The first renewal period for the PEL50 license over the Tamar block now runs to March 20.
Namibia’s Ministry of Mines and Energy granted the extension to allow the partners to complete remaining work commitments.
Eco (Atlantic) said it would continue to progress the exploration program to improve its understanding of resources highlighted from previous 2D seismic work and to determine further geophysical studies over selected leads.
Next March, the partners will apply for a second renewal period with the option of a further one- year extension to complete 3D activity and a potential well.
Gil Holzman, CEO of Eco (Atlantic), said: “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…
“The Tamar block…is directly to the west and adjacent of PEL71 where Chariot and Azinam are about to drill theProspect S target in October 2018.”
