Petroleum Africa
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Monday, May 2, 2016
Eco Atlantic Oil & Gas revealed that as a result of meeting and exceeding its exploration work obligations, it has requested and received various approvals from Namibia’s Ministry of Mines and Energy relating to its Cooper (PEL 030), Guy (034), and Sharon (PEL 033) licenses offshore Namibia.
On the Cooper Block, in recognition of having met and exceeded all of its obligations in the initial exploration period the Ministry approved the entering into the next phase of the license. The Cooper Block license has been extended into the first Renewal Phase until March 14, 2018. Second Renewal phase is until March 2020.
In further recognition of the advancement of the exploration progress made on the Cooper Block, including over 1,000 sq km of 3D survey, the Ministry has waived the relinquishment requirement (as stipulated in the Petroleum Agreement).
On the Sharon Block the Ministry approved the entering into the next phase of the license. The Sharon Block license has been extended into the First Renewal Phase until March 14, 2018 and the completion of any 3D obligations will be extended to such date. Second Renewal phase is until March 2020.
The Ministry furthermore approved the company’s request to terminate 50% of its licensing obligation corresponding with the relinquishment of 50% of the acreage in the license which was required in terms of the Petroleum Agreement. This relinquishment pertains to the eastern half of the Sharon Block as the company considers this shallow section non-prospective.
The Ministry also approved the entering into the next phase of Guy Block license. The Guy Block license has been extended into the First Renewal Phase until March 14, 2018. Second Renewal Phase is until March 2020. It also agreed to terminate 50% of its licensing obligation corresponding with the relinquishment of 50% of the acreage.
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