Eco Atlantic Completes 3D Seismic Survey Processing on Cooper Block

Source: www.gulfoilandgas.com 10/9/2015, Location: Africa

Eco (Atlantic) Oil & Gas Ltd completed the processing of the 1,097 km2 3D Seismic Survey on the Cooper Block, PEL 30, (the "Block") located in the Walvis Basin, offshore Namibia.

The Survey was performed by PGS Geophysical Ltd., which used its proprietary high resolution GeoStreamer technology to perform the Survey. Eco Atlantic, current 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. Eco Atlantic is partnered with AziNam Ltd., Tullow Kudu Ltd. (a wholly owned subsidiary of Tullow Oil PLC) 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.

Colin Kinley, Chief Operating Officer of Eco Atlantic, stated: “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 for a 1000 Km 2D on our Guy Block, this too now completed in its process and has similarly provided excellent quality data”.

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

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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


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