Azimuth set to acquire toehold offshore Namibian concessions

Eco (Atlantic) Oil & Gas has agreed a farm-out with Azimuth concerning its three licenses offshore Namibia.

Offshore staff

TORONTO, Canada -- Eco (Atlantic) Oil & Gas has agreed a farm-out with Azimuth concerning its three licenses offshore Namibia.

This will give Azimuth a 20% interest in the Cooper license (block 2012A), Sharon (blocks 2213A and 2213B), and Guy (blocks 2111B and 2211A).

In exchange, Azimuth will fund 40% of the cost of 3D seismic surveys covering 2,500 sq km (965 sq mi) across all three permits, a program estimated to cost over $25 million.

The farm-in is subject to conditions, including approval from Namibia’s Ministry of Mines and Energy.

Eco Atlantic currently holds a 90% interest in the licenses via its subsidiary Eco Oil and Gas Namibia, the remainder owned by state-owned NAMCOR.

Via the project management group of Kinley Exploration and Azimuth, Eco Atlantic will be responsible for designing, sourcing, and operating all aspects of the 3D seismic program.

12/27/2011

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