TORONTO – Eco (Atlantic) Oil & Gas has negotiated the re-issuance of its four licenses in the Walvis basin offshore Namibia.
The four new petroleum exploration licenses (PELs) each run for 10 years:
In each case, state oil company NAMCOR has a 10% stake, with local E&P company Azinam Group also participating in the Cooper, Sharon, and Guy blocks.
Under the new terms the company has also doubled the size of the Guy block acreage, opening potential for new prospects in the deeper horizon on the block’s western flank.
Eco (Atlantic) estimates total P50 prospective resources across the four blocks at more than 2.362 Bboe.
Gil Holzman, president and CEO, said: “Eco has made a significant investment in these offshore blocks in the Walvis basin to date and we have been able to increase our already substantial footprint (now the second largest after ExxonMobil) in a highly prospective region that has attracted the interest of a number of the major IOCs.”