Eco Atlantic announces joint operating agreements with the National Petroleum Corporation of Namibia ("NAMCOR")
PRNewswire/ – ECO (ATLANTIC) OIL AND GAS LTD. (TSX-V: EOG; NSX: EOG) Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic” or the “Company”) 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. The Company also announces the appointment of Mr. José Luis Bastos as Director of Eco Atlantic’s wholly-owned subsidiary, Eco Oil & Gas (Namibia) (Pty) Ltd subject to approval from the TSX Venture Exchange.
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 (see release dated April 12, 2012 ) 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.”
NAMCOR is the National Petroleum Corporation of Namibia and is a legally enacted entity with limited liability under the Namibian Companies Act of 1973. The Government of the Republic of Namibia is its sole shareholder. NAMCOR’s main business is to ensure the optimum exploitation of Namibia’s petroleum resources and meaningful Namibian participation in resulting business developments in petroleum related exploration activities. The company also acts as advisor to the Ministry of Mines and Energy and assists it in monitoring the exploration activities of licensees.
SOURCE Eco Oil & Gas (Atlantic) Ltd.
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