TIDMECO
RNS Number : 3656F
Eco (Atlantic) Oil and Gas Ltd.
21 March 2022
21 March 2022
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Eco Atlantic Provides New Competent Person's Resource Report on
Its Assets Offshore Guyana, Namibia and South Africa
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX -- V: EOG), the
oil and gas exploration company focused on the offshore Atlantic
Margins, is pleased to announce the publication of an updated NI
51-101 compliant Competent Person's Report ("CPR") on its assets
Offshore Guyana, Offshore Namibia and Offshore South Africa. The
CPR was compiled by WSP USA Inc., of Boulder Colorado, USA, an
independent third-party auditor and can be found on the Company's
website.
The new CPR incorporates the increased interests in its Namibian
assets and the additional two blocks offshore South Africa
resulting from the acquisition of Azinam Group Limited ("Azinam")
as announced on 11 March 2022. All contractual and legal conditions
required for completion have occurred save for final approval from
the TSX Venture Exchange, which is expected to be received
imminently. The CPR has been prepared on the basis that the
acquisition of Azinam has completed.
Summary of Unrisked Prospective Resource Estimates
Net attributable to
Gross Eco's Interest
----------- -------------
Best High Best High
Asset Country Low Estimate Estimate Estimate Low Estimate Estimate Estimate Operator
------------- ------------- ---------- ---------- ------------- ---------- ----------
Oil & liquids Prospective Resources
(millions of barrels)
------------- ---------- ---------- ---------
Lower Risk
------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Orinduik Guyana 2,315 4,537 8,179 347 681 1,227 Tullow
------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Cooper Namibia 151 245 398 128 209 339 ECO
------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
2B South Africa 209 491 984 104 246 492 ECO
------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Africa
3B/4B South Africa 973 3,088 7,138 195 618 1,428 Oil
------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Higher
Risk -
------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Cooper Namibia 283 507 843 241 431 717 ECO
------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Guy Namibia 1,671 4,924 10,937 1,421 4,185 9,297 ECO
------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Sharon Namibia 702 2,212 5,518 597 1,880 4,691 ECO
------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Total for Oil &
Liquids 6,304 16,004 33,998 3,033 8,249 18,189
-------------------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Gas Prospective Resources (billions
of standard cubic feet)
------------- ---------- ---------- ---------
Lower Risk
------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Orinduik Guyana 1,798 3,626 6,811 270 544 1,022 Tullow
------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Cooper Namibia 141 240 407 120 204 346 ECO
------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
2B South Africa 31 73 149 15 37 74 ECO
------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Africa
3B/4B South Africa 426 1,360 3,136 85 272 627 Oil
------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Higher
Risk
------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Cooper Namibia 264 496 868 224 422 738 ECO
------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Guy Namibia 1,625 4,812 10,869 1,381 4,090 9,239 ECO
------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Sharon Namibia 668 2,176 5,466 568 1,849 4,646 ECO
------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Total for Gas 4,952 12,782 27,706 2,663 7,417 16,692
-------------------------- ------------- ---------- ---------- ------------- ---------- ---------- ---------
Source: Letha C. Lencioni, WSP USA Inc
Gustavson Associates LLC, who completed the last CPR in January
2020, is now a part of WSP USA.
Note: Assets designated as "Lower Risk" have probability of
success (POS) estimated at 16%-81%, while those designated as
"Higher Risk" have POS estimated at 2%-3.5%. "Operator" is name of
the company that operates the asset. "Gross" are 100% of the
reserves and/or resources attributable to the licence whilst "Net
attributable" are those attributable to Eco.
