The Tamar Block (PEL 050) is situated in deep water (2,500 -3,000 m) within the Walvis Basin offshore Namibia and covers approximately 7,500 km2.
Eco (Atlantic) Oil & Gas holds an 80% working interest in the Tamar Block and is the operator of the licence area. Eco is partnered with Spectrum Geo Ltd (10% working interest) and NAMCOR (10% working interest). Eco and AziNam proportionally carry NAMCOR’s working interest during the exploration period.
| Partners | Working Interest |
|---|---|
| Eco (Atlantic) Oil & Gas (Operator) | 80% |
| NAMCOR | 10% |
| Spectrum | 10% |
Tamar Block Snapshot
| Area | 7500km2 |
| Water depth | 2500m to 3000m+ |
| Licence terms | 5 years + 2 renewal terms of 2 years, each term extendable by one year. |
| Recent developments | 1000km 2D survey complete and interpreted |
| Target | Basal Tertiary Clastics and Turbidites Upper Cretaceous Clastics Turbidites Lower Cretaceous Carbonates |
Tamar Block Milestones
Pursuant to an agreement with Spectrum (the “Spectrum Agreement”), Eco carries Spectrum’s 10% Working Interest. Furthermore, its Working Interest may be reduced to 5% under certain circumstances, including without limitation, the farm-in by a third party into the Tamar Block. Eco currently holds an option to buy back Spectrum’s Working Interest for US$1,450,000 prior to a farm-in and US$900,000 after a farm-in.
Pursuant to the Tamar Petroleum Agreement, Eco is required to undertake specific exploration activities on the Tamar Licence during each phase of development.
On 25 June 2018, Eco received a one-year extension to 20 March 2019 for the First Renewal Period from the Petroleum Commissioner of the Republic of Namibia.