Exxon Declares Liza Commercial
TORONTO, ONTARIO, November 21, 2016, Eco (Atlantic) Oil & Gas Ltd. (EOG.V) ("Eco Atlantic" or "the Company”) is pleased to provide an update on activities on its Orinduik Block, offshore Guyana. Immediately down dip of Eco Atlantic’s Orinduik Block, ExxonMobil and its partners, Nexen Energy and Hess Corporation have declared their Liza oil discovery to be commercial. Official notice of the discovery of commercial quantities of oil estimated to be in excess of one billion barrels, was issued to Minister Raphael Trotman, Guyana’a Minister of Natural Resources. This notice is required in terms of Guyana’s Petroleum Act and it’s the first time in the country’s history that such notice has been made.
This is the first commercial discovery in the South American country and one of the largest most recent discoveries in the world. The Exxon Liza 1 well drilled in 2015 discovered at that time what was thought to be a new field, that could contain upwards of 800,000 to 1.4 Billion barrels of oil. That initial discovery was confirmed by drilling an offsetting Liza 2 well this year, and just recently the Exxon drilled the Liza 3 well. These three wells are only a few kilometers from the Orinduik Blocks jointly held by Eco Atlantic (40% WI) and Tullow Oil (60%). Tullow is Operator of the block and the partners have advanced through their detailed review of regional 2D, and have established significant credible leads in its Orinduik Canyon Play Fairways that warrant a comprehensive 3D survey. The partnership is currently planning a survey over the block in Q2 2017.
Colin Kinley, Chief Operating Officer for Eco Atlantic commented: “The opportunity that Eco Atlantic has secured to explore offshore Guyana is a key asset in our portfolio. We teamed up with Tullow Oil on this block, after independently having reached the same conclusions on the prospectivity of what has become the proven system up dip of Liza. We are very confident in our current pace of research of regional information from the library of 2D data that we have accumulated. The current leads upon which we are focused, are within the same formation that will be developed by Exxon for Liza. We are in shallower water, lowering drilling costs and in the same depositional system as Liza.” Kinley further added: “The Company looks forward to defining a drilling target through 3D, and our follow up interpretation with Eco’s and Tullow’s expertise in exploiting slope channel turbidites. Eco Atlantic and Tullow are also partners on a similar turbidite canyon and fan play in Namibia on the well-known Cooper Block in the Walvis basin, where interpretation of its recent 3D program is well advanced.”
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 license, partially carried by Tullow Oil, through our subsidiary Eco Atlantic Guyana.
In Namibia through wholly owned subsidiaries, the Company currently holds interests, some carried, in four offshore petroleum licenses in the Walvis Basin. The Company also holds an interest in a Block offshore Ghana.
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
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