Eco (Atlantic) Oil & Gas has received an environmental clearance certificate from Namibia’s Ministry of Environment and Tourism for an exploration well on the Osprey prospect.
The structure is in the ‘Cooper’ (PEL 30) block in the offshore Walvis basin.
Eco has completed seven years of studies on the block, including regional geological and fracture analysis, a slick review, and assessment of 2D and 3D seismic.
It also contracted independent studies from Petroleum Geo-Services, Azinam, Tullow Oil, and Gustavson Associates.
The PEL 30 partners identified Osprey in 300 m (984 ft) water depth as an 882-MMbboe Aptian/Albian target within a sand-filled channel and fan system in the Cretaceous sequence. Work continues to determine the optimum location for the well.
Colin Kinley, Eco’s COO, said: “With the final environmental certificates now in place we anticipate moving shortly to selection of drilling location, rig contract discussions and engineering planning for a well in 3Q 2019 or 1Q 2020.
“The company’s strategy in Namibia has been to maintain a careful and cautious pace, to fully and completely understand the region and to de-risk each asset by using industry learnings, successes and experience…
“To the south of the Cooper block, PEL 37 was recently drilled by Tullow, and although it was disappointing commercially for our partners and friends, it has provided Eco with valuable data to help better understand the characteristics of our field.”
The drillship Ocean Rig Poseidon, the same rig that drilled Tullow’s Cormorant-1 well, is now due to relocate to license area PEL 71, operated by Chariot Oil & Gas, to drill Prospect S well on the southern margins of the Walvis basin. Eco has 80percent interest in adjacent Tamar block (PEL 50).