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Eco Atlantic Completes Acquisition of Interest and Commences Operations in Cape Three Points West Offshore Block in Ghana
TORONTO, ON / ACCESSWIRE / November 30, 2015 / Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) ...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco Atlantic Completes Acquisition of Interest and Commences Operations in Cape Three Points West Offshore Block in GhanaTORONTO, ON / ACCESSWIRE / November 30, 2015 / Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (\"Eco Atlantic\" or the \"Company\"), is pleased to announce that the Ghana Petroleum Commission has granted a Permit to Operate as an Upstream Petroleum Exploration and Production Company to the Company's wholly owned subsidiary, Eco Atlantic (Ghana) Limited enabling the Company to immediately commence operations. Eco Atlantic has thus completed the previously announced acquisition of an interest in the Deepwater Cape Three Points West Block, located in the Tano Cape Three Points Basin, offshore Ghana (the \"Block\") and commences operations. The Company is the majority interest holder of the Block and has been designated the Operator.\nThe Company further announces that it is to acquire approximately 1,000kms2 of 3D seismic Data for the Block and expects to begin preprocessing and reprocessing immediately to generate interpretations in early 2016. Further, Eco Atlantic announces that is has confirmed the Work Program and Budget on behalf of its partners with the GNPC and the Ghana Petroleum Commission under the Petroleum Agreement (\"PA\"), and has submitted fees and necessary annual payments to meet all of the obligations on the Block.\nThe Company holds a 50.51% interest in the Block, A-Z Petroleum Products Ghana Limited holds a 27.79% interest in the Block, the Ghana National Petroleum Company holds a 13% interest in the Block, and GNPC Exploration and Production Company Limited holds and PetroGulf each hold a 4.35% interest in the Block. The exploration activity on the Block will be performed in the framework of the joint operating agreement which was signed by the partners on March 24th, 2015, under which Eco Atlantic has been designated the Operator. \nThe Block is approximately 944km(2) in water depth between 800m and 2,000m adjacent to Tullow Oil plc.'s (\"Tullow\") Jubilee Oil Field, which is producing in excess of 100,000 barrels of oil per day. It also shares, a northern boundary with Eni S.p.A.'s block, a western boundary with Hess Corporation's block, and southern boundary with Lukoil's block, all of whom have had recent discoveries. \nThe PA provides for a term of a total of 25 years, subject to the di...