The Namibian government has granted Eco Atlantic Oil & Gas a one-year extension to the initial exploration period on the offshore Guy and Sharon oil licences
Located at the Walvis Basin in the southern African country, the extension will allow more time for the company to execute its exploration programme, which consists of shooting 1,000 sq km of 3D seismic on each of the licenses in 2015 and drilling an exploratory well in 2016 before the first renewal period.
The company is currently preparing for a 500 sq km 3D survey on its offshore Cooper License (2012A).
Together with partners AziNam and National Petroleum Corporation of Namibia (NAMCOR), the company is in the process of examining additional 2D data of the Guy (2111B & 2211A) and Sharon (2213A & 2213B) licences. A 3D survey is expected to commence later this year.
Gil Holzman, chief executive officer of Eco Atlantic Oil & Gas, said, “Together with our license partners AziNam and NAMCOR we have met all obligations on our offshore licenses to date and have obtained valuable geological information together with significant resources leads.
“The year extension of the Guy and Sharon licences allows us 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 us in defining our 3D programmes, the drilling targets and potential international joint ventures.”
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