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Monday, October 20, 2014
Eco (Atlantic) Oil & Gas Ltd. commenced its planned 1,097 sq km 3D seismic survey on the Cooper block in the Walvis Basin, offshore Namibia. The company, as operator of the block, entered into a service agreement with PGS Geophysical Ltd., who will use its proprietary high resolution GeoStreamer technology to perform the Survey.
The survey will be completed by December with Eco Atlantic conducting the processing and interpretation of the survey. 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.
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