Eco granted extension on Tamar Block, offshore Namibia

7/2/2018

LONDON -- Eco (Atlantic) Oil & Gas Ltd., the oil and gas exploration company with licenses in highly prospective regions in South America and Africa, has announced that it has been granted a one-year extension to March 20, 2019, for the First Renewal Period of the PEL50 license, covering its offshore Tamar Block, in the 22,500-km2 Walvis basin in North Central Namibia, by the Namibia Ministry of Mines and Energy.

The one-year extension was granted to Eco and its partners, Spectrum and NAMCOR, in recognition of completion of the necessary work committed in this period on the Tamar Block. Over the remainder of the extension period, the Company will continue to progress the exploration program to better understand the resources indicated from the previous 2D seismic work and give a clearer indication for delineating further geophysical work over the selected leads on the Block.

Eco and its partners intend to serve notice to progress into the Second Renewal Period for PEL50 in March 2019 and will then have an additional two years with the option of a further one year extension to complete 3D and to progress towards a well if the partners decide to do so.

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