Eco Atlantic farms out

Eco Atlantic Oil and Gas Ltd has concluded its farm-out transaction with Tullow Kudu Ltd, a wholly-owned subsidiary of Tullow Oil plc, receiving the necessary approval of the Ministry of Mines and Energy recently. Eco Atlantic has subsequently entered into an amended and restated joint operating agreement with Tullow, Namcor and Azimuth Namibia Ltd.  Eco Atlantic had in July this year entered into a farm-out agreement, pursuant to which Tullow agreed to acquire up to a 40% working interest in Eco Oil’s Cooper block. The signing of the joint operating agreement has ensured that all of the conditions in the Farm-Out agreement with respect to the initial transfer of a 25% working interest in the Cooper block have been satisfied. Eco Atlantic now holds a 45% carried working interest in the Block, Azimuth holds a 20% working interest, NAMCOR holds a 10% carried working interest and Tullow holds a 25% working interest. Gil Holzman, CEO of Eco Atlantic said, “The successful closing of the farm-out transaction with Tullow Oil, and formalisation of the amended and restated joint operating agreement with our partners Tullow, Azinam and Namcor on the Cooper Block, is a very important milestone for Eco Atlantic. We are pleased to satisfy our work programme obligations ahead of time, and advance the exploration on the Block. We are confident that our focused exploration program on Cooper will continue to create value for our shareholders and stakeholders.”