By Hilary Mare
THE Ministry of Mines and Energy has granted Eco Atlantic Oil & Gas a one-year extension to 20 March 2019 for the first renewal period of the firms PEL50 licence covering its offshore Tamar Block.
The oil and gas exploration company with licences in highly prospective regions in South America and Africa, last week confirmed that the one year extension was granted to Eco Atlantic and its partners, Spectrum and Namcor, in recognition of completion of the necessary work committed on the Tamar Block.
The block is located in the 22,500 km2 Walvis Oil Basin in North Central Namibia.
Gil Holzman, Chief Executive Officer of Eco Atlantic, expressed joy at the extension adding that the firm was delighted by the Ministry’s continued support of the progress made on PEL50, and the other Blocks in the Basin, and its confidence in the firm’s ability to further enhance the area’s prospectivity through its exploration efforts.
“We are seeing an ever-increasing interest in the Walvis Basin in general from many industry players, oil majors and independent E&P companies alike, and specifically in the Tamar Block. This Block is directly to the west and adjacent of the PEL71 where Chariot and Azinam are about to drill the Prospect S target in October 2018.
“Eco has made significant progress on all our four blocks in the Basin. With both our own technical team and with support from our partners at Namcor, Azinam, and Tullow, we have advanced the entire geotechnical understanding of the region, the understanding of the depositional environment, and the focus on specific areas for hydrocarbons prospectivity throughout the basin and on our four blocks: PEL50 (Tamar Block) PEL34 (Guy Block), PEL33 (Sharon Block), and PEL30 (Cooper Block).
“The planned drilling of the exploration wells on PEL37 and PEL71 this coming September and October has considerably driven up interest in Namibia. The recent entrance of Exxon into the centre of our four blocks and with the entrance of ONGC and other majors still pushing to enter Namibia, we are confident in further exploration and corporate activity in the region that will continue building value to our shareholders and partners,” said Holzman.
Over the remainder of the extension period, the Company will continue to progress the exploration programme to better understand the resources indicated from the previous 2D seismic work and give a clearer indication for delineating further geophysical work over the selected leads on the Block.
Eco and its partners intend to serve notice to progress into the Second Renewal Period for PEL50 in March 2019 and will then have an additional two years with the option of a further one year extension to complete 3D and to progress towards a well if the partners decide to do so.
The Company has further announced the dates for public meetings to discuss its Environmental Clearance Certificate application in Namibia.
The dual-listed firm needs the application to be approved before it can be granted a drilling permit for an exploration well at the Osprey project on its offshore Cooper block (PEL30), which it hopes to drill later this year.
Eco will meet with members of the Namibian press and public on July 18 and 20.
“These public hearing meetings are essential to our progress and we look forward to presenting our exploration plans to the local community,” said chief operating officer Colin Kinley.
“Going into these public meetings, we are encouraged by the high-level activity within the Walvis Basin and the increased de-risking of the region through detailed and competent exploration, we are confident that we can successfully proceed to next stage of delivering our first wildcat well on this Block together with our partners.”
Confidente. Lifting the Lid. Copyright © 2015