Eco Atlantic Oil & Gas Ltd. (EOG.V) is pleased to announce that, as a result of meeting and exceeding its exploration work obligations, it has requested and received various approvals from the Namibia Ministry of Mines and Energy (“Ministry”) relating to the Cooper (PEL 030), Guy (PEL 034) and Sharon (PEL 033) Licenses offshore Namibia.
Cooper Block (PEL_030)
In recognition of the Company and its Partners, Tullow Kudu Ltd., AziNam and NAMCOR, having met and exceeded all obligations of the Initial Exploration Period as stipulated in the Petroleum Agreement (“Petroleum Agreement”), in Block 2012A (the “Cooper Block”), the Ministry has approved the entering into the next phase of the license. The Cooper Block license has been extended into the first Renewal Phase until March 14, 2018. Second Renewal phase is until March 2020.
In further recognition of the advancement of the exploration progress made on the Cooper Block, including over 1,000 km2 of 3D survey, the Ministry has waived the relinquishment requirement (as stipulated in the Petroleum Agreement), and the Block partners will continue the exploration work on the entire block area.
Eco Atlantic currently holds 32.5% carried interest in the Cooper Block and is Operator; AziNam holds 32.5%; Tullow Kudu Ltd. holds a 25% working interest and NAMCOR has a 10% carried interest in the Block.
Sharon Block (PEL_033)
In recognition of the Company and its Partners, AziNam and NAMCOR, having met and exceeded all exploration work obligations of the Initial Exploration Period as stipulated in the Petroleum Agreement, in Blocks 2213 A&B offshore Namibia (the “Sharon Block”), the Ministry has approved the entering into the next phase of the license. The Sharon Block license has been extended into the First Renewal Phase until March 14, 2018 and the completion of any 3D obligations will be extended to such date. Second Renewal phase is until March 2020.
The Ministry furthermore approved the Company’s request to terminate 50% of its licensing obligation corresponding with the relinquishment of 50% of the acreage in the license which was required in terms of the Petroleum Agreement. This relinquishment pertains to the eastern half of the Sharon Block. The Company considers this shallow section non-prospective.
Eco Atlantic holds a 60% participating interest in the Sharon Block and is Operator. AziNam holds 30% and NAMCOR has a 10% carried interest.
Guy Block (PEL_034)
In recognition of the Company and its Partners, AziNam and NAMCOR, having met and exceeded all exploration work obligations of the Initial Exploration Period as stipulated in the Petroleum Agreement, in Blocks 2111B and 2211A offshore Namibia (the “Guy Block”), including the shooting of over 1,000 km of new 2D lines and over 850 km2 of 3D survey, the Ministry has approved the entering into the next phase of the license. The Guy Block license has been extended into the First Renewal Phase until March 14, 2018. Second Renewal Phase is until March 2020.
The Ministry furthermore approved the Company’s request to terminate 50% of its licensing obligation corresponding with the relinquishment of 50% of the acreage in the license which was required in terms of the Petroleum Act. This relinquishment pertains to the western portion of the Guy block in the ultra-deep section, that the Company and its Operating Partner, AziNam, consider non-prospective.
The Company currently holds a 50% participating interest in the Guy Block, AziNam holds 40% and is Operator, and NAMCOR has a 10% carried interest.
Eco Atlantic CEO, Gil Holzman stated: "We are extremely happy with the Ministry’s positive decision to support our progression into the next exploration phase on our three core blocks offshore Namibia. Despite the constrained market conditions, and through efficient management of capital together with our valued partners, Tullow Kudu Ltd., AziNam and NAMCOR, our continuing financial and operational commitment to Namibia’s petroleum industry, has been recognized by the Government, by granting us the Approvals to enter next exploration phase on all 3 blocks and waiving the relinquishment requirement on the Cooper Block. 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 optimize and complete the various exploration programs."
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