Eco (Atlantic) Oil & Gas Ltd. has executed a Farm-out agreement (the “Agreement”) with Tullow Kudu Limited, a wholly owned subsidiary of Tullow Oil plc. (Tullow), pursuant to which Tullow has agreed to acquire up to a 40% working interest in Block 2012A, situated in the Walvis Basin, offshore Namibia.
This Farm-In, in conjunction with Eco Atlantic’s prior Farm-Out to Azimuth for 20%, nets the Company a 100% carry of all costs on an expanded 1,000 km2 3D seismic survey and interpretation. The Seismic Program is expected to commence the fourth quarter of 2014. Dependent on the establishment of a target from the Seismic Program, Tullow has also committed to a full carry of cost to drill an exploration well on the Block.