Eco Atlantic has completed acquisition of an interest in the Deepwater Cape Three Points West Block, located in the Tano Cape Three Points Basin, offshore Ghana.
The company is to acquire approximately 1,000 km2 of 3D seismic data for the Block and expects to begin pre-processing and reprocessing immediately to generate interpretations in early 2016.
Further, Eco Atlantic has confirmed the work program and budget on behalf of its partners with the GNPC and the Ghana Petroleum Commission under the Petroleum Agreement (PA), and has submitted fees and necessary annual payments to meet all of the obligations on the Block.
Eco Atlantic holds 50.51% interest in the Block (operator), A-Z Petroleum Products Ghana Limited holds 27.79% interest in the Block, the Ghana National Petroleum Company holds 13% interest in the Block, and GNPC Exploration and Production Company Limited and PetroGulf each hold a 4.35% interest in the Block.
The Block is approximately 944 km2 in water depth between 800m and 2,000m adjacent to Tullow’s Jubilee Oil Field. The PA provides for a term of a total of 25 years, subject to the discovery of oil within the first seven years.
Colin Kinley , Chief Operating Officer of Eco Atlantic said: “The Deep Water Cape Three Points West block is a premium asset in the Eco Atlantic portfolio. After our kickoff meetings with the Ghana Petroleum Commission and our partners at GNPC, we are pleased to step into this next phase of detailed evaluation of the Block. We have carefully selected this block on the West African Transform Margin and managed to entrench ourselves in a region where we are in very close proximity to a number major oil and gas discoveries. The Company believes that Ghana provides a sound fiscal environment and foundation for this rapidly developing oil play and we and our partners are committed to the careful interpretation, target selection and drilling on this block”.
Furthermore, Eco Atlantic’s wholly owned subsidiary, Eco Atlantic (Ghana) Limited has been granted a Permit from the Ghana Petroleum Commission to Operate as an Upstream Petroleum Exploration and Production Company.
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