Qatar ships LNG cargo to Chile

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NewBase 20 June 2014 Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Shell pulls out of Qatar gas Block D well , as no Gas found
By Reuters + NewBase
Royal Dutch Shell has abandoned plans to explore for gas in Qatar's Block D after recent drilling failed to
turn up commercial volumes at its majority-owned QSD-1 well, two sources with knowledge of the matter
said. Shell said earlier on Friday that it had wrapped up activity at the well after the negative result, while
adding that it remained committed to future plans in Qatar.
The gas-rich Gulf country has been a
major source of production growth at Shell
for over three years, since the major
invested $20 billion to build one of the
world's biggest liquefied natural gas
(LNG) export plants as well as a cutting
edge gas-to-liquids facility, Pearl.
Shell's exit from the 8,089 square-
kilometre license area may also disappoint
Qatar Petroleum, which was to be the off-
taker of any gas produced.
Part of the Block D concession extends
beneath Qatar's prized North Field, the
world's biggest gas field that feeds giant
liquefaction trains. Qatar is the world's top
LNG exporter.
"Shell only pulled out of that section of the
North Field (that overlaps with Block D),
and they will continue to work on other
(Qatari) projects," one of the two Qatar
Petroleum sources said, while the other
said Shell had been out of the D license for
months.
A third source said Shell planned on additional development drilling in the North Field to replace slowing
output from existing wells. Earlier, Shell said its Block-D exploratory well "reached total depth as planned;
however, it did not encounter commercial volumes of hydrocarbons".
The QSD-1 project is 75 percent owned by Shell and 25 percent by PetroChina.

Mubadala unit eyes oil opportunities in Somalia
Source Mubadala Petroleum
A unit of Abu Dhabi-based Mubadala has signed a cooperation agreement with the Somali government
which could see it developing oil exploration and production opportunities in the African country. Mubadala
Petroleum said it has signed the agreement with the Ministry of Petroleum and Mineral Resources following
talks between the UAE and Somali officials earlier this year.
The deal will consider ways in which the two countries might work together to further the development of
the Somali petroleum sector, a statement said. It added that over time Mubadala Petroleum could look at
"developing upstream opportunities in Somalia". The upstream oil sector is also commonly known as the
exploration and production sector.
Musabbeh Al Kaabi, chief growth officer, Mubadala Petroleum, said: "This strategic agreement will draw
upon the great experience of Abu Dhabi in developing a world-class environment for investment in the
petroleum sector and enable Mubadala Petroleum to begin a long term relationship with the Ministry to
support its upstream sector."
Mubadala Petroleum is and upstream oil and gas exploration and production company, a subsidiary of
Mubadala Development Company and 100 percent owned by the Government of Abu Dhabi. Mubadala
Petroleum manages assets and operations spanning 12 countries, with a primary geographic focus on the
Middle East, Africa and Central and Southeast Asia.
Horseed M - Horn Petroleum Corp confirmed the presence of oil at its
Shabeel well in the Dharoor Valley basin of Somalia's Puntland

Iraqi Kurds start to pump oil from Kirkuk
Reuters + NewBase
Iraq's autonomous Kurdish region has begun to pump oil from Kirkuk fields previously controlled by Iraq's
central government into the pipeline system that runs in its own territory, a senior Iraqi oil official said on
Thursday.
Kirkuk lies on the
disputed boundary
between the northern
Kurdish region and
the rest of Iraq and is
at the heart of a long-
running dispute
between Baghdad and
Arbil, the Kurdish
regional capital, over
territory and natural
resources. Kurdish
forces took control of
production facilities
at the Kirkuk and Bai
Hassan northern
fields on July 11,
exploiting a power
vacuum created by an
Iraqi military
withdrawal in the
face of an Islamist
insurgent offensive.
The Iraqi official told
Reuters by telephone from Baghdad the Kurdish region had started to pump crude from one of the Kirkuk
domes to the Khurmala dome, out of which the Kurdish pipeline runs, using an existing connection. "They
are using a pipeline which was originally used to send crude from (Kurdistan), but they have now reversed it
(to use it by the Kurdish region)," the official said, estimating the quantity at around 20,000-25,000 barrels
of oil per day.
The Kurdish Ministry of Natural Resources could not immediately be reached for comment. Kirkuk's Baba
and Avana geological formations were previously administered by Baghdad before the July 11 takeover.
The Kirkuk region's third formation, Khurmala, has long been under the control of the Kurdistan Regional
Government (KRG).
Kurdish forces took control of Kirkuk a month ago, making good on a longtime territorial claim to the city,
after Iraqi troops left in the face of a lightning assault by Islamic State insurgents, who have seized large
parts of northern and western Iraq, but not threatened well-defended Iraqi Kurdistan. The Kirkuk and Bai
Hassan oilfields have a combined production capacity of 450,000 bpd but have not been producing
significant volumes since March, when Iraq's Kirkuk-Ceyhan export pipeline was sabotaged by Islamist
militants. Last year, Baghdad signed a deal for BP to revive the Kirkuk oilfield, a plan that the KRG has
rejected as illegal. -

