Toronto-listed Eco Atlantic has disclosed the outcome of an independent gross prospective report on its licences in Namibia which points to the existence of potential reserves of up 7.79 billion barrels of oil in shallow water blocks 2213A and 213B which are together known as the Sharon block off Namibia.
The figure of 7.79 bn bbls – on a P50 basis - comes from an independent prospective reserves report prepared for the company by reservoir consultants Gustavson Associates in Boulder, Colorado, which was based on recently acquired 2D seismic data and reports from four wells in the vicinity of the block.
Eco reports that the 2D data is from an acquisition programme comprising 605 line kilometres of data carried out by Western Geco over the Sharon block – which has water depths between 40 and 200 metres (131 – 656 feet). Western Geco's data has produced two exploration leads, designated the North Structure and The Wedge.
Based on the figures from the Gustavson report, Eco cites oil in-place low, best and high estimated volumes for the North Structure of between 2.699, 8.149 and 18.690 billion barrels of oil, and prospective oil resources of between 604, 1.864 and 4.449 billion barrels of oil.
For the Wedge structure, Eco report an in-place volumes of between 9.362, 25,843 and 62.016 billion barrels, and prospective oil resources of 2.73 to 7.798 and 19.155 billion barrels of oil.
“The qualitative and quantitative interpretations of these leads indicate well defined sealed structures with estimated prospective resource of 7.79 Billion barrels of oil,” commented Eco president and chief executive Gil Holzman. “Establishment of the P50 leads allows us to proceed with confidence in initiating our 3D seismic program[me] on the block in order to better identify the drilling targets.”
Eco's exploration obligations on the blocks is to conduct an initial desktop study of the petroleum potential in the area, then carry out a 1,000 kilometre 3D seismic survey during the second and third years of the licence, and then drill one exploration well in year four, to a depth of 3,7000 metres (12,136 feet).