The 2,250-sq km (869-sq mi) concession is off the Skeleton Coast in the Walvis basin ofNamibia. Eco Atlantic has a 90% operated interest, in partnership with state-owned NAMCOR. Oil and gas rights were granted in August 2013.
Eco Atlantic has reviewed existing 2D seismic and regional interpretations, and concludes that the southeast corner of the block, on the eastern slope of the basin, has good exposure to the Cretaceous and Syn-Rift sections.
COO Colin Kinley said: “The newly established oil kitchen in the Walvis basin confirming light 40° API gravity oil; the oil shows onshore on the Daniel clock which prompted the drilling of the Toscanini well; and the slicks evident in the region from the Fugro oil slick study that was completed for Eco, all indicate that oil is migrating through the block from the deeper kitchen and that further work is warranted to find a suitable trap and seal.
“We still have significant work to do and further study is required, with shallow water depths and shallow drilling depths...”