Eco Atlantic inks Namibia farm-out

Namibian supporters cheer their team during the rugby union World Cup match Ireland vs Namibia 09 September 2007 at the Chaban-Delmas stadium in Bordeaux, southwestern France. France hosts the rugby world cup from 07 September 2007 to 20 October 2007. AFP PHOTO / PIERRE ANDRIEU

Farm-out: Eco Atlantic signs up Azimuth for Namibia deal

PIERRE ANDRIEU

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Luke Johnson

 13 April 2012 00:09 GMT

Namibia-focussed Eco Atlantic has reached a farm-out deal with Bermuda-based Azimuth in its three offshore licences in the African nation, while also terminating a separate farm-out for some onshore blocks.

Azimuth, which is backed by Seacrest Capital and Petroleum Geo-Services, will earn a 20% working interest in the Cooper License (Block 2012A), the Sharon License (Blocks 2213A & 2213B) and the Guy License (Blocks 2111B & 2211A).

In return, Azimuth will fund 40% of the 3D seismic surveys covering 2500 square kilometres across all three licenses. The combined cost of the shoots is expected to exceed $25 million, Eco Atlantic said.

Eco Atlantic owns a 90% working interest in the three licenses, with national oil company Namcor holding the remaining 10%.

Eco Atlantic, which will see its stake…

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