Eco Atlantic Oil & Gas on Friday announced that it has received several approvals from the Ministry of Mines and Energy in Namibia regarding the Cooper (PEL 030), Guy (PEL 034) and Sharon (PEL 033) licences.

According to the company, alongside its partners; Tullow Kudu, AziNam and NAMCOR, all commitments of the first exploration period specified in the Petroleum Agreement on the three licences have been met and exceeded.

On Block 2012A (also known as the Cooper Block), the initial exploration period has been extended into the first Renewal Phase until March 14, 2018 and the second Renewal phase until March 2020.

Eco Atlantic operates this block with a 32.5% carried interest alongside AziNam, Tullow Kudu and NAMCOR with 32.5%, 25% and 10% interests respectively.

However, on the Sharon licence, Blocks 2213 A&B has been extended into the First Renewal Phase until March 14, 2018 and the conclusion of any 3D commitment has also been extended to the date, while the second Renewal phase for the blocks has been extended till March 2020.

Eco Atlantic also operates the Sharon block with a 60% participating interest alongside AziNam with 30% and NAMCOR with a 10% carried interest.

Meanwhile the Guy licence which includes Blocks 2111B and 2211A, has been extended by the Ministry into the First Renewal Phase which will last till March 14, 2018 and the second renewal Phase until March 2020.

The Guy block, is operated by AziNam with 40% while Eco Atlantic holds a 50% participating interest and NAMCOR with 10% carried interest.

“We are extremely happy with the Ministry’s positive decision to support our progression into the next exploration phase on our three core blocks offshore Namibia. With these approvals in hand as well as the reduction in required financial obligations, the Company, with its partners, are in a stronger position to continue to identify the most prospective targets and effectively optimize and complete the various exploration programs,” Gil Holzman, Eco Atlantic’s CEO, told Energy-pedia.

Anita Fatunji