Petroleum Africa
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Friday, July 30, 2021
Eco (Atlantic) Oil & Gas Ltd., within its results for the year ended March 31, 2021, provided an update on its operations in Nambia’s Walvis Basin. The company’s successful negotiation of the reissuance of its four licenses in the Walvis Basin, offshore Namibia, lead to the expansion of its acreage position. As announced on November 30, 2020, the Eco’s updated licenses in Namibia cover approximately 28,593 km2, 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 upcoming drilling activity in the region, which could potentially see up to four exploration wells drilled on behalf of ExxonMobil, Total, Maurel & Prom, and Shell in the next 12 months.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented: “The past year has seen Eco make significant strides across a number of different aspects of its business. In terms of oil and gas exploration, we have made material progress in Namibia, through the successful negotiation and reissuance of our four licenses in the Walvis Basin…We remain strongly committed to achieving exploration success at our high value assets in Namibia and Guyana, and we are very pleased to be able to demonstrate strong progress with regard to both over the past year.”
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