Eco (Atlantic) Oil & Gas Ltd. is optimizing its E&P operations in Namibia with a farm-out of interest and the extension of licenses in the country, the company said in a Sept. 16 news release.
Eco has secured license extensions across all four of its offshore petroleum exploration licenses (PELs) in Namibia.
PELs 97, 98, 99 and 100 have all been granted an extension to September 2026 for the initial exploration period, with options to renew for two more years following the initial extension year and another year after that.
Eco updated the licenses’ work programs, which include a PEL 97 3D seismic reprocessing and approximately 1,000-sq km 3D seismic survey, and processing on PEL 99 and 100.
Eco also farmed out its total 85% working interest in PEL 98 Block 2213 to an arms-length, local Namibian company named Lamda Energy Pty Ltd. Lamda is privately owned and operated.
As part of the agreement with each other, Lamda will pay up front any administrative costs and will assume all of the PEL’s obligations and liabilities. Eco will also have a board seat at Lamda.
“This strategy builds on Eco’s longstanding history of pioneering and supporting local involvement and contributions, beginning with the first proposal of NAMCOR as a 10% carried interest partner in 2011,” said Eco Atlantic President and CEO Gil Holzman. “And additionally with our new license issuance in 2021 adding a further 5% local partner (carried) on each of our blocks, we remain firmly committed to promoting local content and ensuring equitable partnerships for Namibian stakeholders and colleagues.
Eco Atlantic’s Namibia acreage following approval of PEL 98 farmout. (Source: Eco Atlantic Oil & Gas)