Qatar ships LNG cargo to Chile
GNL Quintero +NewBase
Qatar, the world’s largest liquefied natural gas producer, shipped an LNG cargo from the Ras Laffan
Port to Chile on Friday.
The Golar Viking LNG
tanker, with a capacity
of 140,000 cubic
meters, is expected to
arrive at the on August
12, according to
shipping data. The
Quintero terminal,
which is situated
155km northwest of
Santiago, has an overall
annual supply capacity
of 2.5 million tons of
LNG.

WorleyParsons , Wison sign MoU to pursue FLNG projects
Press Release, WorleyParsons
WorleyParsons Services signed a memorandum of understanding with Wison Offshore & Marine
under which the companies will jointly pursue the execution and delivery of ship-shaped floating
LNG, FPSO and other similar offshore oil and gas projects.
Under the agreement, the companies will cooperate to deliver projects on an engineering, procurement,
construction and installation (EPCI) basis jointly leveraging WorleyParsons significant experience on the
front end engineering and design of ship-shape FLNG and FPSO facilities with Wison’s proven execution
and fabrication capabilities.
The focus of the efforts will initially target the Australasia region, including Australia, New Zealand, Papua
New Guinea and other Southeast Asia countries, but could be expanded to other areas where the companies
feel they can provide a competitive offering to the market.
“The focus area of the cooperation will be to expand the partnerships offering of flexible, cost effective and
innovative FLNG, FPSO and other solutions to small and mid-scale developments that have typically been
less able to capture value from the much larger-scale offerings we have seen in the marketplace” said
WorleyParsons’ CEO Andrew Wood.
“The synergy created by the close cooperation with WorleyParsons will enable our collective group to offer
strong technical and commercial solutions to the market,” said L. Dwayne Breaux, President of Wison
Offshore & Marine Ltd. “By combining their proven track record in the engineering and development of
oil and gas projects with our existing strategic alliance partners including PRICO® liquefaction and other
technologies, we will be capable of significantly expanding our strategy of providing cost-effective solutions
to the industry delivered to the highest international levels of safety and quality.”

Saudi Aramco calls for tender crude oil Khurais Expansion project
The national oil company Saudi Aramco selected the Khurais and Shaybah fields to increase
Saudi Arabia crude oil production capacities. Lying adjacent to one of the world largest oil
field, the giant Ghawar, Khurais is also of a significant size at the scale of Saudi Arabia with the
benefit to hold still easy to reach reserves of crude oil and condensate.
Despite its huge reserves the Kingdom is investing cautiously to increase again the oil production after a
couple of years developing the petrochemical sector and more recently the unconventional gas or deep
offshore exploration in the Red Sea.
The petrochemical sector and the gas supply are required to sustain the growth in power generation and the
emerging manufacturing industry in the domestic market.
In parallel, Saudi Arabia wants to keep leading the control of the crude oil on the global market.
For these reasons, Saudi Arabia is targeting to maintain its 12.5 million barrels per day national capacity
over 2017.

