Toronto-based Eco (Atlantic) Oil & Gas has obtained one-year extensions for its four petroleum exploration licenses (PELs) offshore Namibia and signed deeds of amendments for the licenses. Following the extensions, the initial exploration period for PELs 97, 98, 99, and 100 now runs until September 2026.
In a significant development promoting local ownership, Eco has agreed to farm out its 85% interest in PEL 98, also known as Block 2213 or the Sharon Block, to Namibian-owned company Lamda Energy, pending government approval. Upon ministerial approval, Lamda will become a fully Namibian-owned, qualified offshore operator.
Eco received an environmental clearance certificate in June for planned seismic surveys across the four licenses and has since been engaged in farm-down and seismic operations discussions with potential new partners. The company explained it is shifting its geological focus to the country’s deeper proven plays, rather than the shallower PEL 98 Block 2213.
Eco’s updated and approved work programs include 3D seismic reprocessing over PEL 97, and approximately 1,000 square kilometer 3D seismic surveys and processing on both PEL 99 and 100, all located in the deepwater Walvis Basin.
Source: offshore-mag.com