M a r k e t N e w s

Eco Atlantic completes 3D survey in Namibian basin

Posted on : Tuesday, 18th November 2014

 Eco Atlantic Oil & Gas Ltd. has completed its 3D seismic survey across 1,097 sq km on the Cooper block located in the Walvis Basin, offshore Namibia

The survey, which began on 16 October 2014, was executed by PGS Geophysical Ltd. using high resolution GeoStreamer technology, and PGS Geophysical has already commenced processing the data, revealed officials from Eco Atlantic.
Colin Kinley, CEO of Eco Atlantic, said, “We are pleased to announce the successful completion of this survey on the Cooper Block. We appreciate the cooperation of all of our Block partners on moving our exploration program forward, in particular AziNam who provided excellent field operations supervision for us. The Atlantic weather is a challenge early in the season and PGS easily handled this challenge to complete a high quality shoot on time. We are moving forward to processing and further progress our exploration program with our Block partners.”
Eco Atlantic holds a 45 per cent working interest in Cooper Block, Tullow Kudu Ltd. holds 25 per cent, AziNam Ltd. holds 20 per cent and NAMCOR holds a 10 per cent carried working interest. If drilling targets are identified on the block, Tullow has the option to acquire an additional 15 per cent working interest in exchange to fully carry Eco Atlantic’s cost through the drilling of an exploration well, and repaying of an additional 18 per cent of Eco Atlantic’s past costs.

Source : OIL NEWS KENYA
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