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Wednesday, July 10, 2013
Eco (Atlantic) Oil & Gas received a one-year extension of its initial exploration period on the Guy and Sharon licenses offshore Namibia. The licenses cover Blocks 2111B and 2211A (Guy), and 2213A and 2213B (Sharon) in the WalvisBasin.
The one-year extension of the company’s work commitments allows more flexibility and time to execute its exploration program which consists of shooting 1,000 sq km of 3D seismic on each of the licenses in year four (2015) and drilling an exploratory well in year five (2016) before the first renewal period.
On Eco’s Cooper license (2012A) offshore Namibia, the company is preparing for a 500 sq km 3D survey. Together with the other license participants, AziNam and Namcor, the company is currently in the process of examining additional 2D data and is planning a 3D survey, expected to commence later this year.
Gil Holzman, president and CEO of Eco Atlantic commented, “We are delighted to receive the extension granted by the Ministry of Mines and Energy and its continued support of our exploration efforts on our offshore blocks.
“The partners have met all obligations on their offshore licenses to date and have obtained valuable geological information together with significant resources leads. The year extension of the Guy and Sharon license allows more time and flexibility to plan and prepare geological and geophysical models with new pertinent information obtained from regional drilling and exploration activity. This information greatly assists in defining 3D programs, drilling targets, and potential international JV.
“The recent results of HRT’s Wingat-1 well and the increased activity offshore Namibia, especially in the WalvisBasin, have significantly de-risked the basin for mid-tier and major players to enter. We are confident that the company’s blocks are excellent candidates for future partnerships and farm in activity.”
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