TORONTO –Eco (Atlantic) Oil & Gas (TSX-V:EOG; NSX:EOG) has received a one-year extension from the government of Namibia on the initial exploration period for the Guy and Sharon licenses offshore in the Walvis basin.
Eco (Atlantic) says the extension provides more flexibility for its exploration program that includes shooting 1,000 sq km (386 sq mi) of 3D seismic on each of the licenses in Year 4 (2015) and drilling an exploratory well in Year 5 (2016).
Guy consists of 2111B and 2211A. Sharon is 2213A and 2213 B.
“The recent results ofHRT’s Wingat-1 well and the increased activity offshore Namibia, especially in the Walvis basin, have significantly de-risked the basin for mid-tier and major players to enter,” said Gil Holzman, president and CEO of Eco (Atlantic). “We are confident that the company’s blocks are excellent candidates for future partnerships and farm-in activity.”