TORONTO, Nov. 17, 2014 (GLOBE NEWSWIRE) -- Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company") (TSX-V:EOG) (NSX:EOG) is pleased to announce that it has commenced a 1,000 Km 2D Seismic Survey (the "Survey") on the Guy block (the "Block") located in the Walvis Basin, offshore Namibia. The Company engaged PGS Geophysical Ltd. to perform the Survey, which is expected to be completed by the end of the month.
Subject to Namibia's Ministry of Mines and Energy approving the Company's transfer of an additional 10% working interest in the Block to Azimuth Namibia Ltd. ("Azinam"), Eco Atlantic will hold a 60% working interest in the Block, Azinam will hold a 30% working interest, and NAMCOR holds a 10% carried working interest.
Colin Kinley, Chief Operating Officer of Eco Atlantic, the Operator of the Block commented: "We are pleased with the continued progress of our exploration programs for all of our licenses. The exploration work recently completed on other blocks in the region and the extensive work conducted by our team and Block partners have given us an increased understanding of the structure of the basin. We are progressing well towards establishing a defined model. PGS will use its Geostreamer technology to conduct the Survey and we have contracted the same ship and crew that recently finished shooting our 3D seismic survey on our Cooper block. Once completed and processed, the additional 1,000 Km of 2D will further define the Block for us, our partners, as well as other interested parties."
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. Through a wholly owned Namibian subsidiary ("Eco Namibia"), the Company currently holds three offshore petroleum license blocks covering more than 25,000 square kilometers in the Walvis Basin and one license block covering 23,000 square kilometers, which includes both onshore and offshore areas. Founded in 2008, Eco Namibia enjoys a strong local presence and has a longstanding relationship with the energy and oil and gas sector in Namibia and other maturing exploration plays in Africa.
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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