Eco (Atlantic) Oil & Gas Ltd., Toronto, said it received final approval from Namibia’s Ministry of Mines and Energy for the inclusion of all oil and gas rights on its Skeleton Coast License 31, a transition license that is both onshore Huab basin and extends into the Walvis basin offshore.
Eco (Atlantic) also said that based on its technical assessment and in return for conversion of License 31 it is relinquishing its coalbed methane exploration License 32 (Block 2418) onshore southeast Namibia.
License 31, which the company recently named Daniel, covers Blocks 2114, 2013B, and 2014B. The license originally covered only CBM and shale rights but now will include all petroleum. The Daniel block has an offshore section that extends into the Walvis basin that the company has recently evaluated for oil prospectivity.
Daniel’s offshore section is near shore and on trend with the slope and direction of the source rock proven in the last two wells drilled by HRT Petroleum, Rio de Janeiro, in the basin.
“The drilling of the Toscanini well 4 decades ago on the beach section of this block, based on visible oil shows, seems to be consistent with our evaluation of the block,” Eco (Atlantic) said. “This oil presence was the basis for wildcat drilling of the Toscanini well, and our oil slick study with Fugro further defines oil presence in the basin and the prospectivity on the Daniel new offshore section of the block. We believe further work on the offshore section of this block will prove consistently prospective.”
Eco (Atlantic)’s Namibian subsidiary holds four offshore oil and gas licenses that total more than 9.5 million acres.