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April 27, 2016

Eco Atlantic receives approvals for three licences offshore Namibia

Eco (Atlantic) Oil & Gas has received approvals from the Namibia Ministry of Mines and Energy relating to the Cooper (PEL 030), Guy (PEL 034) and Sharon (PEL 033) licences in offshore Namibia.

Eco (Atlantic) Oil & Gas has received approvals from the Namibia Ministry of Mines and Energy relating to the Cooper (PEL 030), Guy (PEL 034) and Sharon (PEL 033) licences in offshore Namibia.

The ministry has extended the Cooper block licence into the first renewal phase until 14 March 2018, and second renewal phase until March 2020.

It has also waived relinquishment requirements in further recognition of the advances the exploration progress made on the block, including more than 1,000km² of 3D survey.

Block partners Tullow Kudu, AziNam and Namcor will continue exploration work on the entire area.

"Block partners Tullow Kudu, AziNam and Namcor will continue exploration work on the entire area."

Eco Atlantic operates the block with a 32.5% interest. AziNam holds 32.5%, Tullow Kudu 25% and Namcor a 10% carried interest.

In addition, the Sharon block licence has also been extended into the first renewal phase until 14 March 2018, and second renewal phase until March 2020.

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Eco (Atlantic) Oil & Gas’s request to terminate 50% of its licensing obligation corresponding with the relinquishment of 50% of the acreage in the licence is also approved by the ministry. The company owns a 60% interest in the block and operates it. AziNam holds 30% and Namcor has a 10% interest.

The Guy block licence is 50% owned by the company, and has also been extended into the first renewal phase until 14 March 2018 and second renewal phase until March 2020 in line with the other deals.

AziNam holds 40% in the block and operates it, while Namcor holds a 10% carried interest.

Eco Atlantic CEO Gil Holzman said: "With these approvals in hand, as well as the reduction in required financial obligations, the company, with its partners, are in a stronger position to continue to identify the most prospective targets and effectively optimise and complete the various exploration programmes."

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