TORONTO, ONTARIO, November 22, 2016, Eco Atlantic Oil & Gas Ltd. (EOG.V) ("Eco Atlantic" or "the Company”) announces that, through a wholly owned subsidiary, it has entered into a Share Purchase and Sale Agreement (“Agreement”) pursuant to which the Company has sold its total interest in Eco Atlantic Ghana Limited (“Eco Ghana”) to PetroGulf Ghana Limited (“PetroGulf”). On November 19th, the sale received the required consent of GNPC as required by the Petroleum Agreement, and on November 21st the sale received the required consent of GNPC Explorco as required by the Joint Operating Agreement.
Eco Ghana holds the Company’s interest in the Three Point West Deep Water Offshore Block Ghana’s economic waters (”Block”). Prior to entering the Agreement, PetroGulf, a locally held Ghanaian company held a 4.5% interest holder in the Block. Pursuant to the Agreement, Eco Atlantic is entitled to receive US$576,580 as reimbursement for past operating expenditures owed to the company on the Block. PetroGulf assumes all obligations of Eco Ghana on the Block.
Gil Holzman, President and CEO of Eco Atlantic, commented: “We are extremely thankful for the opportunity we were given to partner with the government of Ghana, and with GNPC, and wish PetroGulf the best success with its future explorations in the Ghana Block. The Company has decided to focus its priorities on the significant discoveries made by ExxonMobil in Guyana, all directly adjacent and down dip from our recently acquired Orinduik block in partnership with Tullow Oil Plc (Eco – 40%, Tullow – 60% and Operator). The three major discoveries, Liza 1, 2 and most recently 3, all have shown significant sand thickness and have defined a plus billion-barrel oil reservoir.”
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.
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.
For More Information on Eco Atlantic Contact:
President and Chief Executive Officer
Executive Vice President
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