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Thursday, February 20, 2014
Eco (Atlantic) Oil & Gas Ltd. received an updated Gross Prospective Unrisked Resource Lead Report from Gustavson Associates LLC for Block 2012A, or the Cooper License, in the Walvis Basin, offshore Namibia. The report supports a P(50) Best Estimate of 4.5 billion barrels of gross prospective oil over the existing targets after evaluating an additional 700 km of 2D seismic data recently acquired by the company.
Gustavson completed an assessment of the Gross Prospective Unrisked Resource as of February 18 and it updates Gustavson’s original lead report for the Cooper License as published in February 2012.
Eco Atlantic also reported that in recognition of recent developments and work done on Cooper license, and with Eco Atlantic’s continued focus on research and near term operational plans, the Namibian Ministry of Mines and Energy has granted a one year extension to March 2016, of the Initial Exploration Period of the Cooper license. This extension brings Cooper’s schedule in line with the respective timelines of the company’s other two blocks, Guy and Sharon, located in the Walvis Basin.
Colin Kinley, COO of Eco Atlantic stated, “We are pleased with the results of the recent work that we have conducted on Cooper. This report extends our understanding of the mechanics of the basin and reflects the importance of continued exploration through regional drilling and seismic efforts. Each bit of information adds to the matrix of data we have and moves us closer to discovery.”
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