Eco (Atlantic) Oil & Gas Ltd, the oil and gas exploration company with licences in highly prospective regions in South America and Africa, has received a one-year extension to the first renewal exploration period for all of its Namibia licenses to March 2019 by the Namibia Ministry of Mines and Energy
The company said this at its unaudited results for the three months ended 30 June 2018 and provided a corporate and operational update.
Each license will enter the second renewal period, which in turn has a two-year exploration phase which can be extended by the third year at the discretion of the Ministry.
The company continues to monitor developments in this region, specifically the results of the two wells which are scheduled to be drilled during Q3 and Q4 2018 on PEL 37 (Tullow Oil) and PEL 71 (Chariot Oil and Gas) in the Walvis Basin.
The results of these wells are expected to add a significant amount of information to the overall understanding of the petroleum systems in the Basin including the blocks held by the company.
Gil Holzman, president and CEO of Eco Atlantic, commented, “We have spent the last quarter advancing our Namibian assets including the extension of the current exploration period across all of our licences through to March 2019, the beginning of the second two year renewal period.”
In line with the company's strategy, Eco is actively identifying, evaluating and negotiating additional upstream project opportunities.
