Eco Atlantic outlines oil potential offshore Namibia

Offshore staff

TORONTO – Eco (Atlantic) Oil & Gas has received an updated independent resource report from Gustavson Associates on prospective resources across its Cooper, Guy, and Sharon blocks offshore Namibia.

Gustavson’s assessment was based on 2D and 3D seismic data over the blocks, and reports from previous wells drilled in the area. The gross best estimate is 4.5 Bbbl of oil.

In addition, Eco Atlantic is contracting Windhoek-based consultant RBS to assist in filing all necessary permits and documentation next year to obtain authorization for pre-drill and drilling operations on the Cooper block in the Walvis basin.

Tullow Oil
, AziNam and NAMCOR, the partners on the block, support the engagement of RBS and are continuing their interpretation of the recent 3D survey. Although they have yet to pinpoint a drilling location, all parties agree that permits should be in place for the second half of 2017.

Colin Kinley, Eco Atlantic’s COO, said: “As we narrow down our path towards drilling, our initial evaluation early days has been significantly refined. We have analyzed and corrected our error, including those of risking, tightened up our parameters of defining reservoir and seal, and now have a much better understanding of the source rock itself.”

The Cooper block spans roughly 5,000 sq km (1,931 sq mi) - all the Cooper lead areas are within the 200-500 m (656-1,640 ft) water depth range.

Eco Atlantic is carried for drilling of the first exploration well, subject to Tullow electing to proceed into the second exploration renewal period, and the well cap amounts to $53 million.

As for the Orinduik block offshore Guyana, where the company is a partner to operator Tullow, “we have nearly completed our 2D analysis of all the existing data,” Kinley said. Two leads on this block are potentially in the 900-MMbbl range, he added.

“We expect to refine and clarify theses leads, in the same formation of ExxonMobil’s Liza discovery, over the next year as we plan our 3D survey over the block and complete its interpretation.”

12/21/2016



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