In respect with the ongoing maturing fields to decline at that term, Saudi Aramco is due to compensate
550,000 b/d of crude oil production by 2017. From these 550,000 b/d, Khurais should contribute for
300,000 b/d and Shaybah for 250,000 b/d.
Saudi Aramco selected Khurais and Shaybah because they present accessible reserves at a minimum of
capital expenditure compared with other fields to require intensive enhanced oil recovery (EOR) activities.
Foster Wheeler completed Khurais Expansion FEED
Discovered in 2009, Khurais is currently producing 1.2 million b/d of crude oil while Shaybah is running at
750,000 b/d.
In September 2013, Foster Wheeler, despite that it was not longer qualified as general engineering services
plus (GES-Plus) provider , has been selected by Saudi Aramco to perform the front end engineering and
design (FEED) work on Khurais Expansion project.
Foster Wheeler completed this Khurais Expansion project FEED work leading to define five main packages
for the engineering, procurement and construction (EPC) phase:
- Site preparation
- Seawater pipeline
- Khurais additional central processing facility (CPF)
- Export Mazlij – Abu Jifan pipeline
- Offsite and utilities
As the main EPC package of the Khurais Expansion project, the new Khurais CPF should integrate the
gas compression station and the crude handling and stabilization facilities.
For this package, Saudi Aramco had qualified nine engineering companies from Asia, Middle-East and
Europe. From these nine qualified companies, seven are expected to submit a technical and commercial
offer in August 2014. Ready to invest $3 billion capital expenditure, Saudi Aramco is planning to award the
Khurais Expansion EPC contracts by the end of 2014 in order to start production by 2017
Khurais began production in June 2009 and is the largest
integrated oil project in company history and the largest
in the history of the industry. The development adds 1.2
million bpd of Arabian Light crude oil production
capacity, dehydrates 320 million scfd of gas and produces
80,000 bpd of NGL.

Toshiba to supply steam turbines and generators for huge Indonesia plant
- Pres Release : TC
Toshiba Corporation has been awarded a major contract to supply three sets of 60-megawatt (MW)
geothermal steam turbines and generators (STGs) for one of the world’s largest geothermal power plants
being built in Indonesia. Toshiba, the world’s leading supplier of geothermal power generation equipment,
was awarded the contract for the Sarulla geothermal power plant project, which is now under construction in
Tapanali Utara in Indonesia’s
North Sumatra, by Sarulla
Operations Ltd (SOL), a four-
company consortium of Itochu
Corporation and Kyushu Electric
Power Co of Japan, PT Medco
Power Indonesia of Indonesia, and
Ormat International of the US.
The engineering, procurement and
construction (EPC) contractor is
Hyundai Engineering and
Construction Co Ltd (HDEC).
Toshiba will start to supply STGs
to HDEC in July 2015, and the plant is scheduled to start operation in November 2016, according to a press
release issued here. Its output will account for approximately 1 per cent of Indonesia’s total power
generation.
Indonesia has the world's second largest geothermal resources, a potential generating capacity of 28,000
MW, but installed capacity to date is a low 1,300 MW. With growth driving demand and shortfalls in
supply, the Indonesian government is promoting geothermal power as a means to raise generating capacity
and reduce reliance on oil, where demand outstripped local production in 2004. Government plans include
IPP projects with a capacity of 12,000 MW by 2025, which the Japanese government is supporting through
its yen loan programme.
Toshiba, an industry leader in power generation equipment, has world-class capabilities in nuclear, thermal
and renewable power generation equipment. The company entered the geothermal business in 1966 with the
supply of an STG for the Matsukawa plant, Japan's first geothermal plant, and subsequently expanded into
North America, Southeast Asia and Iceland. Today, Toshiba is the world leader in the manufacture of STGs,
with a market share of 23 per cent, and has supplied 52 units with an installed capacity of 2,800 MW. In
recent years, Toshiba’s technological capabilities have supported order wins for geothermal STG in New
Zealand, Kenya and Turkey.
Toshiba is highly familiar with the Indonesian market, where it is a leader in power generation equipment
supply. The company's record to date includes 12 steam turbines and generators with a combined capacity
of 4,200 MW for four thermal power plants, including the Tanjung Jati B coal-fired thermal power plant; 26
hydroelectric turbines and generators with a combined capacity of 1,500 MW for 11 hydroelectric power
plants; and the Patuha Unit 1 project, a 55MW geothermal power plant now under construction in West
Java.
Global geothermal power market continues to grow substantially, with new opportunities appearing around
the world. By the end of 2013 the global geothermal market is expected to reach 12,000 MW*1 geothermal
capacity. Countries with notable potential include the US, Indonesia, Japan, the Philippines, Mexico,
Iceland, New Zealand and Italy. Toshiba will continue to participate in projects that promote
environmentally-friendly, low carbon-dioxide renewables, including geothermal power.

