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Wednesday, January 27, 2016
Eco (Atlantic) Oil & Gas completed its 870 sq km 3D seismic survey on PEL 034, the Guy Block, offshore Namibia in the Walvis Basin. The survey was conducted by PGS Geophysical using the PGS Ramform Vanguard vessel.
The survey was shot over three weeks and covered a target area that was mutually agreed between Eco Atlantic and AziNam Ltd., the operator of the block. AziNam will pay for 66.44% of the cost of the survey under previously announced agreements.
Eco Atlantic holds a 50% partly carried working interest in the block, AziNam holds a 40% working interest, and NAMCOR holds a 10% carried working interest in the Block.
Colin Kinley, COO of Eco Atlantic commented: “The Guy Block holds interesting potential for the Company. We completed, processed and interpreted a 1,100 km 2D survey over the block in the past year and this allowed us to focus on a specific set of targets with this 870 sq km 3D survey. Eco Atlantic and partners, through negotiations with our suppliers, were able to aggressively reduce the cost of the survey in this challenging market, and yet were able to maintain the same world class technology and services provided with the PGS GeoStreamer system. AziNam, as new operator of this block, has provided experienced quality control and supervision of the survey.”
Kinley added: “There is still great interest in Namibia, despite the challenging economic conditions in the market. The country’s high discovery potential, its stability, and efficient government processes, have attracted a number of major and significant players to the region. We are proud to be able to further our exploration program and are confident that once processed, this new 3D survey will identify and prove our block targets.”
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