Eco Announces Successful Closing of the Tullow Oil Farm-Out Transaction

Source: www.gulfoilandgas.com 10/14/2014, Location: Africa

Eco (Atlantic) Oil & Gas Ltd is pleased to announce that, through its wholly-owned subsidiary, it has closed the previously announced farm out transaction with Tullow Kudu Limited, a wholly owned subsidiary of Tullow Oil plc. including receiving all necessary Government of Namibia approvals, and the entering into an amended and restated joint operating agreement (“JOA”) with Tullow, the National Petroleum Corporation of Namibia (“NAMCOR”), and Azimuth Namibia Ltd.

As described in the Company’s news release dated July 17, 2014, the Company and Tullow have entered into a Farm-Out Agreement (the “Farm-Out Agreement”), pursuant to which Tullow agreed to acquire up to a 40% working interest in the Company’s Cooper block (the “Block”). With the signing of the JOA, all of the conditions in the Farm-Out Agreement with respect to the initial transfer of a 25% working interest in the Block have been satisfied. Eco Atlantic expects to receive a contribution of its past costs in the amount of approximately CAD$1 million. Eco Atlantic now holds a 45% carried working interest in the Block, Azimuth holds a 20% working interest, NAMCOR holds a 10% carried working interest and Tullow holds a 25% working interest.

Gil Holzman, Chief Executive Officer of Eco Atlantic commented: “The successful closing of the farm-out transaction with Tullow Oil, and formalization of the amended and restated JOA agreement with our partners Tullow, Azinam and NAMCOR on the Cooper Block, is a very important milestone for Eco. We are pleased to satisfy our work program obligations ahead of time, and advance the exploration on the Block. We are confident that our focused exploration program on Cooper will continue to create value for our shareholders and stakeholders."

For more information about related Opportunities and Key Players visit West Africa Projects


Nigeria >>  7/1/2022 - ADM Energy PLC, a natural resources investing company, provides an update on the legal proceedings in respect of its interest in the Barracuda oil fie...
Norway >>  7/1/2022 - Rex International Holding Limited (“Rex International Holding”, “Rex” or the “Company”, and together with its subsidiaries, the “Group”), a technology...

Norway >>  7/1/2022 - The farmin agreement with OMV (Norge) AS ("OMV"), which was first announced on May 9, 2022, has now been concluded, according to Longboat Energy, an u...
Canada >>  6/30/2022 - STORAGEVAULT CANADA INC. (“StorageVault”) is pleased to announce that, further to its May 12, 2022 news release, it has completed the acquisition of 6...

Nigeria >>  6/30/2022 - Reference is made to previous stock exchange releases by PetroNor E&P ASA (“PetroNor") regarding the acquisition of Panoro Energy ASA’s (“Panoro”) int...
United States >>  6/30/2022 - U.S. Energy Corp. has entered into an agreement (the “Agreement”) to acquire operated oil and gas producing properties in an all-cash transaction (the...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.