Eco (Atlantic) Oil and Gas Ltd. Notes Tullow Oil's farm-out agreement in Namibia
July 06 2017 - 5:17AM
RNS Non-Regulatory
TIDMECO
Eco (Atlantic) Oil and Gas Ltd.
06 July 2017
6 July 2017
ECO (ATLANTIC) OIL & GAS LTD.
("Eco Atlantic", "Company" or, together with its subsidiaries,
the "Group")
Eco Atlantic notes Tullow Oil's recent farm-out agreement in the
Walvis Basin, Namibia
Eco (Atlantic) Oil & Gas Ltd. (TSX-V:EOG / AIM: ECO), the
oil and gas exploration company with licences in Guyana and
Namibia, notes an article on www.upstreamonline.com (and various
other publications) on Tuesday reporting Tullow Oil farming out 30%
of its 65% operated interest in license PEL0037 located offshore
Namibia to ONGC of India. License PEL0037 is located immediately
north of the Cooper license (PEL 0030) in which Eco holds a 32.5%
interest and is operator, Azinam holds 32.5%, Tullow Oil holds 25%
and NAMCOR owns 10%. In addition, Tullow has an option to increase
its interest on the Cooper license to 40% upon a drilling
decision.
Eco's and the industry's interpretation of the farm-out news is
extremely positive as it validates the attractiveness of the Walvis
Basin's oil potential, confirms Tullow and partners' drilling
program is scheduled for the first quarter of 2018, and it
refocuses interest on a number of potential high impact wells in
the basin in the next calendar year.
As obviously some of Tullow's financial commitments associated
with the drilling costs of PEL0037 are now lifted and shared with
its new JV partner, and coupled with favourable rig rates, Eco
looks forward with optimism on potential developments in the region
and in particular on its own Walvis Basin blocks 030 (Cooper), 034
(Guy), 033 (Sharon), and 050 (Tamar).
For more information, please visit www.ecooilandgas.com or
contact the following:
Eco Atlantic Oil and Gas +1 (416) 250 1955
Gil Holzman, CEO
Colin Kinley, COO
Alan Friedman, VP
Finlay Thomson, UK and IR manager +44 (0) 7976 248471
Strand Hanson Limited (Financial +44 (0) 20 7409
& Nominated Adviser) 3494
James Harris
Rory Murphy
James Bellman
Brandon Hill Capital Limited +44 (0) 20 3463
(Joint Broker) 5000
Alex Walker
Jonathan Evans
Robert Beenstock
Peterhouse Corporate Finance +44 (0) 20 7469
(Joint Broker) 0930
Eran Zucker
Duncan Vasey
Lucy Williams
Yellow Jersey PR +44 (0) 7544 275882
Felicity Winkles
Harriet Jackson
Notes to editors
Eco Atlantic is a TSX-V and AIM listed Oil & Gas exploration
and production Company with interests in Guyana and Namibia where
significant oil discoveries have been made.
The Group aims to deliver material value for its stakeholders
through oil exploration, appraisal and development activities in
stable emerging markets, in partnership with major oil companies,
including Tullow and AziNam.
In Guyana, Eco Guyana holds a 40% working interest alongside
Tullow Oil (60%) in the 1,800km(2) Orinduik Block in the shallow
water of the prospective Suriname Guyana basin. The Orinduik Block
is adjacent and updip to the deep-water Liza Field, recently
discovered by ExxonMobil and Hess, which is estimated to contain as
much as 1.4 billion barrels of oil equivalent, making it one of a
handful of billion-barrel discoveries in the last half-decade.
In Namibia, the Company holds interests in four offshore
petroleum licences totaling approximately 25,000km(2) with over 2.3
billion barrels of prospective P50 resources in the Wallis and
Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar
are being developed alongside partners, which include Tullow Oil,
AziNam and NAMCOR. Significant 3D and 2D surveys and interpretation
have been completed with drilling expected to begin in 2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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