TSX-V : EOG   Last Price: 0.54   Change: -0.01   Volume: 24000   Details (+)

Tamar License 2211Ba & 2311a

Eco Atlantic holds an 80% participating interest in the Tamar Licence, which covers an area of approximately 8070km2. Partners include Spectrum, NAMCOR and Amis.

Partners Interest Paying Interest
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.

Licence highlight  
Size 7500 km2
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
  • Basal Tertiary Clastics and Turbidites
  • Upper Cretaceous Clastics
  • Turbidites
  • Lower Cretaceous Carbonates