TIDMECO
RNS Number : 0810C
Eco (Atlantic) Oil and Gas Ltd.
27 September 2018
27 September 2018
ECO (ATLANTIC) OIL & GAS LTD.
("Eco", "Eco Atlantic", "Company" or, together with its
subsidiaries, the "Group")
Eco Atlantic Receives Government Approval to Drill PEL 30
Offshore Namibia
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), an oil
exploration focused company with licences in the highly prospective
regions of offshore Guyana and in the Walvis Basin offshore
Namibia, is pleased to update the market on its PEL 30 Block
("Cooper Block") in Namibia. The Company announces today that it
has received the necessary final Environmental Clearance
Certificate to drill an exploration well on this highly prospective
block from the Namibia Ministry of Environment and Tourism.
The Company has completed seven years of exploration on the
Cooper Block, including regional geological studies, fracture
analysis, slick studies, the review and interpretation of 5,000
km(2) of 2D and an 1,100 km(2) 3D Survey. In addition to its own
ongoing interpretation, Eco has also contracted independent studies
from Petroleum Geo-Services, Azinam Ltd, Tullow Oil plc and
Gustavson Associates.
Eco and its partners have identified the "Osprey" prospect on
the Cooper Block, an 882 Million-barrel Aptian/Albian target within
a sand filled channel and fan system in the Cretaceous sequence.
The prospect is estimated to contain as much as 882 million barrels
of oil equivalent (Gross Prospective - Best). The licence partners
on the Cooper Block continue to contribute their own independent
analysis and to work towards determining an exact location for the
drilling of an exploration well on the "Osprey" prospect.
Colin Kinley, Chief Operating Officer of Eco commented:
"We are pleased with our work to date on the Cooper Block and
appreciate the detailed analysis it has received both internally
and with our industry partners. We purposely have shared our
interpretation with our partners and industry experts to gather all
the regional learnings as exploration matures in this basin. With
the final environmental certificates now in place we anticipate
moving shortly to selection of drilling location, rig contract
discussions and engineering planning for a well in Q3 2019 or Q1
2020.
"The Company's strategy in Namibia has been to maintain a
careful and cautious pace, to fully and completely understand the
region and to de-risk each asset by using industry learnings,
successes and experience. We have used each well drilled in the
region to our advantage. To the south of the Cooper Block, PEL 37
was recently drilled by Tullow, and although it was disappointing
commercially for our partners and friends, it has provided Eco with
valuable data to help better understand the characteristics of our
field. The well has provided us with key markers and our team will
use these to our advantage as we move towards drilling."
Activity in the Walvis Basin
The Company continues to monitor activity in the acreage
surrounding Eco's licence interests offshore Namibia and gathering
information from the current drilling activity in the region. We
note that, upon completion of the Plug and Abandonment of the
Cormorant-1 drilled by Tullow Oil plc on licence area PEL 37 in the
Walvis Basis, the drill rig used of the Comorant-1 will move to
licence area PEL 71 which is operated by Chariot Oil & Gas
Limited (partnered with Azinam Ltd and NAMCOR). The Prospect S well
to be drilled by the rig on PEL 37 will test the southern margins
of the Walvis Basin and its potential for an additional second
source rock. Eco holds an 80% interest in the Tamar Block (PEL 50),
covering 7,500km(2) adjacent to PEL 71, and is considering the same
channel and fan systems that lead on to PEL 50. Accordingly, the
Company will monitor the results of the well on PEL 71 and will
further analyse them once the well has been completed.
Posting of Accounts
The Company can confirm that its final results announced on 30
July 2018 have today been posted to shareholders, as
applicable.
**ENDS**
For more information, please visit www.ecooilandgas.com or
contact the following:
Eco Atlantic Oil and Gas +1 (416) 250 1955
Gil Holzman, CEO
Colin Kinley, COO
Alan Friedman, VP
Strand Hanson Limited (Financial & Nominated
Adviser) +44 (0) 20 7409 3494
James Harris
Rory Murphy
James Bellman
Brandon Hill Capital Limited (Joint Broker) +44 (0) 20 3463 5000
Oliver Stansfield
Jonathan Evans
Robert Beenstock
Pareto Securities Limited (Joint Broker) +44 (0) 20 7786 4370
Soren Clausen +44 (0) 20 7786 4382
Davide Finelli +44 (0) 20 7786 4398
Matilda Mäkitalo +44 (0) 20 7786 4375
Blytheweigh (PR) +44 (0) 20 7138 3204
Tim Blythe
Julia Tilley
Simon Woods
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
Notes to editors
Eco Atlantic is a TSX-V and AIM listed Oil & Gas exploration
and production Company with interests offshore Guyana and offshore
Namibia, where significant oil discoveries have been made.
The Group aims to deliver material value for its stakeholders
through oil exploration, appraisal and development activities in
stable emerging markets, in partnership with major oil companies,
including Tullow, ONGC, Total and Azinam Ltd.
In Guyana, Eco Guyana holds a 15% Working Interest alongside
Tullow Oil (60%) and Total (25%) in the 1,800 km(2) Orinduik Block,
adjacent and updip to the deep-water Liza Field and Snoek, Payara,
Pacora, Turbot, Longtail and Hammerhead discoveries, recently
discovered by ExxonMobil and Hess, which are estimated to contain
in excess of four billion barrels of oil equivalent, making it one
of a handful of billion-barrel discoveries in the last
half-decade.
In Namibia, the Company holds interests in four offshore
petroleum licences totaling approximately 25,000km(2) with over 2.3
billion barrels of prospective P50 resources in the Walvis and
Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar
are being developed alongside partners, which include Tullow Oil,
Azinam Ltd, ONGC Videsh and NAMCOR.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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