Eco (Atlantic) Oil & Gas Ltd is taken encouragement from the recent farm-out of the licence next to its acreage in the Walvis Basin, offshore Namibia.
It owns 32.5% of the Cooper licence (PEL0030), immediately south of PEL0037 where Tullow Oil (LON:TLW) has just farmed out 30% to India’s ONGC.
Tullow is also a 25% holder of the Cooper licence with an option for this stake to rise to 40% dependent on a drilling decision.
“Eco's and the industry's interpretation of the farm-out news is extremely positive as it validates the attractiveness of the Walvis Basin's oil potential, confirms Tullow and partners' drilling program is scheduled for the first quarter of 2018 and it refocuses interest on a number of potential high impact wells in the basin in the next calendar year.”
It added that with some of the cost of drilling at 030 for Tullow now being shared with OGNC, it is more optimistic for its own developments in the region.
As well as Cooper, Eco has interests in Guy (034), Sharon (033) and Tamar (050) in the Walvis Basin.