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Eco Atlantic Notes Tullow Oil's Decision to Enter Drilling Phase on Neighbor's Namibia Block 037
TORONTO, ON / ACCESSWIRE / April 11, 2016 / Eco Atlantic Oil & Gas Ltd. (TSXV: EOG) ("Ec...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco Atlantic Notes Tullow Oil's Decision to Enter Drilling Phase on Neighbor's Namibia Block 037TORONTO, ON / ACCESSWIRE / April 11, 2016 / Eco Atlantic Oil & Gas Ltd. (TSXV: EOG) (\"Eco Atlantic\" or \"the Company\") is pleased to announce that it was informed by its partner in PEL 30 (\"Cooper Block\") offshore Namibia, Tullow Kudu Ltd. (a wholly owned subsidiary of Tullow Oil Plc.) of the latter's decision to enter into drilling phase on its joint venture block License number 037 together with Pan Continental Oil and Gas NL (Tullow: 65%, Pan Continental: 35%). Block 037 is just south of Eco Atlantic's Cooper Block, in the Walvis Basin. According to the license terms, the drilling should occur by March 2017.\nTullow further confirmed its full commitment to further progress the exploration program on the adjacent Cooper Block, with the completion of the interpretation of the recently shot 3D program and to continue its focus on the identified drilling targets.\nIn Guyana, Tullow and Eco Atlantic confirmed their intention to accelerate the committed work program on the jointly held Orinduik Block offshore Guyana (Tullow: 60% operator, Eco Atlantic: 40%). \nThe companies are aggressively proceeding with a diligent analysis in light of recent discovery in the adjacent block Operated by Exxon Mobil. The recent Liza Discovery by Exxon is currently being appraised by a second well also in close proximity to the Orinduik block.\nTullow and Eco have agreed on an accelerated work program to include 2D seismic re-processing and interpretation and a design of the 3D seismic program to start immediately after the regional study and 2D interpretation are completed.\nEco Atlantic CEO, Gil Holzman stated: \"We are extremely happy with Tullow's decision to enter drilling phase on License 037 and to continue focus their efforts and attention offshore Namibia and especially on our Cooper Block in partnership with AziNam and NAMCOR. We are very excited by what we are seeing based on the 3D interpretation process and are grateful to Tullow for the reassurance of their Namibian commitment and keen interest in the Walvis Basin.\" Holzman added: \"We are also very happy with the decision on acceleration of our joint program offshore Guyana and are looking forward to the next few months' activities, research, and interpreted results.\"\nAbout Eco ...