Eco (Atlantic) Oil & Gas Ltd, an oil exploration-focused company with licences in offshore Guyana and Namibia, has been granted a one-year extension to the first renewal exploration period on all of its Namibia Licenses to March 2019 by the Namibian Ministry of Mines and Energy.
Each license will automatically enter the second renewal period, which in turn has a two-year exploration phase which can be extended by a third year at the discretion of the Ministry.
Announcing the unaudited results and business update, Eco said that it acquired the remaining 10 per cent of the shares of Pan Africa Oil Namibia Ltd (PAO Namibia) as announced on 20 September 2018. As a result, Eco’s working interest in the Tamar License (PEL 50) increased to 80 per cent from 72 per cent.
Eco received a formal notice from Tullow Namibia informing that it had elected not to enter into the second renewal period for the PEL 30 License (Cooper Block). As a result, the company received back Tullow Namibia’s 25 per cent working interest and now holds a 57.5 per cent working interest in PEL 30.
Eco further said that it continues to monitor developments in Namibia, specifically the recent entries by Exxon Mobil and Kosmos Energy, and the planned 2019 wells by Total SA and Royal Dutch Shell plc.
In Namibia, Eco holds interests in four offshore petroleum licences totalling approximately 25,000 sq km with more than 2.3bn barrels of prospective P50 resources in the Walvis and Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar are being developed alongside partners Azinam and NAMCOR.
Source: Oil Review Africa