Report Highlights - Attributable Best Estimate, Prospective
Resources
-- Guyana (Orinduik Block) - Net to Eco 681 mmbbls Oil and 544 BCF Gas
-- South Africa (Blocks 2B & 3B/4B) - Net to Eco 864 mmbbls Oil and 309 BCF Gas
-- Namibia (4 Blocks) - Net to Eco 6,705 mmbbls Oil and 6,565 BCF Gas
Colin Kinley, Co-Founder and COO of Eco Atlantic commented:
"With our current strategy for increasing our stakeholder asset
base, we have focused solely on strategic acquisitions that can add
material and near-term growth and catalysts for the company. The
addition of the Azinam assets in Namibia and South Africa have
quickly added prospective resources to our portfolio. As we work
towards the completion of our recently announced binding term sheet
to acquire JHI's 17.5% interest in the Canje Block offshore Guyana
plus the maturation of additional resources currently being
interpreted from ongoing 3D processing in Block 3B/4B we expect to
see even further growth of the portfolio from here in the coming
months".
Importantly our acquisitions and strategy to deliver mature
drillable prospects in the near term is driven in part by the
current heated energy market, the reduction in worldwide
exploration, and the marked cycling we anticipate through energy
transition in the coming years. Eco has the capacity to participate
and provide strategic value accretion through the drill bit. Our
planned well for Q3 this year on Block 2B in South Africa is being
quickly followed by work on the potential to drill on Block 3B/4B
in the Orange Basin, directly adjacent to the recent discoveries
announced by TotalEnergies and Shell. We are also confidently
progressing towards drilling in Orinduik block offshore Guyana,
subject to available funding, and look forward to confirming a
drill target and timing with our partners in the coming months.
Assuming the acquisition of JHI completes as planned in the coming
months, this acquisition will also provide us with the opportunity
to participate in a number of targets on the Canje Block as
prospects are matured by ExxonMobil and ourselves in the Guyana
basin."
Qualified Person's Statement:
Letha C. Lencioni of WSP USA Inc., has reviewed the technical
information contained within this announcement for the purposes of
the current Guidance Note for Mining, Oil and Gas Companies issued
by the London Stock Exchange. Letha C. Lencioni is a Registered
Professional Engineer in the states of Colorado and Wyoming and has
over 40 years' experience in the oil and gas field.
All Reserves and Resources definitions and estimates detailed in
this announcement are based on the 2018 SPE/AAPG/WPC/SPEE Petroleum
Resource Management System ("PRMS"). A link to the full CPR Report
can be viewed online at www.sedar.com and is also available on the
Company's website: www.ecooilandgas.com .
For more information, please visit www.ecooilandgas.com or
contact the following :
Eco Atlantic Oil and Gas c/o Celicourt +44 (0) 20
8434 2754
Gil Holzman, CEO
Colin Kinley, COO
Alice Carroll, Head of Marketing and +44(0)781 729 5070 | +1 (416)
IR 318 8272
Strand Hanson Limited (Financial & Nominated
Adviser) +44 (0) 20 7409 3494
James Harris
James Bellman
Berenberg (Broker) +44 (0) 20 3207 7800
Emily Morris
Detlir Elezi
Celicourt (PR) +44 (0) 20 8434 2754
Mark Antelme
Jimmy Lea
Hannam & Partners (Research Advisor)
Neil Passmore +44 (0) 20 7905 8500
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018 (as amended).
Notes to editors:
About Eco Atlantic:
Eco Atlantic is a TSX-V and AIM quoted Atlantic Margin focused
oil & gas exploration company with offshore license interests
in Guyana, Namibia, and South Africa. Eco aims to deliver material
value for its stakeholders through its role in the energy
transition to explore for low carbon intensity oil and gas in
stable emerging markets close to infrastructure.
Offshore Guyana in the proven Guyana-Suriname Basin, the Company
holds a 15% Working Interest in the 1,800 km(2) Orinduik Block
Operated by Tullow Oil. In Namibia, the Company holds Operatorship
and an 85% Working Interests in four offshore Petroleum Licences:
PEL's: 97, 98, 99 and 100 representing a combined area of 28,593
km(2) in the Walvis Basin.
Offshore South Africa, Eco will become designated Operator and
hold a 50% working interest in Block 2B, and a 20% Working Interest
in Blocks 3B/4B operated by Africa Oil Corp., totalling some 20,643
km (2) .
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END
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