Eco Atlantic Signs 3 JOAs for Namibian Offshore Acreage

Eco Atlantic Signs 3 JOAs for Namibian Offshore Acreage

 Eco Atlantic has, through its wholly- owned subsidiary, signed three Joint Operating Agreements with NAMCOR, the National Petroleum Corporation of Namibia, and Azimuth Ltd. (“Azimuth”), an exploration and production company backed by majority-owner Seacrest Capital Ltd. and Petroleum Geo-Services ASA (“PGS”).

The Agreements were signed with respect to the Guy, Sharon and Cooper license blocks (Collectively, the “Licenses”) located in the prospective Walvis Basin offshore Namibia.

Colin Kinley, Chief Operating Officer of Eco Atlantic, from the Company’s Windhoek office in Namibia commented: “The Agreements signed by NAMCOR and Azimuth is an important event for the Company and will enhance the exploration efforts of our three offshore blocks. We support the maturity of the partnerships, and embrace the opportunity to work with experts at NAMCOR and Azimuth. Collectively, we bring extensive oil and gas experience to the Walvis Basin. We understand this oil play and the significant potential it has and look forward to working collaboratively with both companies to continue our exploration work in the Walvis basin, where significant drilling activities are scheduled for 2013 commencing this quarter.”

Obeth Kandjoze, Managing Director of NAMCOR Commented: “We are very pleased to sign the Joint Operating Agreement with Eco Atlantic and Azimuth on the Sharon, Cooper and Guy licenses offshore Namibia. The partnership brings significant offshore oil and gas experience which will no doubt assist in the exploration and development of the licenses in the prospective Walvis Basin. This agreement also signifies the international support and interest in the development of Namibia’s oil and gas resources.”

January 29, 2013