Croatia launches oil and gas exploration tender
AFP + NewBase
Croatia yesterdaylaunched an international tender for oil and gas exploration in the east of the
country that would hopefully bring investments to revive its sluggish economy. The tender follows
the one launched by the European Union’s newest member in April, for exploration and drilling for
oil and gas reserves in the Adriatic, which raised concerns of environmental groups in the tourism-
oriented country.
A total of six exploratory areas in the Drava and Sava rivers basins and eastern Croatia of
between 2,100 to 2,600 sq km (811 to 1,005 sq miles) are being tendered, Economy Minister Ivan
Vrdoljak said yesterday.The area was the main one for oil and gas production in Croatia since the
1970s but it has failed to live up to its potentials, he said in a statement.
The tender was to conclude on February 18, 2015 but then be followed by two more, the minister
added.“High interest of key global players in oil and gas business (for exploration in Adriatic) ...
proved that Croatia can and should be the regional leader in energy” supply, Vrdoljak said.
According to local media reports, Russian energy giant Gazprom chief Alexei Miller, on a visit to
Zagreb earlier this month, expressed interest in drilling exploratory wells in Croatia. More than 40
firms, including Gazprom and the US oil giant Exxon Mobil, were interested in the 29 exploration
blocks in the Adriatic, local media reported.
Croatia’s economy has not grown since 2008, and according to the World Bank, business activity
is tipped to stagnate this year as well. The former Yugoslav republic produces about 60 percent of
its own natural gas, while the remaining 40 percent comes from Russia.
Croatia imports 80 percent of its annual oil needs, while average annual domestic oil production is
500,000 tons. Officials here emphasise Croatia’s good oil and gas infrastructure, including the
Adriatic pipeline system JANAF, access to a network of refineries in the region as well as ports
and shipyards along the coast as the country’s main advantages for investors.

UK: InfraStrata signs exploration agreement for Northern Ireland licence
PL1/10 and adjacent offshore licence P2123. Source: InfraStrata
AIM-listed InfraStrata, the independent petroleum exploration and gas storage company, has announced
that, together with joint venture partners Brigantes Energy and Terrain Energy, it has signed an agreement
with Larne Oil and Gas with respect to onshore Northern Ireland licence PL1/10 and adjacent offshore
licence P2123 (Blocks 125/30, 126/26, 111/1, 111/2 & 111/7).
Larne is a wholly owned
subsidiary of Larne Basin
Exploration, a recently formed
U.S. based investment
company set up for the purpose
of investing in oil and gas
exploration in the Larne Basin,
Northern Ireland. Larne is
working in partnership with
Ardent Oil, a UK oil
exploration company that is
providing technical support to
Larne.
Under the terms of the
Agreement, Larne has
purchased an exclusive option
to farm in to both licences. If
the option is exercised Larne
will be credited with the option price and will then fund a disproportionate share of the forthcoming costs
for the proposed Woodburn Forest-1 exploration well in licence PL1/10 to earn a 50% interest in the
licence. Should the well cost exceed the Authorisation For Expenditure ('AFE') by more than 10% then all
partners would pay their respective percentage share of such excess. However, InfraStrata has pre-existing
farmout agreements with partners Brigantes and Terrain with respect to the Woodburn Forest-1 well, which
mean that any excess cost accruing to its interest in the well would still be carried.
Assuming that the option is exercised before mid-September 2014 then, following agreement of the AFE
and Completion of the agreement, the licence interests in both PL1/10 and P2123 will be as follows:
InfraStrata (operator) 20.83%; Larne 50.00%; Brigantes (40% owned by InfraStrata) 16.67%; Terrain
12.50%.
The Agreement is subject to approval for the licence interest assignments by Department of Enterprise,
Trade and Investment for licence PL1/10, and Department of Energy and Climate Change for licence
P2123. In P2123, Larne will be assigned a 50.00% interest and will at Completion reimburse its share of
certain costs to existing partners.
Woodburn Forest-1 will be the first exploration well on the licence area since 1971, a prospect with three
conventional sandstone reservoir targets in the Triassic, Permian and Carboniferous. Combined Prospective
Resources for the Triassic and Permian reservoirs have been estimated by the joint venture at 40 million
barrels of oil.

