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Eco Atlantic Receives Government Approval to Enter Next Exploration Phase on Namibian Licenses
TORONTO, ON / ACCESSWIRE / April 27, 2016 / Eco Atlantic Oil & Gas Ltd. (TSXV: EOG) ("Ec...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco Atlantic Receives Government Approval to Enter Next Exploration Phase on Namibian LicensesTORONTO, ON / ACCESSWIRE / April 27, 2016 / Eco Atlantic Oil & Gas Ltd. (TSXV: EOG) (\"Eco Atlantic\" or \"the Company\") is pleased to announce that, as a result of meeting and exceeding its exploration work obligations, it has requested and received various approvals from the Namibia Ministry of Mines and Energy (\"Ministry\") relating to the Cooper (PEL 030), Guy (PEL 034) and Sharon (PEL 033) Licenses offshore Namibia. \nCooper Block (PEL_030)\nIn recognition of the Company and its Partners, Tullow Kudu Ltd., AziNam and NAMCOR, having met and exceeded all obligations of the Initial Exploration Period as stipulated in the Petroleum Agreement (\"Petroleum Agreement\"), in Block 2012A (the \"Cooper Block\"), the Ministry has approved the entering into the next phase of the license. The Cooper Block license has been extended into the first Renewal Phase until March 14, 2018. Second Renewal phase is until March 2020.\nIn further recognition of the advancement of the exploration progress made on the Cooper Block, including over 1,000 km2 of 3D survey, the Ministry has waived the relinquishment requirement (as stipulated in the Petroleum Agreement), and the Block partners will continue the exploration work on the entire block area.\nEco Atlantic currently holds 32.5% carried interest in the Cooper Block and is Operator; AziNam holds 32.5%; Tullow Kudu Ltd. holds a 25% working interest and NAMCOR has a 10% carried interest in the Block.\nSharon Block (PEL_033)\nIn recognition of the Company and its Partners, AziNam and NAMCOR, having met and exceeded all exploration work obligations of the Initial Exploration Period as stipulated in the Petroleum Agreement, in Blocks 2213 A&B offshore Namibia (the \"Sharon Block\"), the Ministry has approved the entering into the next phase of the license. The Sharon Block license has been extended into the First Renewal Phase until March 14, 2018 and the completion of any 3D obligations will be extended to such date. Second Renewal phase is until March 2020.\nThe Ministry furthermore approved the Company's request to terminate 50% of its licensing obligation corresponding with the relinquishment of 50% of the acreage in the license which was required in terms of the Petroleum Agreement. This relinq...