The Cooper Block (PEL 030) is situated in shallow water (100 – 500m) within the Walvis Basin offshore Namibia and covers approximately 5,000 km2.
Eco (Atlantic) Oil & Gas is currently focused on further defining the Osprey Lead, an 882 million barrel Aptian/Albian source fed oil target within a sand filled channel system, in the cretaceous sequence, with the mature oil window located in approximately 300 m of water.
Eco is the Operator of the Block and holds a 57.5% Working Interest. It is also partnered with AziNam (32.5% Working Interest) and NAMCOR (10% Working Interest).
The Company and AziNam, proportionally carry NAMCOR’s Working Interest through to production, at which time the carry is paid back plus 20% interest rate.
|Partners||Working Interest (WI)|
|Eco (Atlantic) Oil & Gas (Operator)||57.5% WI|
|NAMCOR||10% Carried Interest
(Carried through production then payback plus 20% interest rate)
Cooper Block Snapshot
|Water depth||100m to 500m|
|Licence terms||5 years + 2 renewal terms of 2 years, each term extendable by one year.|
|Recent developments||1100 km2 3D survey completed
Environmental Permits have been submitted for approval to drill the Osprey Well
|Target||Upper Cretaceous Clastics
Lower Cretaceous Carbonates
Cooper Block Milestones
Eco completed the execution of a 1,100 km2 3D seismic survey in November 2014 followed by processing and interpretation. In accordance with a Farmout Agreement with Tullow Oil, Tullow paid approximately US$4 million towards Eco’s share of costs and, pursuant to an amended and restated farmout agreement with AziNam, AziNam paid approximately US $2million towards Eco’s share of costs.
On 26 October 2018, Tullow announced its departure from the Cooper Block and transfered its 25% Working Interest back to Eco. Following this, Eco is in active discussions with potential farm-in partners to replace Tullow and to jointly drill the Osprey Prospect on the Block with JV partner AziNam.
On 15 April 2016, the Namibian Ministry of Mines and Energy approved the progression made on the Block and granted Eco and its partners a move into the next phase of exploration on the Cooper Licence. Accordingly, the work programme for the Cooper Licence had been extended into the first Renewal Phase, until March 2018, which in October 2017, was extended by the Ministry to March 2019. The Second Renewal phase is until March 2021 and is extendable by one year at the discretion of the Ministry. The Ministry also waived the relinquishment requirement for the Cooper Block (as required under the Petroleum Agreement), and accordingly the Block’s partners may continue the exploration work on the entire licence area.
Committed Work Programme:
- March 2019:
Geological assessment and target assessment
- March 2020:
Exploration well to be drilled after identification to target post 3D, no later than 31 March 2021, which is extendable by one year at the discretion of the Ministry. The drilling of the well is at the discretion of the Working Interests and is not a financially guaranteed obligation.