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Tuesday, November 26, 2013
Eco (Atlantic) Oil & Gas Ltd. has received a prospectivity study interpretation report for its Cooper Block offshore Namibia in the Walvis Basin. The aim of this study is to interpret the existing and newly acquired 1,500 km of 2D data on the block for lead identification and to outline potential target areas for the near future acquisition of 3D seismic data.
The report was prepared by Petroleum Geo-Services (PGS) of England.
Eco Atlantic maintains that the information obtained from exploration wells throughout the region has proven an active petroleum system in the Cretaceous-recent rocks. It has been focused on the Cenomanian-Turonian and Aptian Marine post rift and the Neocomian lacustrine and Artinskian Pre/Syn Rift source rocks. Potential reservoirs evaluated include both Post and Pre/Syn Rift including the Palaeocene, Albian, Berremian, and Jurassic. Geophysics was interpreted independently by the PGS team. The report concludes that Cooper has a very good structural and stratigraphic hydrocarbon potential in the form of channels/fans and tilted fault blocks and has clearly defined a new Syn-rift wedge and an upper cretaceous fan system.
Colin Kinley, COO of Eco Atlantic stated: “We are pleased with the completion of the PGS study. The additional 2D seismic has been helpful to define the target areas for our upcoming 3D seismic program. Our team appreciates the support we received from Azinam Ltd., our partner on the Block, in the preparation of the report and the new findings. Most recently, we have completed interpreted depth mapping and interpretation of the present day oil window on the Block. We are excited to move forward, and further confirm our evaluated prospectivity in this interesting basin.”
Gil Holzman, CEO of Eco Atlantic commented from Cape Town while attending the Africa Oil Week conference: “We are happy with the recent positive momentum in the E & P markets and in particular the increased interest and farm-in activity offshore Namibia . Eco is pleased with the progress our technical team is making together with Azinam Ltd. in further advancing and de-risking our offshore blocks in accordance with our strategic work plan. The recent independent report on Cooper is very positive and confirms our interpretation of the oil potential of the Walvis Basin.”
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