According to Colorado-based Gustavson Associates, the P50 best estimate is 4.5 Bboe of gross prospective oil over the existing targets.
The report evaluated an additional 700 km (435 mi) of recently acquired 2D seismic data. Eco retained PGS in the UK to work with its internal team to complete a new detailed geological and geophysical interpretation of Cooper.
Overall, the report is based on interpretation of more than 1,450 line km (901 mi) of 2D data and an analysis of PGS’ study on the block.
The Namibian Ministry of Mines and Energy has granted a one-year extension to March 2016 of the initial exploration period for the license.