India's ONGC Videsh is set to buy a stake in the Tullow-operated Cooper Licence offshore Namibia.

The Indian company will acquire a 15% working interest in the Petroleum Exploration License 0030 for Block 2012A for an undisclosed sum.

Subject to a successful closure of the acquisition Eco Atlantic will remain the operator with 32.5 percent stake, while Tullow will be left with 10 percent. Apart from ONGC with 15 percent ownership, other partners are AziNam Ltd: 32.5% and NAMCOR (the National Petroleum Corporation of Namibia): 10%.

The Cooper License is currently within the 'First Renewal Exploration Period' under the terms of the license and, according to the operator, the joint venture partners are evaluating data to identify an exact drill location.

Eco, the operator, said on November 2, 2017 it had released its Public Notice for Environmental Clearance Certificate (ECC) for Drilling an exploration well within its Osprey Lead on the Cooper Block.

The Osprey lead, is in approximately 500 meters of water. Eco Atlantic has contracted Tullow's Exploration team, which has extensive expertise in these types of fan plays which are similar to the Jubilee Field in Ghana, to oversee processing and conduct the initial interpretation for the block partners.

882 million barrels

Eco has recently filed a NI51-101 Compliant report by Gustavson Associates that reported 882 Million Barrels (BOE) of Oil (Gross Prospective – Best) resources on the Block. The company intends to further define an exact drilling location and to move the project ahead through to a drilling decision.

Eco also said it has received and accepted a 12 month extension for the first renewal period (from March 2018 to March 2019) for all three Blocks – PEL 0030 “Cooper”, PEL 0033 “Sharon” and PEL 0034 “Guy”. This was granted by the Ministry of Mines and Energy on October 16th 2017.

Gil Holzman, President and CEO of Eco said the entry of the Indian company marked a further endorsement of Eco's strategy and the quality of the acreage “that we have in our portfolio.”

He said:” This is ONGC Videsh's second foray into Namibia and we are delighted, on the satisfaction of the conditions precedent, that they have decided to enter the Copper Block. They are an excellent partner with considerable expertise and a strategy of adding high – quality exploration and production assets to its existing E&P portfolio. Obviously this deal bears the potential to expedite the first exploration well on Cooper Block, as all the partners are now lined up and the financial burdens are spread.”

“We look forward to working with them as we accelerate the work programme on this license and further define the exact drilling location.”