Eco Oil to start 3-D survey at Orinduik First OPEC strikes a production cut deal and then Tullow/ECO announce a 3-D survey based on credible 2-D leads. Can they twin the Exxon field? Seriously, that would be a massive huge two headed beast with ECO owning 40% of an adjacent discovery. 2017 is going to be great!!!! Is it an early Christmas or what? ECO is worth way more than a $16 million market cap...there is $6 million in the bank and are carried for much of the upcoming exploration...if you like to speculate on 10 or 20 bag opportunities...this is it... Eco Oil to start 3-D survey at Orinduik Canyon in 2017 2016-11-30 11:29 ET - News Release Mr. Gil Holzman reports ECO ATLANTIC ANNOUNCES 2ND QUARTER FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE Eco Oil & Gas Ltd. has released its financial and operational results for the three- and six-month periods ended Sept. 30, 2016, and has provided an update on recent corporate achievements and anticipated milestones for the remainder of calendar year 2016 and 2017. Eco Atlantic reported on the following financial, operational and business milestones. Guyana: Together with Tullow Oil, the operator of the block, the partners have advanced through a detailed review of regional 2-D and have established significant credible leads in its Orinduik Canyon play fairways that warrant a comprehensive 3-D survey, which the companies expect to commence in 2017. Namibia: Processing and interpretation of the 870-square-kilometre 3-D survey is being finalized and will be presented to the block partners and the government of Namibia during December, 2016. The company completed the first phase of interpretation of the 1,100-square-kilometre 3-D seismic survey on the Cooper licence, offshore Namibia. Ghana: The company completed the sale of its interest in Eco Atlantic Ghana Ltd. to PetroGulf Ltd. in order to significantly reduce liabilities and focus attention on its Guyana operations. As part of the sales agreement, approximately $1.8-million of liabilities included in the company's balance sheet as of Sept. 30, 2016, which related to future payments in respect of the licence, will be written off. The company has continued its reduction of general and administrative (G&A) costs, compensation expenses, and professional fees from a total of $976,000 for the six months ended Sept. 30, 2015, to $579,000 for the six-month period ended Sept. 30, 2016. Eco Atlantic has met all of its current work commitments under the various petroleum agreements, and is being cost carried and sufficiently financed to progress its exploration commitments for the fiscal year ahead. Eco Atlantic chief executive officer Gil Holzman stated: "The last six months has been busy as always, as we aggressively advance our work program in Guyana, following the recent discoveries of a one-billion-barrel commercial field by Exxon. The sale of our interest in Ghana will help focus our attention on Guyana. This sale has extinguished our liabilities relating to this licence and will significantly improve our working capital going forward. In Namibia, we have completed the 3-d seismic program on our Guy licence with our block partners, Azinam, and preparing for next steps." Mr. Holzman concluded that: "We continue to reduce G&A and exposure to our non-core assets and liabilities, and remain optimistic about the oil and gas sector, as we adjust our portfolio of licences. We look forward progressing our work programs in the coming months in both Guyana and Namibia." 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 allowing low-cost entry. In Guyana, the company holds the Orinduik petroleum licence, partially carried by Tullow Oil, through its subsidiary, Eco Atlantic Guyana. In Namibia, through wholly owned subsidiaries, the company currently holds interests, some carried, in four offshore petroleum licences in the Walvis basin.