Eco Atlantic/Tullow Farm Out Deal Closes

Friday, October 17, 2014

Eco Atlantic’s farm out to Tullow Kudu Ltd., a unit of Tullow Oil, has closed. The closure of the farm-out agreement includes all necessary approvals from the Namibian government and the entering into of an amended and restated JOA between Eco Atlantic, Namcor, Tullow, and Azimuth Namibia.

The farm-out agreement has Tullow acquiring up to a 40% working interest in the company’s Cooper Block. With the signing of the JOA, all of the conditions in the farm out agreement with respect to the initial transfer of a 25% working interest in the block have been satisfied. Eco Atlantic expects to receive a contribution of its past costs in the amount of approximately CAD$1 million.

Eco Atlantic now holds a 45% carried working interest in the Block, Azimuth holds a 20% working interest, NAMCOR holds a 10% carried working interest and Tullow holds a 25% working interest.

Gil Holzman, CEO of Eco Atlantic commented: “The successful closing of the farm-out transaction with Tullow Oil, and formalization of the amended and restated JOA agreement with our partners Tullow, Azinam and NAMCOR on the Cooper Block, is a very important milestone for Eco. We are pleased to satisfy our work program obligations ahead of time, and advance the exploration on the Block. We are confident that our focused exploration program on Cooper will continue to create value for our shareholders and stakeholders.”

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