26th Oct 2018 10:35
LONDON (Alliance News) - Eco Atlantic Oil & Gas Ltd said Friday it has taken a majority stake in the PEL30 licence in Namibia, after Tullow Namibia Ltd transferred its 25% interest to the company.
Eco said it received formal notice from Tullow Namibia, a subsidiary of Tullow Oil PLC, confirming its inability to either enter into the second renewal period under the PEL30 licence agreement or to make a financial commitment to drilling on the block.
Therefore, Tullow decided to withdraw from the joint venture agreement and transfer its 25% working interest to Eco, which now holds a 58% stake in the joint venture.
Eco said it started discussions with potential farm-in partners to replace Tullow.
Eco Atlantic shares were down 3.5% on Friday at a price of 42 pence each.
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