Eco (Atlantic) Oil & Gas has received final ministerial approval to transfer a 60% participating interest in three exploration licenses offshore Namibia to BP, clearing…
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Eco (Atlantic) Oil & Gas has received final ministerial approval to transfer a 60% participating interest in three exploration licenses offshore Namibia to BP, clearing the final governmental consent required for the transaction.
The approval covers PEL97, PEL99 and PEL100 in the Walvis Basin, comprising the Cooper, Guy and Tamar licenses. BP Namibia Energy will also assume operatorship of the three licenses.
The parties are completing the remaining closing requirements, with completion expected shortly. Eco will receive a one-time cash payment of $2.7 million upon completion and retain a 25% participating interest in each license.
BP will carry 100% of Eco's retained 25% interest during the current exploration phase, as well as Eco's proportionate share of the 10% interest held by NAMCOR and the 5% held by local partners.
The government-approved exploration program includes seismic reprocessing on PEL97 and the acquisition of at least 3,000 square kilometers of new 3D seismic data across PEL99
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