Malaysia: Murphy Oil's Malaysia assets draw interest from
Mitsubishi and ONGC. Source: Reuters+ NewBase
Top Japanese trading house Mitsubishi Corp has submitted a non-binding bid to buy Murphy Oil Corp's
Malaysian oil and gas assets valued at about $2.5 billion, a person familiar with the matter told Reuters.
India's state-owned Oil & Natural Gas Corp and Oil India Ltd are among the other suitors preparing to
submit bids for the Murphy assets, separate sources with direct knowledge of the process said. ONGC and
Oil India would "most likely" submit a joint bid for the assets, one of the sources directly involved in the
process said, something they have done in the past for overseas energy assets.
A final decision on the Indian firms' bid will be made by the government, another person familiar with the
process said. The Indian companies are likely to submit preliminary bids for the Murphy stake by the end of
this month after getting mandatory internal approvals, said the sources, who declined to be identified as the
process is not public. 'We want energy security. The focus of energy security should be to get the resources
to India if need be. It should not be for investment's sake only,' a senior Indian government official told
Reuters.
Arkansas-based Murphy, which has interests in oil and gas fields in Malaysia, Vietnam, Indonesia, Brunei
and Australia, has invited bids for a 30 percent stake in its Malaysian assets, Reuters previously reported.
'ONGC's strategy has always been to increase production overseas and it has largely been because in the
domestic market, they have not had much success,' said Prakash Joshi, director of equity research at IDFC
Institutional Equities.
India's state explorers including ONGC, India's largest oil and gas exploration company, have been hunting
overseas as they struggle to arrest decline from local gas fields and boost the country's energy security. In
June last year, ONGC together with Oil India acquired a 10-percent stake in a deepwater gas field in
Mozambique's Rovuma basin for $2.48 billion. In August, ONGC agreed to buy another 10-percent stake in
the field from Anadarko Petroleum for $2.64 billion.
Malaysia is the biggest market in Murphy's Asian portfolio, accounting for more than 45 percent of its total
2012 net production, according to the company's website. 'These are world class assets producing significant
amount of liquids and it has some upside through gas,' one person familiar with the process said. 'You get
access to quality oil production immediately, in substantial quantity. It has got more than 10 years' of life.'

Murphy's net oil and gas production from Malaysia was about 86,000 barrels of oil equivalent per day in
2013, with total proved reserves of 125 million barrels of oil and 406 billion cubic feet (11 billion cubic
metres) of gas, according to its website.
Kuwait Petroleum Corp and Japan's Mitsui & Co were among the other suitors considering a bid.
Thailand's PTT did not take part in the bidding, a senior company official told Reuters. Kuwait Petroleum
did not reply to an email seeking response, while a Mitsui spokesman declined comment.
Murphy's planned sale follows similar exits by other independent U.S. energy producers such as Hess Corp
and Newfield Exploration Co, both of which have offloaded their Southeast Asian operations. The move is
also prompted in part by the strong demand generated for the Newfield and Hess auctions last year, the
sources added.
A Mitsubishi spokeswoman, Oil India Chairman Sunil Kumar Srivastava and ONGC Videsh, the overseas
business arm of ONGC, all declined to comment. Murphy did not respond to e-mails seeking comment.

