2014, Eco Atlantic Oil and Gas 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.