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Wednesday, July 30, 2014
Eco (Atlantic) Oil & Gas saw its petroleum agreement with Ghana ratified by the country’s parliament. The petroleum agreement gives the company access to a 50.51% stake in the Deepwater Caper Three Points West Block. Eco (Atlantic) has been qualified as operator of the block.
The agreement is final and pending execution by the parties and is conditional upon the execution of a Joint Operating Agreement for the block, among other conditions.
Partners will include Eco Atlantic, through its wholly owned subsidiary Eco Atlantic (Ghana) Ltd., which will hold 50.51%; A-Z Petroleum Products Ghana Ltd., which will hold 32.14%; GNPC will hold 13%, and GNPC Exploration and Production Co. Ltd with 4.35%.
The contract area is approximately 944 sq km in water depth between 800 and 2,000 meters. The agreement provides for a term of a total of 25 years, subject to the discovery of oil within the first seven years.
Colin Kinley, COO of Eco Atlantic commented: “The Three Points West block is a fantastic opportunity for Eco Atlantic to step into an active and oil producing region. The Block is adjacent to the Tullow – Kosmos License and only 15 km southeast of the current Tullow discovery and production. The targets of interest on the Block are on trend with the over 20 other oil discoveries in the immediate area. The Block is already almost entirely covered with a recent 3D survey and this will allow us to move quickly through the reprocessing and interpretation process and on to drilling.”
Gil Holzman, president and CEO of Eco Atlantic, commented: “We are very pleased with the ratification of the Agreement by the Parliament of the Republic of Ghana. The Block has been the focus of interest for many international E&P companies, and so we are thankful that the government accepted our application in this highly competitive environment. This represents an amazing opportunity for Eco Atlantic’s West Africa offshore exploration efforts and expending strategic portfolio. While we remain very much focused on our Namibian highly prospective licenses, especially after recently bringing in Tullow as our new partner, together with our partners in Ghana, A-Z and GNPC Explorco, we are aiming to add significant value to our portfolio and for our shareholders.”
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