Business
Eco (Atlantic) Oil and Gas Ltd Announces Eco Re-issued all Namibia Offshore Licenses
Increases its sizeable strategic position in sought after frontier exploration region TO...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd Announces Eco Re-issued all Namibia Offshore LicensesIncreases its sizeable strategic position in sought after frontier exploration regionTORONTO, ON / ACCESSWIRE / November 30, 2020 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), an oil and gas exploration company with licences in highly prospective regions in Guyana and Namibia, has successfully negotiated the reissuance of its four licences 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: LicenceSize of acreageBlock referenceLicence ownershipControlling interestCooper5,788 Km2Block 2012A54.3% WIOperatorSharon5,700 Km2Block 221356.7% WIOperatorGuy11,457 Km2Blocks 2111B & 2211A47.2% WIMajority PartnerTamar5,648 Km2Blocks 2211B & 2311A85% WIOperator 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 licences offshore Namibia and being awarded over 28,500 km2 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 ex...