Eco (Atlantic) Oil & Gas Ltd. made an announcement that it has accepted an offer from Azimuth Namibia Ltd., according to which this company will increase its interest in Blocks 2111B and 2211A, offshore Namibia (the Guy Block) by 10 per cent.
Upon completing this transaction, Azimuth Namibia will bear additional 10 per cent of Block’s operating costs. Azimuth Namibia will be responsible for 51 per cent of the costs for the 1,000 km2 3D survey. The BVI company, although its obligations on the Guy Block are reduced, remains its Operator. Eco Atlantic and Azimuth Namibia currently hold 70 per cent and 20 per cent of working interest in the Guy Block, respectively, while 10 per cent is held by NAMCOR. Upon the transfer, Azimuth will become the holder of 30 per cent, and NAMCOR will retain its 10 per cent stake.
This transaction is subject to a number of conditions among which should be the approval of Namibia’s Ministry of Mines and Energy.
