Eco Atlantic clears hurdle on path to drilling at Cooper

The AIM-traded company said that was a “key clearance” required ahead of potential drilling on the block, adding that it will publish notice in “all the applicable jurisdictions” on 3 November.

It said the Osprey lead on the Cooper Block is in approximately 500 meters of water.

Eco said it 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.

It also contracted Tullow's exploration team to oversee processing and conduct the initial interpretation for the block partners.

Additionally each of the partners - whose teams have evaluated the data - reportedly all concurred that there was a “highly justifiable lead”, and an exact drilling location was now being defined.

Eco added that it recently filed an NI51-101 compliant report by Gustavson Associates that reported 882 million barrels of oil on the block.

The company now intended to further define the exact drilling location, and to move the project ahead through to drilling.

“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,” said Eco Atlantic chief operating officer Colin Kinley.

“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.”