TORONTO, Oct. 16, 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 its planned 1,097 km2 3D Seismic Survey (the "Survey") on the Cooper block (the "Block") located in the Walvis Basin, offshore Namibia.
In its capacity as the Operator of the Block, the Company has entered into a service agreement with PGS Geophysical Ltd., who will use its proprietary high resolution GeoStreamer technology to perform the Survey. The significant Survey, covering more than 1,000 km2,is expected to be completed during the month of November 2014. Eco Atlantic is fully carried through the processing and interpretation of the Survey and has a 45% working interest in the Block.
If drilling targets are identified on the Block, Tullow has the option to acquire an additional 15% working interest in exchange for a full carry of Eco Atlantic's cost through the drilling of an exploration well, and the repayment of an additional 17.14% of Eco Atlantic's past costs.
As described in the Company's news release dated February 18, 2014, the Company received a Gross Prospective Unrisked Resource Lead Report prepared by Gustavson Associates LLC of Colorado, on the Block, supporting a P50 Best Estimate of 4.5 billion barrels of gross prospective oil over the existing targets.
Eco Atlantic holds a 45% carried working interest, Tullow holds a 25% working interest, AziNam Ltd. holds a 20% working interest, and NAMCOR holds a 10% carried working interest in the Cooper Block.
Colin Kinley, Chief Operating Officer of Eco Atlantic commented: "We are very pleased with the progress on the Cooper block; we have secured PGS's GeoStreamer technology to complete the 1,097 km2 survey across very interesting targets selected by our exploration team and partners. The survey is underway right now and we anticipate to be completed in November2014. AziNam is contributing its very capable expertise to the completion of the Survey and, once completed, we are happy to have secured the unique experience of Tullow to lead the processing and interpretation of the acquired data. Tullow is a world leading expert in interpretation of off continent sand flows and structural targets as evidenced by its current discoveries and production offshore Ghana in a very similar geologic environment. We hope to identify the drilling targets and move on to drilling Cooper in accordance with our work program."
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.
Disclaimer
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.
CAUTIONARY NOTE REGARDING PROSPECTIVE RESOURCES: Prospective resources are defined as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be sub-classified based on project maturity. Prospective resources have both an associated chance of discovery (geological chance of success) and a chance of development (economic, regulatory, market, facility, corporate commitment or political risks). The chance of commerciality is the product of these two risk components. The prospective resource estimates referred to herein have not been risked for either the chance of discovery or the chance of development. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. The Low Estimate represents the P90 values from the probabilistic analysis (i.e. the value is greater than or equal to the P90 value 90% of the time), while the Best Estimate represents the P50 values and the High Estimate represents the P10. Actual resources may be greater or less than those calculated.
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