Two Namibia focused explorers have been granted permission to move into their next phases of exploration on blocks offshore Namibia by the country's authorities.
Eco Atlantic has been allowed to move forward on licenses PEL 030 (Cooper Block), PEL 034 (Guy) and PEL 033 (Sharon).
The Cooper Block, Sharon Block and Guy Block licenses have been extended into the first renewal phase, until 14 March 2018. However, Eco has relinquished 50% of the area of Sharon, in shallow waters, and 50% of Guy, in an ultra-deep water area.
Meanwhile, Africa-focused explorer Global Petroleum's Exploration License covering Blocks 1910B and 2010A in the Walvis Basin offshore Namibia, has been extended into Phase 2.
Phase 3 is for a duration of 24 months from 3 December 2015, with a reduced Minimum work program which does not now contain a well commitment. Previously Phase 1 of the License was extended for one year until December 2015, in return for an additional work program, involving further modelling using both seismic and gravity data.
"The results of this combined seismic and gravity work has proved to be very encouraging with regard to the hydrocarbon potential in Global’s offshore blocks," the firm says. "Notably the work has increased confidence in a syn-rift oil play in the outboard or deep water region offshore Namibia and the likely presence of both reservoir and source within the company’s blocks.
"Combined with the existing prospect portfolio within the blocks, this has improved Global’s views on the overall prospectivity of the acreage. Reprocessed 2D seismic has now been purchased and is currently being evaluated by the company’s technical team."