Eco Atlantic increases acreage offshore Namibia

Nov. 30, 2020
Eco (Atlantic) Oil & Gas Ltd. successfully negotiated the reissuance of its four licenses in Walvis basin, offshore Namibia, and has been awarded new petroleum exploration licenses for Cooper, Sharon, Guy, and Tamar on its existing offshore blocks.

Eco (Atlantic) Oil & Gas Ltd. successfully negotiated the reissuance of its four licenses in Walvis basin, offshore Namibia, and has been awarded new petroleum exploration licenses (PELs) for Cooper (operator, 53.3%), Sharon (operator, 56.7%), Guy (majority partner, 47.2%), and Tamar (operator, 85%) on its existing offshore blocks.

With establishment of the new PELs, Eco has doubled the size of its Guy block acreage, increasing potential for new prospective targets in the deeper horizon west of the block, the company said. The new PELs cover some 28,593 sq km, with over 2.362 billion boe of prospective P50 resources.

Eco has negotiated reissuance and establishment of a new 10-year life cycle for each of the four PELs. Each license has a standard 10% working interest with NAMCOR, Namibia's National Petroleum Corp. 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.