TORONTO, Nov. 13, 2014 (GLOBE NEWSWIRE) -- Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company") (TSX-V:EOG) (NSX:EOG) is pleased to announce that, further to its news release dated October 16th, 2014, it has completed its 1,097 km2 3D Seismic Survey (the "Survey") on the Cooper block (the "Block") located in the Walvis Basin, offshore Namibia. The Survey was executed by PGS Geophysical Ltd. ("PGS") using its high resolution GeoStreamer technology. The Survey began on October 16th and was completed today, smoothly and on time. The Company has contracted PGS to begin processing the 3D data immediately.
Eco Atlantic holds a 45% working interest in Cooper Block and is fully financially carried through the processing and interpretation of the Survey. Tullow Kudu Ltd. ("Tullow") holds a 25% working interest, AziNam Ltd. ("AziNam") holds a 20% working interest, and NAMCOR holds a 10% carried working interest. 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 18% of Eco Atlantic's past costs.
Colin Kinley, Chief Operating Officer of Eco Atlantic commented: "We are pleased to announce the successful completion of this survey on the Cooper Block. We appreciate the cooperation of all of our Block partners on moving our exploration program forward, in particular AziNam who provided excellent field operations supervision for us. The Atlantic weather is a challenge early in the season and PGS easily handled this challenge to complete a high quality shoot on time. We are moving forward to processing and further progress our exploration program with our Block partners."
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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