TIDMECO
RNS Number : 8341V
Eco (Atlantic) Oil and Gas Ltd.
12 August 2022
12 August 2022
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Rig mobilisation for Gazania-1 in South Africa and Namibia
Update
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX -- V: EOG) ,
the oil and gas exploration company focused on the offshore
Atlantic Margins , confirms that the Island Innovator rig, owned by
Island Drilling Company AS, was released and mobilised today.
The rig is now under contract to Eco and its JV partners and
will move on to the Gazania-1 well on Block 2B, 25km offshore the
Northern Cape in Orange Basin South Africa. The rig is expected to
arrive and spud by the end of September 2022, subject to weather
conditions. The Gazania-1 prospect is targeting a 300 million
barrels light oil resource. The well will take approximately 25
days to drill, and the JV partners plan to seal and plug the well
after the test, with no equipment being left on the sea floor. The
partners have also approved the option to drill a sidetrack well
contingent on a discovery in the main target.
The JV partnership in respect of Block 2B comprises Eco Atlantic
(50% WI and Operator), Africa Energy Corp (27.5% WI), Panoro 2B
Limited, a subsidiary of Panoro Energy ASA (12.5% WI), and Crown
Energy AB (10% WI).
Update on Namibia
The Company is also pleased to announce that it has signed Joint
Operating Agreements ("JOA's") with NAMCOR, the National Petroleum
Corporation of Namibia, with regard to the Company's four operated
offshore Petroleum Licence ("PEL") interests in Namibia, being PEL
97 (Cooper), PEL 98 (Sharon), PEL 99 (Guy), and PEL 100
(Tamar).
Updated Presentation
An updated version of the corporate presentation is also
available on the Company's website:
https://www.ecooilandgas.com/investors/reports-presentations/
Colin Kinley, Co-founder and Chief Operating Officer of Eco
Atlantic, commented:
"We are excited to get underway with our drilling campaign at
Block 2B in the Orange Basin offshore South Africa. A successful
outcome at the Gazania-1 well has the potential to be
transformational for Eco and our JV partners.
"We are also pleased to have signed JOA's with NAMCOR in
relation to the PEL's we operate offshore Namibia. With all of the
recent operational success we have seen recently in Namibia, we are
excited to be one of the largest offshore licence holders in the
region and look forward to working with NAMCOR to generate value
for the benefit of all."
**ENDS**
For more information, please visit www.ecooilandgas.com or
contact the following :
Eco Atlantic Oil and Gas c/o Celicourt +44 (0) 20
8434 2754
Gil Holzman, CEO
Colin Kinley, COO
Alice Carroll, Head of Corporate Sustainability +44(0)781 729 5070
Strand Hanson Limited (Financial &
Nominated Adviser) +44 (0) 20 7409 3494
James Harris
James Bellman
Berenberg (Broker) +44 (0) 20 3207 7800
M atthew Armitt
Detlir Elezi
Echelon Capital (Financial Adviser
N. America Markets)
Ryan Mooney +1 (403) 606 4852
Simon Akit +1 (416) 8497776
Celicourt (PR) +44 (0) 20 8434 2754
Mark Antelme
Jimmy Lea
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018 (as amended).
Notes to editors:
About Eco Atlantic:
Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused
oil & gas exploration company with offshore license interests
in Guyana, Namibia, and South Africa. Eco aims to deliver material
value for its stakeholders through its role in the energy
transition to explore for low carbon intensity oil and gas in
stable emerging markets close to infrastructure.
Offshore Guyana in the proven Guyana-Suriname Basin, the Company
holds a 15% Working Interest in the 1,800 km(2) Orinduik Block
Operated by Tullow Oil. In Namibia, the Company holds Operatorship
and an 85% Working Interest in four offshore Petroleum Licences:
PELs: 97, 98, 99, and 100, representing a combined area of 28,593
km(2) in the Walvis Basin.
Offshore South Africa, Eco is Operator and holds a 50% working
interest in Block 2B and a 20% Working Interest (to be increased to
a 26.25% Working Interest, subject to Completion of the Acquisition
announced 27 June 2022) in Blocks 3B/4B operated by Africa Oil
Corp., totalling some 20,643 km (2) .
Cautionary Notes:
This news release contains certain "forward-looking statements",
including, without limitation, statements containing the words
"will", "may", "expects", "intends", "anticipates" and other
similar expressions which constitute "forward-looking information"
within the meaning of applicable securities laws. Forward-looking
statements reflect the Company's current expectations, assumptions,
and beliefs, and are subject to a number of risks and uncertainties
that could cause actual results to differ materially from those
anticipated. These forward-looking statements are qualified in
their entirety by the inherent risks and uncertainties surrounding
future expectations.
Important factors that could cause actual results to differ
materially from expectations include, but are not limited to,
general economic and market factors, competition, the effect of the
global pandemic and consequent economic disruption, and the factors
detailed in the Company's ongoing filings with the securities
regulatory authorities, available at www.sedar.com . Although
forward-looking statements contained herein are based on what
management considers to be reasonable assumptions based on
currently available information, there can be no assurance that
actual events, performance or results will be consistent with these
forward-looking statements, and our assumptions may prove to be
incorrect. Readers are cautioned not to place undue reliance on
these forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements either as a result of new information, future events or
otherwise, except as required by applicable laws.
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END
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