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Eco (Atlantic) Oil & Gas completes PEL 3D seismic survey

The survey was performed by PGS Geophysical

Eco (Atlantic) Oil & Gas (CVE:EOG) has completed the processing of the 1,097-square-kilometre 3-D seismic survey on the Cooper block, PEL 30.

The block is located in the Walvis basin, offshore Namibia.

Eco Atlantic is the operator of the block, is fully carried through the processing and interpretation of the survey and has a 32.5% working interest in the block. 

Its partners on the project are AziNam, Tullow Kudu (a wholly owned subsidiary of Tullow Oil PLC) and NAMCOR.

Tullow (LON:TLW) has the option to acquire an additional 15% stake working interest and to take over operating the block once additional drilling targets are identified, provided it covers Eco’s share of the costs through drilling of an exploration well and stumps up for 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,” said Colin Kinley, chief operating officer of Eco. 

“This same ship and quality control process was used immediately after the Cooper 3D survey for a 1000 Km 2D on our Guy Block, this too now completed in its process and has similarly provided excellent quality data," he added.

The partners are now beavering away examining the Cooper 3d files, working through the interpretation on a contract set by Eco Atlantic with Tullow's interpretation team. 

"The partners all work very well together and we have confidence in our ability to define high quality results and an effective interpretation process,” Kinley revealed. 

“The positioning of this block in the basin, the sequencing of the geology and our joint understanding of this play over the last few years, has produced very encouraging results that provide promising value, even in this tight economic climate," he added.






Quick facts: Eco Atlantic Oil & Gas Ltd

Price: 22 GBX

Market: AIM
Market Cap: £39.9 m

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