Eco Atlantic Sees Namibia Offshore License Renewals
Eco (Atlantic) Oil & Gas Ltd. has successfully negotiated the reissuance of its four licenses in the Walvis Basin, Offshore Namibia conditional to customary final government signature. The Company has agreed terms and conditions and been awarded the four new Petroleum Exploration Licenses (“PEL’s”) on its existing offshore blocks, leading to the expansion of its acreage position:
Eco has negotiated the reissuance and establishment of a new 10-year life cycle for each of the four PEL’s. Each license has a participation of a standard 10% Working Interest (“WI”) with NAMCOR, Namibia’s National Petroleum Corporation and in keeping with the Company’s support of local interests, Eco has negotiated and established a 5% WI with local Namibian business partners on each block. Azinam Group also participates in a minority capacity on the Cooper, Sharon and Guy Blocks.
With the establishment of the new PEL’s, the Company has doubled the size of its Guy block acreage, increasing the potential for new prospective targets in the deeper horizon to the West of the block. The new PELs cover approximately 28,593 km2, with over 2.362 Billion BOE of prospective P50 resources.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented: “Successfully renegotiating our four licenses offshore Namibia and being awarded over 28,500 sq km in one of the most exciting exploration hotspots in the world is a significant milestone for Eco. Participation in the regional exploration with a number of the major IOCs now in Namibia, and having the Namibia Ministry of Mines and Energy acknowledge both our long term investment and our contribution to the fundamental exploration of the region, is very meaningful, both for us as a business and an explorer.
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