Continental Focus, International Reach

Eco Atlantic’s Namibia Seismic Complete

Monday, November 17, 2014

Seismic launched by Eco (Atlantic) Oil & Gas Ltd. over its Cooper Block has been completed. The 1,097-sq-km 3D seismic campaign was carried out by PGS Geophysical using its high resolution GeoStreamer technology. PGS is also processing the 3D data for Eco Atlantic and its partners on the block – Tullow Oil, AziNam Ltd., and Namcor.

Eco Atlantic holds a 45% working interest in Cooper Block and is fully financially carried through the processing and interpretation of the Survey. Tullow holds a 25% working interest, AziNam holds a 20% working interest, and Namcor holds a 10% carried working interest.

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 18% of Eco Atlantic’s past costs.

Colin Kinley, COO of Eco Atlantic commented: “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.”


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