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Thursday, October 15, 2015
The processing of ECO Atlantic Oil & Gas’ 1,097 sq km 3D seismic survey is now complete. The survey was completed on the Cooper Block, PEL 30, located in the Walvis Basin, offshore Namibia. The survey was performed by PGS Geophysical, which used its proprietary high resolution GeoStreamer technology to perform the survey.
Eco Atlantic, current operator of the block, was fully carried through the processing and interpretation of the survey and has a 32.5% working interest in the block. Eco Atlantic is partnered with AziNam Ltd., Tullow Kudu, and Namcor.
When drilling targets are identified on the block, Tullow has the option to acquire an additional 15% working interest and operatorship 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.
“This survey was very carefully planned by the partners and Eco Atlantic, the resultant unprecedented quality of the 3D data resolution for this basin, has yielded some very interesting initial areas of focus as we begin the interpretation. This same ship and quality control process was used immediately after the Cooper 3D survey on our Guy Block, this too now completed in its process and has similarly provided excellent quality data,” said Colin Kinley, COO of Eco Atlantic.
The Cooper 3D files have now all been moved to Tullow’s exploration team office in Cape Town, where the partners will be working through the interpretation on a contract set by Eco Atlantic with Tullow’s interpretation team.
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