Project Profile
Value: Undisclosed
Location: Offshore Namibia within Walvis Basin, Namibia
Area: 10,000km2, or 2,471,000 acres
Water Depth: 10 to 500 metres
The Sharon Block is located within the Walvis Basin which is located in the offshore of Namibia on the west coast of southern Africa situated south of Angola, north of South Africa, and west of Botswana. The ECO acreage is located in the southern part of the Walvis Basin. ECO Atlantic Oil and Gas owns 90% of the license with NAMCOR, the National Petroleum Corporation of Namibia, holding the remaining 10%. Azimuth Ltd., Hamilton, Bermuda, earned a 20% working interest from Eco (Atlantic) Oil & Gas Ltd in April 2012. The expiration date for the Exploration License 0033 in Sharon Block (Block 2213A&2213B) is four years from the date of issue, specifically March 14, 2015. ECO has the ability to extend this date of expiration if desired through a permit renewal prior to the expiration date.
The Guy block licence is 50% owned by Eco (Atlantic) Oil & Gas, AziNam holds 40% interest in the block, while Namcor holds a 10% carried interest.
Operators:
Sharon Block:
Eco (Atlantic) Oil & Gas: Operator with 60% interest
NAMCOR: 10% interest
Azimuth Ltd., Hamilton: 30% interest
Guy block:
Eco (Atlantic) Oil & Gas: Operator with 50% interest
NAMCOR: 10% interest
Azimuth Ltd., Hamilton: 40% interest
Contractors:
Gustavson Associates: Conducted an assessment of the Gross Prospective Resource as of March 6, 2012
Petroleum Geo-Services (PGS): 1,000 km 2D seismic survey on the Guy Block located in the Walvis Basin, offshore Namibia. The Survey was executed by PGS Geophysical using its high resolution GeoStreamer technology. PGS will begin processing the 2D data immediately.