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Eco Enters Joint Operating Agreements with NAMCOR

Source: www.gulfoilandgas.com 4/24/2012, Location: Africa

Eco (Atlantic) Oil & Gas Ltd is pleased to announce that, through its wholly- owned subsidiary, it has entered into five separate Joint Operating Agreements (“JOA’s” or the “Agreements”) with NAMCOR, the National Petroleum Corporation of Namibia, with respect to its five license blocks (the “Licenses”) onshore and offshore Namibia.

National Petroleum Corporation of Namibia
Through the Company’s wholly-owned subsidiary, Eco Oil and Gas (Namibia) (Pty) Limited (“Eco Namibia”), the Company has entered into the Agreements with NAMCOR to establish their relations with regard to the jointly held Licenses. Offshore, Eco Atlantic has a 70% Working Interest, Azimuth Ltd. has a 20% Working Interest and NAMCOR holds the remaining 10% Carried Working Interest. Onshore, Eco Atlantic has a 90% Working Interest and NAMCOR holds the remaining 10% Carried Interest. Under the terms of the Agreements, Eco Atlantic will carry NAMCOR’s 10% Working Interest costs until initial production. Once production commences, NAMCOR will reimburse Eco Atlantic from production for the full previously carried amount plus an additional 20% interest. Eco Atlantic has also agreed to pay for and provide training for NAMCOR’s geologists and personnel involved in the operations of the Licenses. Eco Atlantic also has access to NAMCOR’s database of past geological studies, 2D seismic reports and well reports. Eco Atlantic is the designated Operator of the Licenses.

Gil Holzman, President and Chief Executive Officer, commented “These Agreements signed by NAMCOR, the National Namibian Petroleum Company is a significant achievement for Eco Atlantic. The professional AIPN based Agreements signify once again Eco Atlantic’s strong relationships with Namibian authorities and deep cooperation with the Country. Eco Atlantic will benefit from NAMCOR’s significant local presence, years of Namibian experience and strong data base of information.” Holzman added, “Eco Atlantic is looking forward to a long and successful business partnership with NAMCOR, and working cooperatively to progress our exploration efforts onshore and offshore Namibia.”

The Managing Director of NAMCOR, Mr. Eugene Shepherd commented: "NAMCOR as the National oil company is delighted at the progress made in reaching these Agreements with Eco Atlantic, which is dually- listed on the Namibian Stock Exchange. This represents an important step towards empowering Namibians and including them in the development of the Nation’s oil and gas resources. These Agreements will not only serve the interests of the parties to the exploration and production activities, but will also serve as a basis for NAMCOR’s future negotiations with other E&P partners."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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