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Eco Receives Approval to Farm Out 20% of its Licenses to Azimuth

Source: www.gulfoilandgas.com 5/31/2012, Location: Africa

Eco (Atlantic) Oil & Gas Ltd is pleased to announce that Namibia’s Minister of Mines and Energy has approved the assignment pursuant to the Farm-out Agreement with Azimuth Ltd. (“Azimuth”) of Hamilton, Bermuda, an exploration and production company backed by majority-owner Seacrest Capital Ltd. and Petroleum Geo-Services ASA (“PGS”).

With this final condition of the assignment being satisfied, Azimuth is now a 20% registered working interest partner in each of Eco Atlantic’s offshore Namibia licenses, namely the “Cooper License” (Block 2012A), the “Sharon License” (Blocks 2213A & 2213B) and the “Guy License” (Blocks 2111B & 2211A) (jointly, the “Licenses”) and will fund 40% of the cost of 3D seismic surveys covering 2,500 square kilometers across all three Licenses, the acquisition of which is expected to cost in excess of US$25 million.

As a result of this transaction, Eco Atlantic’s interest will be 70%, held through its wholly owned subsidiary, Eco Oil and Gas Namibia (PTY) Ltd., Azimuth has a 20% interest, and NAMCOR will retain its 10% carried interest. Eco Atlantic, through the project management group of Kinley Exploration and Azimuth will be responsible for designing, sourcing and operating all aspects of the 3D seismic program.

Gil Holzman, President and Chief Executive Officer of Eco Atlantic commented, “Eco Atlantic is pleased to have received the final approval from the Ministry of Mines and Energy of The Republic of Namibia to execute the Farm-out Agreement, thereby securing the relationship with Azimuth as a license and technical partner. We are ahead of schedule to initiate our 3D program together with Azimuth, so to better define the drilling targets on our 9 billion barrels prospect Guy, 7.8 billion barrels prospect, Sharon, and 1.15 billion barrels prospect, Cooper. The 3D program, expected to commence later this year should enable us to define each blocks’ drilling targets.”

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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 

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


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