Eco Atlantic Provides Interpretation of HRT's Murombe-1 Well Offshore Namibia
TORONTO, July 22, 2013 /CNW/ - Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic"
or the "Company") (TSXV: EOG) (NSX: EOG) provides technical interpretation of
Murombe-1 well drilled by HRT Participações em Petróleo S.A ("HRT") in the
Walvis Basin, offshore Namibia.
HRT announced on Friday July 18, 2013 that the Murombe-1 well, the second
offshore well in their exploratory drilling campaign has been concluded and is
considered as a dry hole. This well was targeting the Murombe Prospect,
located in Petroleum Exploration License 23 in the Walvis Basin. Although the
well was dry and presence of poor reservoir in the main target, the results
reconfirmed the presence of Aptian source rock in the oil window, which was
also encountered during the drilling of the Wingat-1 well.
The Murombe-1 exploration well was drilled to a total depth of 5,729 meters
with the objective of penetrating two targets. The primary target, Murombe, a
Barremian Age turbidite fan system and a secondary target, the Baobab, a
shallower Santonian Age structure were both penetrated. The average porosity
was 19% and no reservoir was encountered.
Gil Holzman, Chief Executive Officer of Eco Atlantic commented: "The results
of the Murombe-1 well announced by HRT late last week was disappointing for
HRT from a commercial perspective, however they provide valuable information
on the basin and the geological structures of the region. The well reconfirmed
the evidence of source rock which complements that which was established by
the Wingat-1 well drilled in May. In that well, samples of high quality light
sweet crude were recovered, and a working petroleum system in the Walvis Basin
Earlier this month, Eco Atlantic was granted a one year extensions of its
Exploration Phase of the Sharon and Guy licenses, extending the obligation
period for both 3D seismic and drilling by a further 12 months into 2016.
"Repsol recently announced the anticipated drilling of its Welwitschia-1
prospect in February 2014, which is contiguous to Eco Atlantic's Cooper Block
in the Walvis Basin." Added Holzman, "HRT has also confirmed the imminent
drilling of its third exploration well on the Moosehead prospect in the Orange
Basin. Our Strategy is to continue with ongoing exploration during the
extended term as approved by the Ministry, which comfortably allows the
Company sufficient time to work obligations. Our team continues to gather
information from ongoing exploration work which is allowing us to further
define our prospects and targets. We and the E&P industry are well aware of
the statistics of early dry holes drilled in the major fields around the world
in order to bring them on line. We are being very conservative in our
budgetary moves at this early stage and remain confident in the prospectivity
of our offshore Namibia licenses."
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 three offshore petroleum licenses and two onshore CBM and
shale licenses issued by the Government of the Republic of Namibia. Offshore
in the Walvis Basin, 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
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.
For More Information on Eco Atlantic Contact:
Gil Holzman President and Chief Executive Officer email@example.com Tel:
Julia Maxwell Manager, Investor Relations firstname.lastname@example.org Tel:
SOURCE: Eco Oil & Gas (Atlantic) Ltd.
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-0- Jul/22/2013 18:31 GMT
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