TORONTO, ON--(Marketwired - Jun 8, 2017) - Eco (Atlantic) Oil and Gas Ltd (
8 June 2017
ECO (ATLANTIC) OIL & GAS LTD.
("Eco Atlantic", "Company" or, together with its subsidiaries, the "Group")
2,550 km2 3D Seismic Survey Offshore Guyana,
Options and RSU grant
Toronto, June 8th, 2017 - Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or "Company") (TSX-V:EOG, LSE:ECO) is pleased to announce that Eco Atlantic and its Operating Partner, Tullow Oil ("Tullow"), have approved a circa 2,550 km2 seismic survey on the Company's Orinduik Block offshore the Co-operative Republic of Guyana ("Orinduik"). The survey is anticipated to commence in the next two weeks. The survey will be completed by Schlumberger Guyana Inc. (Western Geco).
Eco Atlantic (Guyana) Inc, a subsidiary of Eco Atlantic, holds a 40% Working Interest in Orinduik, and Tullow, the Operator, holds the remaining 60%. The Orinduik Block is located up dip and just a few kilometers from Exxon's recent Liza and Payara discoveries confirming, by Exxon's estimates, in excess of 1.5 Billion Barrels of recoverable oil. The Company and Tullow have completed the first phase of exploration including evaluating all existing and regional 2D data. Following the results of this study and the ongoing regional success, both parties have agreed to accelerate and significantly increase the originally proposed 1,000km2 3D survey commitment on the block to circa 2,550 kms2, thus covering the entire block area, fully overlapping current prospective 2D leads and downdip trends. As part of its agreement with Tullow, Tullow will carry the Company's share of the originally proposed 1,000 km2 of the survey, at a cap of US$1.25mm, with the balance of the program being funded by both parties on a pro-rata basis. The additional cost of the enhanced seismic program to Eco is well covered by existing cash resources following the Company's over-subscribed Placing of GBP5.1M announced in February 2017 in conjunction with its dual listing on the AIM market of the London Stock Exchange.
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