TORONTO, July 8, 2013 /CNW/ - ECO (ATLANTIC) OIL AND GAS LTD. (TSX-V: EOG, NSX: EOG) Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company") is pleased to announce that the Government of Namibia Ministry of
Mines and Energy has approved the request for a one year extension of
the Initial Exploration Period on the Company's Guy (2111B & 2211A) and
Sharon (2213A & 2213B) licenses located offshore Namibia, in the
prospective Walvis Basin.
The year extension of the Company's work commitments allows more
flexibility and time to execute the Company exploration program which
consists of shooting 1,000 km2 of 3D seismic on each of the licenses in Year 4 (2015) and drilling an
exploratory well in Year 5 (2016) before the First Renewal Period.
On the Cooper license (2012A), located offshore Namibia, the Company is
preparing for a 500 Km2 3D survey. Together with the other license participants, AziNam Ltd.
and NAMCOR, the Company is currently in the process of examining
additional 2D data and is planning a 3D survey, expected to commence
later this year.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic commented, "We are delighted to receive the extension granted by the Ministry of
Mines and Energy and its continued support of our exploration efforts
on our offshore blocks.
Eco Atlantic, together with our license partners, AziNam Ltd. and
NAMCOR, has met all obligations on our offshore licenses to date and
have obtained valuable geological information together with significant
resources leads. The year extension of the Guy and Sharon license
allows us more time and flexibility to plan and prepare geological and
geophysical models with new pertinent information obtained from
regional drilling and exploration activity. This information greatly
assists us in defining our 3D programs, the drilling targets, and
potential international Joint Ventures.
The recent results of HRT's Wingat-1 well and the increased activity
offshore Namibia, especially in the Walvis Basin, have significantly
de-risked the basin for mid-tier and major players to enter. We are
confident that the Company's blocks are excellent candidates for future
partnerships and farm in activity."
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the new
and bourgeoning petroleum opportunity in Namibia. Through its wholly
owned Namibian subsidiary, Eco Namibia, it holds five petroleum
licenses issued by the Government of the Republic of Namibia. Eco
Namibia holds three offshore license blocks covering more than 25,000
square kilometers (6,177,000 acres), in the Walvis Basin. Eco Namibia
also holds two onshore license blocks covering 30,000 square kilometers
(7,413,000 acres). Eco Namibia enjoys a strong local presence, and has
a longstanding relationship with the energy and oil and gas sector in
Namibia and in the region. The terms and conditions of these licenses
are regulated by agreements signed by Eco with the Government of the
Republic of Namibia in March 2011.
Forward Looking Statements
CAUTIONARY REGARDING FORWARD LOOKING STATEMENTS: Certain information in
this press release constitutes forward-looking statements under
applicable securities law. Any statements that are contained in this
press release that are not statements of historical fact may be deemed
to be forward-looking statements. Forward-looking statements are often
identified by terms such as "may", "should", "anticipate", "expects"
and similar expressions. Forward-looking statements necessarily
involve known and unknown risks, including, without limitation, risks
associated with oil and gas production and exploration, marketing and
transportation; loss of markets; volatility of commodity prices;
currency and interest rate fluctuations; imprecision of reserve
estimates; environmental risks; competition; inability to access
sufficient capital from internal and external sources; ability to
obtain government and regulatory NOTE approval; changes in legislation,
including but not limited to income tax, environmental laws and
regulatory matters. Readers are cautioned that the foregoing list of
factors is not exhaustive.
In addition, statements relating to "resources" or "prospective
resources" are deemed to be forward-looking statements as they involve
the implied assessment, based on certain estimates and assumptions,
that the resources and prospective resources described exist in the
quantities predicted or estimated and can be profitably produced in the
future. There is no certainty that any portion of the resources or
prospective resources will be discovered. If discovered, there is no
certainty that it will be commercially viable to produce any portion of
Although Eco Atlantic believes in light of the experience of its
officers and directors, current conditions and expected future
developments and other factors that have been considered appropriate
that the expectations reflected in this forward-looking information are
reasonable, undue reliance should not be placed on them because Eco
Atlantic can give no assurance that they will prove to be correct. The
forward-looking statements contained in this press release are made as
of the date hereof and Eco Atlantic undertakes no obligation to update
publicly or revise any forward- looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this press
SOURCE: Eco Oil & Gas (Atlantic) Ltd.
For further information:
For More Information on Eco Atlantic Contact
President and Chief Executive Officer
Tel: +972.508 884529
Manager, Investor Relations