NAMIBIA: Eco Atlantic Reissued With Four Licenses in Walvis Basin for 10 years

Eco Atlantic Oil and Gas has announced the Company has successfully negotiated the reissuance of its four licenses in Namibia’s Walvis Basin for 10 years, which received final Government confirmation on 5 February 2021.

Eco Atlantic adds that multiple light sweet oil drilling prospects on the Orinduik block are currently being reviewed by the Company and its licence partners, with high-graded candidates being considered for the next drilling programme. The intention is to provide further definition to the upper and lower Cretaceous interpretation and target selection for drilling.

Eco adds that together with its strategic alliance partner Africa Oil Corp., continues to evaluate additional asset opportunities in both West Africa and South America.

Namibia

The Company’s successful negotiation of the reissuance of its four licences in the Walvis Basin, Offshore Namibia, lead to the expansion of its acreage position. As announced on 30 November 2020, the Company’s updated licences in Namibia cover approximately 28,593 km2, with over 2.362 BBOE of prospective P50 resources.

Eco has a strategically significant acreage position in-country and is progressing its various work programmes across its four blocks offshore Namibia. The Company has witnessed considerable interest from multiple international oil companies in Namibia.

The Company continues to monitor upcoming drilling activity in the region, which could potentially see up to five exploration wells drilled on behalf of ExxonMobil, Total, Maurel & Prom, Shell and ReconAfrica in the next 12 months.

Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented: 

‘We have made significant progress in recent months across a number of aspects of the business. We have demonstrated our commitment to our core business strategy of achieving near-term exploration success in Guyana and Namibia, through maturing and upgrading the drilling targets’ inventory in Guyana and the successful reissuance of our licences in Namibia, as well as adding a highly relevant and attractive asset to our portfolio through the formation of Solear Ltd., a majority held renewable energy company.

‘Successfully renegotiating our four licences offshore Namibia, which we see as being an increasingly active exploration jurisdiction, was an important milestone for the Company and gives us a considerable footprint in country from which we will seek create significant shareholder value.”