Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG) has been granted a one-year extension of its PEL50 licence which covers the Tamar Block in the Walvis oil basin, offshore Namibia.
The extension was granted by the Namibia Ministry of Mines and Energy given Eco and its partners, Spectrum and NAMCOR, completed the necessary work over the past year.
Over the next year, the London- and Toronto-listed firm said it will continue to press ahead with the exploration programme as it looks to better under the geology of the block.
Eco said it plans to apply for another extension in 2019 which will give It another two years plus the option of another year to complete 3D seismic work and progress towards a well if the partners decide to.
“We are delighted by the Ministry's continued support of our progress made on PEL50, and the other Blocks in the Basin, and its confidence in our ability to further enhance the area's prospectivity through our exploration efforts,” said chief executive Gil Holzman.
“We are seeing an ever-increasing interest in the Walvis Basin in general from many industry players, oil majors and independent E&P companies alike, and specifically in the Tamar Block.”
Eco has three other blocks in the area: PEL34 (Guy Block), PEL33 (Sharon Block), and PEL30 (Cooper Block).
Eco shares were unchanged at 31.4p in early deals on Monday morning.