TORONTO, Nov. 25, 2013 /CNW/ - Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company") (TSX-V: EOG, NSX: EOG) is pleased to announce that it has received a Prospectivity Study Interpretation Report (the "Report") for the Cooper Block (the "Block" or "Cooper"), offshore Namibia in the Walvis Basin. The Report was prepared by Petroleum Geo-Services (PGS) of England.
The aim of this study is to interpret the Company's existing and newly acquired 1,500 kilometers of 2D data on the Block for lead identification and to outline potential target areas for the near future acquisition of 3D seismic data.
Information obtained from exploration wells throughout the region has proven an active petroleum system in the Cretaceous-recent rocks. The Company has been focused on the Cenomanian-Turonian and Aptian Marine post rift and the Neocomian lacustrine and Artinskian Pre/Syn Rift source rocks. Potential reservoirs evaluated include both Post and Pre/Syn Rift including the Palaeocene, Albian, Berremian and Jurassic. Geophysics was interpreted independently by the PGS team. The Report concludes that Cooper has a very good structural and stratigraphic hydrocarbon potential in the form of channels/ fans and tilted fault blocks and has clearly defined a new Syn-rift wedge and an upper cretaceous fan system.
Colin Kinley, Chief Operating Officer of Eco Atlantic stated: "We are pleased with the completion of the PGS study. The additional 2D seismic has been helpful to define the target areas for our upcoming 3D seismic program. Our team appreciates the support we received from Azinam Ltd., our partner on the Block, in the preparation of the report and the new findings. Most recently, we have completed interpreted depth mapping and interpretation of the present day oil window on the Block. We are excited to move forward, and further confirm our evaluated prospectivity in this interesting basin."
Gil Holzman, CEO of Eco Atlantic commented today from Cape Town while attending Africa Oil Week conference: "We are happy with the recent positive momentum in the E & P markets and in particular the increased interest and farm-in activity offshore Namibia. Eco is pleased with the progress our technical team is making together with Azinam Ltd. in further advancing and de-risking our offshore blocks in accordance with our strategic work plan. The recent independent report on Cooper is very positive and confirms our interpretation of the oil potential of the Walvis Basin."
Eco Hires New Manager, Investor Relations
Eco Atlantic further announces that it has hired Ms. Charlotte Dilks as the new Manager, Investor Relations, to replace Ms. Julia Maxwell. The Company's board of directors thanks Ms. Maxwell for her contributions during her tenure.
Ms. Dilks joins Eco Atlantic with four years' experience working in the financial industry and two years' experience in digital media and investor relations. She earned her Bachelor Degree in Applied Communications from Royal Roads University in Victoria BC in 2007.
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the new and bourgeoning energy play in Namibia. Through a wholly owned Namibian subsidiary ("Eco Namibia"), it holds four petroleum licenses issued by the Government of the Republic of Namibia. Offshore in the Walvis Basin, Eco (Atlantic) holds three license blocks covering more than 25,000 square kilometers (6,177,000 acres). Eco (Atlantic) holds an additional license block covering 23,000 square kilometers (5,683,000 acres) which includes both onshore and offshore areas. Eco Namibia, founded in 2008, enjoys a strong local presence, and has a longstanding relationship with the energy and oil and gas sector in Namibia and the region. The terms and conditions of these licenses are regulated by agreements signed by Eco Namibia with the Government of the Republic of Namibia in March 2011.
Forward Looking Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news 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. More particularly and without limitation, this news release contains forward looking statements and information concerning the likelihood or possibility that the results from the Report are or will be indicative of the viability of the Block. The results in the Report are not indicative of long term performance of the Block. There is no certainty that any resources will be discovered on the Block, and if discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.
Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with oil and gas production and exploration, marketing and transportation; retention of and ability to attract Company personnel, regulatory approvals, 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; 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.
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 release.
SOURCE: Eco (Atlantic) Oil & Gas Ltd.
For further information:
President and Chief Executive Officer
Investor Relations Manager