Eco Atlantic partners sign Joint Operating Agreements on all offshore licenses
ahead of imminent regional drilling campaigns
TORONTO, Jan. 28, 2013 /CNW/ - ECO (ATLANTIC) OIL AND GAS LTD. (TSX-V: EOG;
NSX: EOG) Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company") is
pleased to announce that, through its wholly- owned subsidiary, it has signed
three Joint Operating Agreements ("JOA's" or the "Agreements") with NAMCOR,
the National Petroleum Corporation of Namibia, and Azimuth Ltd. ("Azimuth"),
an exploration and production company backed by majority-owner Seacrest
Capital Ltd. and Petroleum Geo-Services ASA ("PGS").
The Agreements were signed with respect to the Guy, Sharon and Cooper license
blocks (Collectively, the "Licenses") located in the prospective Walvis Basin
Colin Kinley, Chief Operating Officer of Eco Atlantic, from the Company's
Windhoek office in Namibia commented: "The Agreements signed by NAMCOR and
Azimuth is an important event for the Company and will enhance the exploration
efforts of our three offshore blocks. We support the maturity of the
partnerships, and embrace the opportunity to work with experts at NAMCOR and
Azimuth. Collectively, we bring extensive oil and gas experience to the Walvis
Basin. We understand this oil play and the significant potential it has and
look forward to working collaboratively with both companies to continue our
exploration work in the Walvis basin, where significant drilling activities
are scheduled for 2013 commencing this quarter."
Obeth Kandjoze, Managing Director of NAMCOR Commented: "We are very pleased to
sign the Joint Operating Agreement with Eco Atlantic and Azimuth on the
Sharon, Cooper and Guy licenses offshore Namibia. The partnership brings
significant offshore oil and gas experience which will no doubt assist in the
exploration and development of the licenses in the prospective Walvis Basin.
This agreement also signifies the international support and interest in the
development of Namibia's oil and gas resources."
NAMCOR is the National Petroleum Corporation of Namibia and is a legally
enacted entity with limited liability under the Namibian Companies Act of
1973. The Government of the Republic of Namibia is its sole shareholder.
NAMCOR's main business is to ensure the optimum exploitation of Namibia's
petroleum resources and meaningful Namibian participation in resulting
business developments in petroleum related exploration activities. The company
also acts as advisor to the Ministry of Mines and Energy and assists it in
monitoring the exploration activities of licensees.
Azimuth Limited is a specialist E&P company based in Hamilton, Bermuda. The
business is backed by majority-owner Seacrest Capital Ltd,a Bermuda based
energy investment group, and Petroleum Geo-Services ASA (PGS).
Azimuth leverages the strength of its shareholders to acquire interests in
prospective acreage worldwide, developing 'drill-ready' targets through robust
geophysical and commercial analysis. Funding from Seacrest fuels Azimuth's
global activities and ensures that the company is ready to advance its
properties without delay. A collaboration agreement with PGS gives Azimuth
unparalleled insight into petroleum basins worldwide, including access to the
world's largest multiclient seismic library, to leading edge geophysical
expertise and to 85 subsurface specialists distributed in key locations around
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the new and
bourgeoning energy play in Namibia. Through its wholly owned Namibian
subsidiary, it holds five petroleum licenses issued by the Government of the
Republic of Namibia. Offshore, Eco Namibia holds three license blocks covering
more than 25,000 square kilometers (6,177,000 acres). Onshore, Eco Namibia
holds two license blockscovering 30,000 square kilometers (7,413,000
acres). Eco Namibia, founded in 2008, enjoys a strong local presence, and
has a longstanding relationship with the energy and oil and gas sector in
Namibia and the region. The terms and conditions of these licenses are
regulated by agreements signed by Eco with the Government of the Republic of
Namibia in March 2011.
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,
uncertainties and other factors which may cause the actual results,
performance or achievements of Eco Atlantic to be materially different from
any future results, performance or achievements expressed or implied by the
Such factors include, without limitation, risks associated with oil and gas
production and exploration, marketing and transportation; loss of markets;
volatility of commodity prices; currency and interest rate fluctuations;
environmental risks; competition; inability to access sufficient capital from
internal and external sources; government regulation of petroleum and natural
gas matters; environmental risks; unanticipated reclamation expenses; title
disputes or claims, termination or amendment of existing contracts; actual
results of drilling activities; conclusions of economic evaluations; failure
of plant, equipment or processes to operate as anticipated; accidents, labour
disputes and other risks of the petroleum and natural gas industries and
delays in obtaining or failure to obtain any governmental approvals or
licenses. . Readers are cautioned that the foregoing list of factors is not
Although Eco Atlantic believes in light of the experience of its officers and
directors, current conditions and 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this press release.
on Eco Atlantic Contact
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Julia Maxwell Manager, Investor Relations firstname.lastname@example.org Tel:
SOURCE: Eco Oil & Gas (Atlantic) Ltd.
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-0- Jan/28/2013 14:49 GMT
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