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.
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.