Santos announces Q2 activities report - PNG LNG start-up drives
stronger second quarter production . Source Santos
Santos has announced higher second quarter production and a significant jump in sales revenue following
the successful start-up of the PNG LNG project, which commenced production in April of this year ahead
of schedule. The quarter’s production of 12.8 mmboe was an increase of 5% compared to the previous
quarter and an increase of 3% compared to the second quarter of 2013. Sales revenue of $974 million for the
quarter and $1,887 for the first-half increased by 22% and 25% respectively compared to 2013.
Santos Managing Director and Chief Executive Officer David Knox said that the successful start-up of the
PNG LNG project, which shipped seven LNG cargoes by the end of the quarter, had driven the sound
second quarter result and built momentum for a stronger second half. 'Delivery of the PNG LNG project is
an important milestone for Santos in our journey to becoming a major LNG supplier to Asia. This project
will significantly lift Santos’ LNG production once the project reaches full output, and we are already
seeing the contribution it is making.'
Santos reported that the GLNG project had recently celebrated many construction milestones, including the
handover for commissioning of the first upstream gas hub, completion of the final weld on the gas
transmission pipeline, placement of the final train 1 module and the completion of hydro-testing of the first
LNG tank. 'GLNG continues to make good progress, it remains on budget and we are on track to deliver
first LNG in 2015,' Mr Knox said.
Key Activities
• PNG LNG start-up ahead of schedule during the quarter.
• Completion of key construction milestones across the GLNG project, which remains on track for first LNG in
2015.
• The Barossa-2 appraisal well was successfully drilled and intersected 92 metres net gas pay.
• In early July, first oil was achieved from the Dua project in Vietnam.
Sales gas, ethane and gas to LNG production of 55.7 petajoules for the quarter was 8% higher than the
corresponding quarter, with higher production from Darwin LNG and start-up at PNG LNG, offset by lower
production from the Carnarvon Basin due to lower customer nominations. Quarterly crude oil production of
2.1 million barrels was 16% lower than the previous quarter, due to outages at Fletcher Finucane and Chim
Sáo, partially offset by higher Cooper Basin production. The average oil price for the quarter was A$122 per
barrel, 5% lower than the corresponding quarter.

China: Sinopec's Fuling verified as China's first large shale gas play
Source: Reuters + NewBase
The Chinese government has verified shale gas reserves in Sinopec Corp's Fuling field in the southwest of
the country, signalling the official launch of the commercial development of China's first large shale gas
field. The Ministry of Land and Resources verified proven reserves of nearly 107 billion cubic metres (bcm)
in the Fuling shale gas field in Chongqing municipality, the company said on Thursday.
As of June 30, daily output in 29 test wells in Fuling totalled 3.2 million cubic metres. Accumulated shale
gas output from those wells reached 611 million cubic metres, Sinopec said. 'Fuling proves to be a high
quality marine shale gas reserve,' said the statement, adding that the gas contains as much as 98 percent
methane, with low levels of carbon dioxide and no hydrogen sulphide.
Sinopec said in March it was targeting annual shale gas production
capacity of 5 bcm from Fuling by 2015 and 10 bcm by 2017, making
an earlier government target for total shale gas output of 6.5 bcm for
2015 look more viable. China has struggled in its bid to revolutionize
its energy supplies by emulating the frenetic exploration and
production of the U.S. shale boom, stymied by the high cost and
complexity of drilling to tap shale gas. Estimates indicate China may
have the world's largest shale gas reserves.
Industry experts have cautioned against expecting Chinese companies
to be able to quickly duplicate the Fuling success elsewhere in the
country, as the geological conditions of the field are considered among the most favourable. Sinopec said it
applied new drilling technologies in the Fuling shale field, and manufactured all the production equipment
and tools domestically.

Tullow farms into Cooper Block off Namibia
Press Release
Eco (Atlantic) Oil & Gas Ltd. has executed a Farm-out agreement with Tullow Kudu Limited, a
wholly owned subsidiary of Tullow Oil plc., pursuant to which Tullow has agreed to acquire up
to a 40% working interest in Block 2012A (Cooper Block) in the Walvis Basin, offshore
Namibia.
This Farm-In, in
conjunction with Eco
Atlantic’s prior Farm-
Out to Azimuth for
20%, nets the
Company a 100%
carry of all costs on
an expanded 1,000
km2 3D seismic
survey and
interpretation. The
Seismic Program is
expected to start the
fourth quarter of
2014. Dependent on
the establishment of a
target from the
Seismic Program,
Tullow has also
committed to a full
carry of cost to drill an exploration well on the Block.
Pursuant to the Agreement, the Company will initially transfer a 25% working interest in the Cooper Block
to Tullow in return for a carry of the Company’s share of costs to execute and process the Seismic Program,
and the reimbursement of 25% of the Company’s past costs in an amount to Eco Atlantic of approximately
US$1 million. Following the First Transfer, if Tullow elects to participate in the drilling of an exploration
well on the Cooper Block, Tullow will be transferred an additional 15% working interest in the Block, in
return for a full carry of the Company’s share of costs to drill an exploration well on the Block (capped at
$53 million) and the reimbursement of an additional 15% of the past costs. Eco Atlantic will remain
Operator until the Second Transfer, at which time, Tullow will be appointed as Operator of the Cooper
Block.
The completion of the First Transfer and the Second Transfer are subject to a number of conditions,
including the approval of Namibia’s Ministry of Mines and Energy and various approvals of the other Block
participants. AziNam Limited, an existing Block 2012A partner with 20% working interest, has given their
approval to the transaction and expanded work program.
Eco Atlantic currently holds a 70% working interest in the Cooper Block, AziNam Limited holds a 20%
working interest, and NAMCOR, the Namibian national oil company, holds a 10% working interest.
Following the First Transfer, the Company will hold a 45% working interest in the Cooper Block, Tullow
will hold a 25% working interest, and AziNam and NAMCOR will retain their respective working interests.

