Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), is pleased to announce that it has received partnership approval to release its Public Notice for Environmental Clearance Certificate (ECC) for Drilling an Exploration Well within its Osprey Lead on its Offshore “Cooper” Block (PEL30) in the Walvis Oil Basin in North Central Namibia, a key clearance required ahead of potential drilling on the block. The Company will publish notice in all the applicable jurisdictions on 3 November 2017.
The Osprey lead is on the Cooper Block (PEL 30), is in approximately 500 meters of water. Eco has completed the interpretation of several thousand kilometers of 2D seismic as well as completing a 1,100 kilometer 3D Survey, carried out by PGS Geophysical, across the lead. Eco Atlantic has also contracted Tullow's Exploration team, who have extensive expertise in these types of fan plays which are similar to the Jubilee Field in Ghana, to oversee processing and conduct the initial interpretation for the block partners. Additionally each of the partners, whose teams have evaluated the data, all concur that there is a highly justifiable lead and an exact drilling location is being defined.
Eco has recently filed a NI51-101 Compliant report by Gustavson Associates that reported 882 Million Barrels (BOE) of Oil (Gross Prospective - Best) resources on the Block. The company intends to further define exact drilling location and to move the project ahead through to drilling.
Colin Kinley, Eco's Chief Operating Officer commented:
“We are confident in the detailed and conservative work carried out thus far on the Osprey lead on Cooper by our own team and that of our partners and we continue to advance our learnings in the region through the interpretation of our own four blocks and through our partnership ties to the other block holders in the Walvis Basin.
“Namibia has witnessed a resurgence of interest and activity during 2017 and we see this continuing into 2018 with a number of majors and independent E&P companies undertaking drilling activity in the blocks surrounding Cooper Block, including wells announced by Tullow Oil and Chariot Oil & Gas in the offsetting blocks to Eco's acreage.”
The current Working Interests in the Cooper Block are:
*Tullow Oil has the option to increase its stake by 15% , in exchange for a capped well carry.
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