Eco (Atlantic) Oil and Gas Ltd. Eco Files for ECC Drilling Permit on PEL 30 (3335V)
November 02 2017 - 2:00AM
UK Regulatory
TIDMECO
RNS Number : 3335V
Eco (Atlantic) Oil and Gas Ltd.
02 November 2017
November 2(nd) 2017
ECO (ATLANTIC) OIL & GAS LTD.
("Eco Atlantic", "Company", "Eco" or, together with its
subsidiaries, the "Group")
Eco Atlantic Files for ECC Drilling Permit on PEL 30 "Cooper"
Block
Offshore Namibia to Explore Osprey
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), is
pleased to announce that it has received partnership approval to
release its Public Notice for Environmental Clearance Certificate
(ECC) for Drilling an Exploration Well within its Osprey Lead on
its Offshore "Cooper" Block (PEL30) in the Walvis Oil Basin in
North Central Namibia, a key clearance required ahead of potential
drilling on the block. The Company will publish notice in all the
applicable jurisdictions on 3 November 2017.
The Osprey lead is on the Cooper Block (PEL 30), is in
approximately 500 meters of water. Eco has completed the
interpretation of several thousand kilometers of 2D seismic as well
as completing a 1,100 kilometer 3D Survey, carried out by PGS
Geophysical, across the lead. Eco Atlantic has also contracted
Tullow's Exploration team, who have extensive expertise in these
types of fan plays which are similar to the Jubilee Field in Ghana,
to oversee processing and conduct the initial interpretation for
the block partners. Additionally each of the partners, whose teams
have evaluated the data, all concur that there is a highly
justifiable lead and an exact drilling location is being
defined.
Eco has recently filed a NI51-101 Compliant report by Gustavson
Associates that reported 882 Million Barrels (BOE) of Oil (Gross
Prospective - Best) resources on the Block. The company intends to
further define exact drilling location and to move the project
ahead through to drilling.
Colin Kinley, Eco's Chief Operating Officer commented:
"We are confident in the detailed and conservative work carried
out thus far on the Osprey lead on Cooper by our own team and that
of our partners and we continue to advance our learnings in the
region through the interpretation of our own four blocks and
through our partnership ties to the other block holders in the
Walvis Basin.
"Namibia has witnessed a resurgence of interest and activity
during 2017 and we see this continuing into 2018 with a number of
majors and independent E&P companies undertaking drilling
activity in the blocks surrounding Cooper Block, including wells
announced by Tullow Oil and Chariot Oil & Gas in the offsetting
blocks to Eco's acreage."
The current Working Interests in the Cooper Block are:
-- Eco Atlantic (Operator): 32.5%
-- NAMCOR (the National Petroleum Corporation of Namibia): 10%
-- AziNam Ltd: 32.5%
-- Tullow Oil: 25%*
*Tullow Oil has the option to increase its stake by 15% , in
exchange for a capped well carry.
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
+44 (0) 20 7138
Blytheweigh (PR) 3204
Nick Elwes
Tim Blythe
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
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 per cent working interest
alongside Tullow Oil (60 per cent) in the 1,800 km(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 2.5 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 25,000 km(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 preparations expected to begin in
2018.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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