Eco Atlantic Oil & Gas has negotiated the re-issuance of a new 10-year life cycle for its four licenses in the Walvis Basin, Offshore Namibia, subject to the final government signature. The company has agreed on terms and conditions and has been awarded the four new Petroleum Exploration Licenses (PELs) on its existing offshore blocks.
The re-issuance means the Company has increased the size of its Guy block acreage, increasing the potential for new prospective targets in the deeper horizon to the West of the block. The new PELs cover approximately 28,593 km2, with over 2.362 Billion BOE of prospective P50 resources.
Reacting, the Chief Executive Officer of the Company, Gil Holzman said, “Successfully renegotiating our four licences offshore Namibia and being awarded over 28,500 km2 in one of the most exciting exploration hotspots in the world is a significant milestone for Eco. Participation in the regional exploration with a number of the major IOCs now in Namibia, and having the Namibia Ministry of Mines and Energy acknowledge both our long-term investment and our contribution to the fundamental exploration of the region, is very meaningful, both for us as a business and an explorer.
“Eco has made a significant investment in these offshore blocks in the Walvis Basin to date and we have been able to increase our already substantial footprint (now the second largest after ExxonMobil) in a highly prospective region that has attracted the interest of a number of the major IOCs.”
The Chief Operating Officer, Collin Kinley said, “We have demonstrated our capacity at Eco, through our opportunistic negotiations and deal flow, to maintain a path for growth while protecting both our strong balance sheet and our resources. The new exploration life cycle which we have and our well thought out exploration and de-risking strategy supports both our stakeholders and the people of Namibia.”
“We very much appreciate the support of the Namibian Ministry of Mines and Energy and our partners and we look forward to keeping all our stakeholders appraised of developments over the coming months.”
