Eco Atlantic holds an 80% participating interest in the Tamar Licence, which covers an area of approximately 8070km2. Partners include Spectrum, NAMCOR and Amis.
|Eco Atlantic (Operator)||72% participating interest||100%|
|Spectrum||10% participating interest||Carried|
|NAMCOR||10% participating interest||Carried|
|Amis||8% participating interest||Carried|
Eco Atlantic’s subsidiary, Eco Namibia, carries Spectrum’s 10% working interest. Pursuant to the Spectrum Agreement, Spectrum’s working interest may be reduced to 5%. Eco Namibia has an option to buy back Spectrum’s interest for US$1.45 million prior to a farm-in and US$0.9 million after a farm in.
Based on recent exploration activity in Namibia, management expects the actual expenditures on the exploration activities to be less than that provided in the Eco Namibia Petroleum Agreements.
|Water depth||2500 m to 3000 m+|
|Licence terms||2 renewal terms of 2 years (to 2020)|
|Recent developments||1000 km 2D survey complete and interpreted|