Eco (Atlantic) Oil & Gas has successfully negotiated the re-issuance of its four licenses in the Walvis Basin in Namibia for ten (10) years. The final confirmation from the government came last month.

The successful negotiation will allow for the expansion of its acreage position. The company’s licenses in Namibia cover approximately 28,593 square kilometres, with over 2.362 BBOE of prospective P50 resources.

Eco will continue to monitor upcoming drilling activities in the region, which could potentially see up to five (5) exploration wells drilled on behalf of ExxonMobil, Total, Maurel & Prom, Shell and ReconAfrica in the next twelve (12) months.

The President and CEO of Eco Atlantic, Gil Holzman, said: “We have made significant progress in recent months across a number of aspects of the business. We have demonstrated our commitment to our core business strategy of achieving near-term exploration success in Guyana and Namibia, through maturing and upgrading the drilling targets’ inventory in Guyana and the successful reissuance of our licences in Namibia, as well as adding a highly relevant and attractive asset to our portfolio through the formation of Solear Ltd, a majority held renewable energy company.”

“Successfully renegotiating our four licences offshore Namibia, which we see as being an increasingly active exploration jurisdiction, was an important milestone for the Company and gives us a considerable footprint in country from which we will seek create significant shareholder value.”