Eco Atlantic Postpones Namibian Offshore Drilling Plans

Eco Atlantic Postpones Namibian Offshore Drilling Plans

Eco Atlantic has announced that the Government of Namibia Ministry of Mines and Energy has approved the request for a one year extension of the Initial Exploration Period on the Company’s Guy (2111B & 2211A) and Sharon (2213A & 2213B) licenses located offshore Namibia, in the prospective Walvis Basin.

The year extension of the Company’s work commitments allows more flexibility and time to execute the Company exploration program which consists of shooting 1,000 km2 of 3D seismic on each of the licenses in Year 4 (2015) and drilling an exploratory well in Year 5 (2016) before the First Renewal Period.

On the Cooper license (2012A), located offshore Namibia, the Company is preparing for a 500 Km2 3D survey. Together with the other license participants, AziNam Ltd. and NAMCOR, the Company is currently in the process of examining additional 2D data and is planning a 3D survey, expected to commence later this year.

Gil Holzman, President and Chief Executive Officer of Eco Atlantic commented, “We are delighted to receive the extension granted by the Ministry of Mines and Energy and its continued support of our exploration efforts on our offshore blocks. Eco Atlantic, together with our license partners, AziNam Ltd. and NAMCOR, has met all obligations on our offshore licenses to date and have obtained valuable geological information together with significant resources leads. The year extension of the Guy and Sharon license allows us more time and flexibility to plan and prepare geological and geophysical models with new pertinent information obtained from regional drilling and exploration activity. This information greatly assists us in defining our 3D programs, the drilling targets, and potential international Joint Ventures.

The recent results of HRT’s Wingat-1 well and the increased activity offshore Namibia, especially in the Walvis Basin, have significantly de-risked the basin for mid-tier and major players to enter. We are confident that the Company’s blocks are excellent candidates for future partnerships and farm in activity.”


Press Release, July 9, 2013