The Sharon Block (PEL 033) is situated in shallow water (100-500 m) within the Walvis Basin offshore Namibia and covers approximately 5,000 km2.
Eco (Atlantic) Oil & Gas holds a 60% Working Interest in the Sharon Block and is the Operator of the licence area. Eco is partnered with AziNam (30% Working Interest) and NAMCOR (10% Working Interest). Eco and AziNam proportionally carry NAMCOR’s Working Interest through to production, at which time the carry is paid back plus 20% interest rate.
|Eco (Atlantic) Oil & Gas (Operator)||60%|
Sharon Block Snapshot
|Water depth||100m to 500m|
|Licence terms||5 years + 2 renewal terms of 2 years, each term extendable by one year.|
|Recent developments||Acquired 22,922 km of existing 2D
Planned 1000km2 of 3D
|Target||Upper Cretaceous Clastics
Lower Cretaceous Carbonates
Sharon Block Milestones
Pursuant to the AziNam Farmout Agreement, AziNam funded Eco’s share of costs for the recently acquired 22,922km 2D seismic survey for the Sharon Block. On 15 April 2016, the Namibian Ministry of Mines and Energy (MME) approved the company’s progression into the First Renewal Period of exploration on the Sharon Licence.
Additionally, the work programme for the Sharon Licence was extended by one year in the first Renewal Phase, on 16 October 2017, by the MME to March 2019. The Second Renewal phase is from March 2019 to March 2021 and is further extendable by a period of one year at the discretion of the MME. Eco relinquished the Eastern half of the Sharon Block, which was not a priority, due to the shallow section and a requirement under the license.
Committed Work Programme:
- March 2019:
Geological assessment and target assessment
- Second Renewal Period: 1000km 3D Survey
Exploration well to be drilled after identification to target post 3D, no later than 31 March 2021, which is extendable by one year at the discretion of the Ministry. The drilling of the well is at the discretion of the Working Interests and is not a financially guaranteed obligation.