Eco (Atlantic) Oil & Gas Ltd. offered an update on its operations in Namibia’s Walvis Basin in its results for the year ending March 31, 2021. The company increased its acreage position after successfully negotiating the re-issuance of four licences in the Walvis Basin, offshore Namibia.
According to the modified licences announced on November 30, 2020, the Eco’s amended licences in Namibia cover approximately 28,593 km2 and include approximately 2.362 BBOE of potential P50 resources. It has a strategically important acreage position in the country and is moving forward with its varied work plans throughout its four offshore Namibia blocks.
Multiple foreign oil corporations have expressed interest in Namibia, according to the company. ExxonMobil, Total, Maurel & Prom, and Shell are among the companies monitoring forthcoming drilling activity in the region, which might result in up to four exploration wells being drilled on their behalf in the next 12 months.
Eco Atlantic’s President and Chief Executive Officer, Gil Holzman, said: “The past year has seen Eco make significant strides across a number of different aspects of its business. In terms of oil and gas exploration, we have made material progress in Namibia, through the successful negotiation and reissuance of our four licenses in the Walvis Basin…We remain strongly committed to achieving exploration success at our high value assets in Namibia and Guyana, and we are very pleased to be able to demonstrate strong progress with regard to both over the past year.”