Toronto, Ontario--(Newsfile Corp. - January 25, 2016) - Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (NSX: EOG) ("Eco Atlantic" or the "Company") is pleased to announce that it has completed its committed 870 Km2 3D Seismic Survey (the "Survey") on PEL 034, the Guy Block (the "Block") located in the Walvis Basin, offshore Namibia.
The Company and its partners have completed the 3D survey with PGS Geophysical Ltd., who used the PGS Ramform Vanguard vessel to conduct the Survey. The Survey was shot over three weeks and covered a target area that was mutually agreed between Eco Atlantic and AziNam Ltd. ("AziNam"), the Operator of the Block. AziNam will pay for 66.44% of the cost of the Survey under previously announced agreements.
Eco Atlantic holds a 50% partly carried working interest in the Block, AziNam holds a 40% working interest, and NAMCOR (Namibia national petroleum corporation) holds a 10% carried working interest in the Block.
Colin Kinley, Chief Operating Officer of Eco Atlantic commented: "The Guy Block holds interesting potential for the Company. We completed, processed and interpreted a 1,100 Km 2D survey over the block in the past year and this allowed us to focus on a specific set of targets with this 870 Km2 3D survey. Eco Atlantic and partners, through negotiations with our suppliers, were able to aggressively reduce the cost of the survey in this challenging market, and yet were able to maintain the same world class technology and services provided with the PGS GeoStreamer system. AziNam, as new Operator of this Block, has provided experienced quality control and supervision of the survey."
Kinley added: "There is still great interest in Namibia, despite the challenging economic conditions in the market. The country's high discovery potential, its stability, and efficient government processes, have attracted a number of major and significant players to the region. We are proud to be able to further our exploration program and are confident that once processed, this new 3D survey will identify and prove our Block targets."
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the acquisition and development of unique upstream petroleum opportunities around the world. The Company's objective is to identify technically merited prospective new and developing projects in frontier areas requiring low cost entry. In Namibia through wholly owned subsidiaries, the Company currently holds interests, some carried, in four offshore petroleum licenses covering more than 32,000 square kilometers in the Walvis and Lüderitz Basins.
In Ghana, Eco Atlantic also holds and operates an interest in the Deepwater Cape Three Points West Deep Water offshore block, covering 944 square kilometers, and in Guyana, Eco Atlantic holds an interest in the 1,800 square kilometer Orinduik offshore block.
Eco Atlantic enjoys strong local presence in the countries in which it operates and has a longstanding relationship with the energy and oil and gas sectors throughout Africa and other maturing exploration plays internationally.
Forward Looking Statements
CAUTIONARY NOTE 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; 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, 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.
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