The Namibian Ministry of Mines and Energy has granted Eco Atlantic Oil & Gas and its partners Spectrum and Namcor a one-year extension on its PEL50 license in the Walvis Basin offshore Namibia.
The extension is set to end on March 20, 2019 and will allow Eco and its partners to continue the exploration programme on PEL50, which contains the Tamar Block.
“We are delighted by the Ministry’s continued support of our progress on PEL50, and the other Blocks on the Basin, and its confidence in our ability to further enhance the area’s prospectivity through exploration efforts. We are seeing an ever-increasing interest in the Walvis Basin in general from many industry players, oil majors and independent E&P companies alike, specifically in the Tamar Block ” said Gil Holzman, CEO of Eco Atlantic in a statement released in Monday.
Eco and its partners will use the extension period to conduct further studies on the block and serve notice to progress into the Second Renewal Period for PEL50 in March 2019. At this stage they will have an additional two years with the option of a further one-year extension to complete 3D seismic studies and possibly progress towards a well.
Eco has three other blocks in the basin; PEL35 (Guy Block), PEL33 (Sharon Block), and PEL30 (Cooper Block)