Toronto, Ontario (FSCwire) – Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), the oil and gas exploration company with licences in highly prospective regions in South America and Africa, is pleased to announce that it has been granted a one-year extension to 20 March 2019 for the First Renewal Period of the PEL50 licence covering its offshore "Tamar" Block, located in the 22,500 km2 Walvis Oil Basin in North Central Namibia, by the Namibia Ministry of Mines and Energy ("Ministry").
The one year extension was granted to Eco and its partners, Spectrum and NAMCOR, in recognition of completion of the necessary work committed in this period on the Tamar Block. Over the remainder of the extension period, the Company will continue to progress the exploration programme to better understand the resources indicated from the previous 2D seismic work and give a clearer indication for delineating further geophysical work over the selected leads on the Block. Eco and its partners intend to serve notice to progress into the Second Renewal Period for PEL50 in March 2019 and will then have an additional two years with the option of a further one year extension to complete 3D and to progress towards a well if the partners decide to do so.
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Source: Eco (Atlantic) Oil and Gas Ltd. (TSX Venture:EOG, LSE:ECO, OTC Bulletin Board:ECAOF)
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