Azimuth signs Namibia offshore farm-in agreement

Offshore staff

TORONTO, Canada – Eco Atlantic Oil & Gas has signed a farm-out agreement with Bermuda-based Azimuth for three licenses offshore Namibia.

Azimuth is an E&P company supported by Seacrest Capital Ltd. and PGS. Under the agreement, Azimuth will earn a 20% working interest in the Cooper license (block 2012A), the Sharon license (blocks 2213A and 2213B), and the Guy license (blocks 2111B and 2211A).

In return, it will fund 40% of the cost of 3D seismic surveys covering 2,500 sq km (965 sq mi) across all three concessions, expected to cost more than $25 million.

The assignment of this interest remains subject to the approval of Namibia’s Ministry of Mines and Energy.

Subsidiary company Eco Oil and Gas Namibia currently holds a 90% stake in the three licenses, the remainder held by state company NAMCOR.

Eco Atlantic, through the project management group of Kinley Exploration and Azimuth, will be responsible for designing, sourcing, and operating all aspects of the 3D seismic program.

4/16/2012

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