Eco (Atlantic) Oil & Gas Ltd. is pleased to announce that, further to its news release dated October 16th, 2014, it has completed its 1,097 km2 3D Seismic Survey on the Cooper block located in the Walvis Basin, offshore Namibia.
The Survey was executed by PGS Geophysical Ltd. (“PGS”) using its high resolution GeoStreamer technology. The Survey began on October 16th and was completed today, smoothly and on time. The Company has contracted PGS to begin processing the 3D data immediately.
Eco Atlantic holds a 45% working interest in Cooper Block and is fully financially carried through the processing and interpretation of the Survey. Tullow Kudu Ltd. (“Tullow”) holds a 25% working interest, AziNam Ltd. (“AziNam”) holds a 20% working interest, and NAMCOR holds a 10% carried working interest. If drilling targets are identified on the Block, Tullow has the option to acquire an additional 15% working interest in exchange for a full carry of Eco Atlantic’s cost through the drilling of an exploration well, and the repayment of an additional 18% of Eco Atlantic’s past costs.
Colin Kinley, Chief Operating Officer of Eco Atlantic commented: “We are pleased to announce the successful completion of this survey on the Cooper Block. We appreciate the cooperation of all of our Block partners on moving our exploration program forward, in particular AziNam who provided excellent field operations supervision for us. The Atlantic weather is a challenge early in the season and PGS easily handled this challenge to complete a high quality shoot on time. We are moving forward to processing and further progress our exploration program with our Block partners.”
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