TORONTO, ONTARIO, April 11th, 2016, Eco Atlantic Oil & Gas Ltd. (EOG.V) ("Eco Atlantic" or "the Company") is pleased to announce that it was informed by its partner in PEL 30 (“Cooper Block”) offshore Namibia, Tullow Kudu Ltd. (a wholly owned subsidiary of Tullow Oil Plc.) of the latter’s decision to enter into drilling phase on its joint venture block License number 037 together with Pan Continental Oil and Gas NL (Tullow: 65%, Pan Continental: 35%). Block 037 is just south of Eco Atlantic’s Cooper Block, in the Walvis Basin. According to the license terms, the drilling should occur by March 2017.
Tullow further confirmed its full commitment to further progress the exploration program on the adjacent Cooper Block, with the completion of the interpretation of the recently shot 3D program and to continue its focus on the identified drilling targets.
In Guyana, Tullow and Eco Atlantic confirmed their intention to accelerate the committed work program on the jointly held Orinduik Block offshore Guyana (Tullow: 60% operator, Eco Atlantic: 40%).
The companies are aggressively proceeding with a diligent analysis in light of recent discovery in the adjacent block Operated by Exxon Mobil. The recent Liza Discovery by Exxon is currently being appraised by a second well also in close proximity to the Orinduik block.
Tullow and Eco have agreed on an accelerated work program to include 2D seismic re-processing and interpretation and a design of the 3D seismic program to start immediately after the regional study and 2D interpretation are completed.
Eco Atlantic CEO, Gil Holzman stated: "We are extremely happy with Tullow's decision to enter drilling phase on License 037 and to continue focus their efforts and attention offshore Namibia and especially on our Cooper Block in partnership with AziNam and NAMCOR. We are very excited by what we are seeing based on the 3D interpretation process and are grateful to Tullow for the reassurance of their Namibian commitment and keen interest in the Walvis Basin.” Holzman added: “We are also very happy with the decision on acceleration of our joint program offshore Guyana and are looking forward to the next few months’ activities, research, and interpreted results."
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 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.
For More Information on Eco Atlantic Contact:
President and Chief Executive Officer
Executive Vice President
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