Business
Eco Atlantic Announces Completion of 3D Seismic Survey on Guy Block, Offshore Namibia
TORONTO, ON / ACCESSWIRE / January 25, 2016 / Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco Atlantic Announces Completion of 3D Seismic Survey on Guy Block, Offshore NamibiaTORONTO, ON / ACCESSWIRE / January 25, 2016 / Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (NSX: EOG) (\"Eco Atlantic\" or the \"Company\") is pleased to announce that it has completed its committed 870 Km(2) 3D Seismic Survey (the \"Survey\") on PEL 034, the Guy Block (the \"Block\") located in the Walvis Basin, offshore Namibia. \nThe Company and its partners have completed the 3D survey with PGS Geophysical Ltd., who used the PGS Ramform Vanguard vessel to conduct the Survey. The Survey was shot over three weeks and covered a target area that was mutually agreed between Eco Atlantic and AziNam Ltd. (\"AziNam\"), the Operator of the Block. AziNam will pay for 66.44% of the cost of the Survey under previously announced agreements. \nEco Atlantic holds a 50% partly carried working interest in the Block, AziNam holds a 40% working interest, and NAMCOR (Namibia national petroleum corporation) holds a 10% carried working interest in the Block. \nColin Kinley, Chief Operating Officer of Eco Atlantic commented: \"The Guy Block holds interesting potential for the Company. We completed, processed and interpreted a 1,100 Km 2D survey over the block in the past year and this allowed us to focus on a specific set of targets with this 870 Km(2) 3D survey. Eco Atlantic and partners, through negotiations with our suppliers, were able to aggressively reduce the cost of the survey in this challenging market, and yet were able to maintain the same world class technology and services provided with the PGS GeoStreamer system. AziNam, as new Operator of this Block, has provided experienced quality control and supervision of the survey.\"\nKinley added: \"There is still great interest in Namibia, despite the challenging economic conditions in the market. The country's high discovery potential, its stability, and efficient government processes, have attracted a number of major and significant players to the region. We are proud to be able to further our exploration program and are confident that once processed, this new 3D survey will identify and prove our Block targets.\" \nAbout Eco Atlantic\nEco Atlantic is an oil and gas exploration company focused on the acquisition and development of unique upstream petroleum opportunities around the world. The Company's obj...