Eco Atlantic has started its planned 1,097 km2 3D Seismic Survey on the Cooper block located in the Walvis Basin, offshore Namibia.
In its capacity as the Operator of the Block, the Company has entered into a service agreement with PGS Geophysical, who will use its proprietary high resolution GeoStreamer technology to perform the Survey.
The significant Survey, covering more than 1,000 km2,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.
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 km2survey across very interesting targets selected by our exploration team and partners. The survey is underway right now and we anticipate to be completed in November2014. 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.”
Press Release