Namibia Approves Eco Atlantic Operatorship in 4 Licenses

Eco Atlantic has completed drafting the four new Joint Operating Agreements (‘JOA’s’) for its new Petroleum Licenses offshore Namibia. We have received all paying partner approvals on the JOA’s and they are out for review with the National Petroleum Corporation of Namibia (NAMCOR), and local partners. Namibia’s Ministry of Mines and Energy has approved Eco Atlantic to be the Operator of all four blocks, which total some 7,065,484 acres (28,593 km2) in the Walvis Basin.

Eco negotiated the reissuance and establishment of a new 10-year life cycle for each of the four PEL’s (‘Petroleum Exploration Licenses’) in December 2020 and Licenses were issued in February 2021. Eco also negotiated doubling the size of PEL 99 with the new Petroleum Agreement, in order to access the potential for new prospective targets in the deeper horizons to the west of the block.

The Company continues to monitor and assess opportunities, both technical and corporate, particularly with the upcoming drilling activity in the region.  Two high impact deepwater wells are anticipated to spud in southern Namibia in Q4 2021: TotalEnergies Venus-1 well, using the Maersk Venturer, and Shell Namibia’s Graff-1 well, using the Valaris DS-10.