Eco (Atlantic) Oil & Gas Ltd , an oil and gas exploration company focused in Guyana and Namibia, announced today that their partner of four years, Tullow Namibia Limited, will no longer participate in their joint drilling venture, PEL30 license “Cooper Block”, in Namibia.
Tullow’s withdrawal comes on the tail of their own farm-in partner, Oil and Natural Gas Corporation Limited (ONGC), pulling out of their agreement on Cooper Block, which is said to have P50 prospective oil of over 800 million barrels.
As a result, Tullow have transferred their 25% working interest in the project to Eco. Eco now holds a 57.5% working interest in Cooper Block.
With this new asset, Eco has had the 1,100km2 3D survey, full processing and interpretation and past costs all paid for by Tullow. As Eco has three and a half years to drill on Cooper Block, they are already in talks with new potential farm-in partners to replace Tullow and jointly start drilling the Osprey Prospect, the drill ready target Eco have chosen to focus on.
Eco and Tullow are still partners in their Guyanese ventures, which, according to Eco CEO Gil Holzman, “clearly remains the focus for both partners.” The two companies share an asset on the Orinduik Block in Guyana, where the team has defined 2.9 billion barrels of oil equivalent.
Colin Kinley, COO of Eco, is excited for the work in the Guyana to continue saying, “We are extremely confident in what we have there and our selective and focused exploration approach, with two of the world’s best exploration teams from Tullow and Total working with us, the prospect of a new era for Eco Atlantic.”
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