The completion of the First Transfer and the Second Transfer are subject to a number of conditions, including the approval of Namibia’s Ministry of Mines and Energy and various approvals of the other Block participants. AziNam Limited, an existing Block 2012A partner with 20% working interest, has given their approval to the transaction and expanded work program.
Dundee Securities Europe LLP acted as financial advisor in relation to the Agreement.
Eco Atlantic currently holds a 70% working interest in the Cooper Block, AziNam Limited holds a 20% working interest, and NAMCOR, the Namibian national oil company, holds a 10% working interest. Following the First Transfer, the Company will hold a 45% working interest in the Cooper Block, Tullow will hold a 25% working interest, and AziNam and NAMCOR will retain their respective working interests.
Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW) and is a constituent of the FTSE 100 Index. The Group has interests in over 140 exploration and production licenses across 24 countries which are managed as three regional business units: West & North Africa, South & East Africa and Europe, South America and Asia.