Gil Holzman, President and CEO of Eco Atlantic, stated: “We are extremely happy to complete this farm-
out deal with one of Africa’s preeminent and successful oil and gas explorers – Tullow Oil. This provides
the requisite financing to progress activities on the Cooper Block, and further validates our exploration
work and findings to date. Our strategy is one of identifying, acquiring and derisking our prospective
acreage while attracting world class partners to progress the exploration process. We are delighted to
welcome Tullow to partner with us on this block, and to join our other partners – AziNam and NAMCOR.
Now that Cooper’s exploration is funded, we will continue to review further partnerships across our
portfolio. We also wish to thank our Block partner AziNam for their positive support of the process as well
as to our financial advisors, Dundee Securities.”
Colin Kinley, COO and Director of Eco Atlantic, comments: “Eco has taken a very strategic approach to
the exploration of its Namibian assets; each well drilled in this frontier basin has helped to further define
our targets. Our approach, specifically to the Walvis Basin is simple. The mechanics are all there and the
region is generating oil and gas, we know that for a fact. The Cooper Block has been analyzed closely by
multiple parties – all resulting in acute interest. Attracting Tullow, who is one of Africa’s most successful
explorers as a partner, who now has well over 100,000 barrels a day under its belt, is exciting for us. We
have a highly credible team of upstream industry experts already within our own members and partners in
AziNam and NAMCOR, and now we are bringing fresh eyes into the block who have the unique
interpretation strength to find oil, drill wells and bring it on line quickly and economically.”

NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Your partner in Energy Services
Khaled Malallah Al Awadi,
MSc. & BSc. Mechanical Engineering (HON), USA
ASME member since 1995
Emarat member since 1990
Energy Services & Consultants
Mobile : +97150-4822502
khalid_malallah@emarat.ae
khdmohd@hotmail.com
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Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary EnTechnical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary EnTechnical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary EnTechnical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation forergy consultation forergy consultation forergy consultation for
the GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spent as the Gas Operationsthe GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spent as the Gas Operationsthe GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spent as the Gas Operationsthe GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spent as the Gas Operations
Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . ThrougManager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . ThrougManager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . ThrougManager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . Through the years , he has developedh the years , he has developedh the years , he has developedh the years , he has developed
great experiences in the designing & constructinggreat experiences in the designing & constructinggreat experiences in the designing & constructinggreat experiences in the designing & constructing of gas pipelines, gas metering & regulating stations and in the engineering of supplyof gas pipelines, gas metering & regulating stations and in the engineering of supplyof gas pipelines, gas metering & regulating stations and in the engineering of supplyof gas pipelines, gas metering & regulating stations and in the engineering of supply
routes. Many years were spent drafting, & compiling gas transportation , operation & mairoutes. Many years were spent drafting, & compiling gas transportation , operation & mairoutes. Many years were spent drafting, & compiling gas transportation , operation & mairoutes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with many MOUs forntenance agreements along with many MOUs forntenance agreements along with many MOUs forntenance agreements along with many MOUs for
the local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE andthe local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE andthe local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE andthe local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE and Energy program broadcastedEnergy program broadcastedEnergy program broadcastedEnergy program broadcasted
internationally , via GCC leading satellite Channels .internationally , via GCC leading satellite Channels .internationally , via GCC leading satellite Channels .internationally , via GCC leading satellite Channels . ....
NewBase : For discussion or further details on the news above you may contact us on +971504822502 , Dubai , UAE
NewBase 20 June 2014 K. Al Awadi

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