Offshore staff
TORONTO – Eco (Atlantic) Oil & Gas Ltd. (TSX-V:EOG) has begun its planned 1,097-sq-km (424-sq-mi) 3D seismic survey on the Cooper block located in the Walvis basin, offshore Namibia.
As operator of the block, the company has entered into a service agreement withPGS Geophysical Ltd., which will use its GeoStreamer technology to perform a targeted survey covering more than 1,000 sq km (386 sq mi), which is expected to be completed in November. Eco Atlantic is fully carried through the processing and interpretation of the survey and has a 45% working interest in the bock.
If drilling targets are identified,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 17.14% of Eco Atlantic's past costs.
Eco Atlantic holds a 45% carried working interest, Tullow holds a 25% working interest, AziNam Ltd. holds a 20% working interest, and NAMCOR holds a 10% carried working interest in the Cooper block.
10/16/2014
