(MENAFN- ProactiveInvestors)
Eco (Atlantic) Oil & Gas (CVE:EOG/Eco-(Atlantic)-Oil-&-Gas-Ltd/">CVE:EOG) has kicked off operations at the deepwater Cape Three Points West block offshore Ghana after it was granted a permit from the relevant authorities.
Eco Atlantic has therefore completed the previously announced acquisition of a 50.51% stake in the block and will be the operator.
It is adjacent to Tullow Oil's (LON:TLW) Jubilee field which is producing more than 100000 barrels of oil per day.
A-Z Petroleum Products Ghana Limited holds a 27.79% interest while the Ghana National Petroleum Company holds a 13% stake.
GNPC Exploration and Production and PetroGulf each hold a 4.35% interest.
Eco will now acquire around 1000 sq km of 3D seismic data for the block and expects to begin processing immediately to generate interpretations in early 2016.
It has also confirmed the work program and budget on behalf of partners with the GNPC and the Ghana Petroleum Commission under the petroleum agreement and has submitted fees and necessary annual payments to meet all of its obligations.
Colin Kinley Eco Atlantic's chief operating officer told investors: "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".
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