The Guy Block (PEL 034) is situated in deep water (1,500-3,000 m) within the Walvis Basin offshore Namibia and covers approximately 5,000 km2.
Eco (Atlantic) Oil & Gas holds a 50% Working Interest in the Guy licence Block and is partnered with AziNam, who is the block Operator, and holds a 40% Working Interest) and NAMCOR (10% Carried Working Interest). Eco and AziNam proportionally carry NAMCOR’s Working Interest through to production, at which time the carry is paid back plus 20% interest rate.
|Eco (Atlantic) Oil & Gas (Operator)||50%|
Guy Block Snapshot
|Water depth||1500m to 3000m depth (east side targeted)|
|Licence terms||5 years + 2 renewal terms of 2 years, each term extendable by one year.|
|Recent developments||1000km 2D survey completed
870km2 of 3D survey completed in 2016
|Target||Basal Tertiary Clastics and Turbidites
Upper Cretaceous Clastics Turbidites
Lower Cretaceous Carbonates
Guy Block Milestones
Pursuant to a farm-out agreement with AziNam, AziNam funded Eco’s share of costs for the shooting and processing of the recently completed 1,000 km 2D seismic survey on the Guy Block. Additionally, AziNam also funded 66.44% of the costs of an 870 km2 3D seismic survey. To date, the execution of the 3D seismic survey is complete and is now being interpreted by AziNam, the Operator on the Licence.
On May 12th 2016, the Namibian Ministry of Mines and Energy (MME) approved the Eco’s progression into the first Renewal Period, the next phase of exploration on the Guy Licence. Accordingly, the work programme for the Guy Licence was extended into the First Renewal Period, and on October 16th 2017, the First Renewal Period of two years was extended by the Ministry for another year to March 2019. The Second Renewal Period is from March 2019 to March 2021 and is further extendable by one year by the MME. Eco relinquished the Western half of the Guy block, which was not a priority and a requirement under the License.
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.