Eco Atlantic Highlights Namibia Ops

Friday, November 26, 2021

Eco (Atlantic) Oil & Gas Ltd., in its results for the three and six months ended 30 September 2021 updated its operations in Namibia and provided a forward summary. Eco reported the following:

• In October 2021, Eco completed drafting the four new Joint Operating Agreements (JOAs) for its new 2021 Petroleum Licenses in the Walvis Basin, offshore Namibia. The Company has received all paying partner approvals on the JOAs and Namibia’s Ministry of Mines and Energy has approved Eco Atlantic to be the Operator of all four blocks, which total some 7,065,484 acres (28,593 km2).
• The company continues to monitor and assess opportunities, both technical and corporate, particularly with the upcoming drilling activity in the region. Two high impact deepwater wells are anticipated to spud in Namibia in Q4 2021: TotalEnergies Venus-1 well, using the Maersk Venturer, and Shell Namibia’s Graff-1 well, using the Valaris DS-10.

The company’s licenses in Namibia cover approximately 28,593 sq km, with over 2.362 BBOE of prospective P50 resources.

• Eco has a strategically significant acreage position in-country and is progressing its various work programs across its four blocks offshore Namibia. The company has witnessed considerable interest from multiple international oil companies in Namibia.
• The company continues to monitor and assess opportunities, both technical and corporate, particularly with the upcoming third-party drilling activity in the region. Two high impact deepwater wells are anticipated to spud in southern Namibia in Q4 2021: TotalEnergies Venus-1 well, using the Maersk Venturer, and Shell Namibia’s Graff-1 well, using the Valaris DS-10.

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