Eco Atlantic awarded oil exploration rights on its License #31, extending into
Walvis Basin waters, offshore Namibia
TORONTO, Aug. 22, 2013 /CNW/ - Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic"
or the "Company") (TSX-V: EOG, NSX: EOG) is pleased to announce that it has
received final approval from Namibia's Ministry of Mines and Energy (the
"Ministry") for the inclusion of all oil and gas rights on its Skeleton Coast
License #31 which is a transition license that is both onshore Huab Basin and
extends offshore Walvis Basin. The License, which the Company recently named
"Daniel", covers Blocks 2114, 2013B and 2014B. The license originally covered
only CBM and Shale rights but now will include all petroleum.
The Daniel Block has an offshore section extending into Walvis Basin that the
Company has recently evaluated for oil prospectivity. Colin Kinley, Eco's
Chief Operating Officer commented, "The offshore section of Daniel is near
shore, however, it has good cover and is on trend with the slope and direction
of the source rock, proven in the last two wells drilled by HRT in the basin.
The drilling of the Toscanini well four decades ago on the beach section of
this block, based on visible oil shows, seems to be consistent with our
evaluation of the block. This oil presence was the basis for wild cat drilling
of the Toscanini well, and our oil slick study with Fugro further defines oil
presence in the basin and the prospectivity on the Daniel new offshore section
of the block. We believe further work on the offshore section of this block
will prove consistently prospective."
Gil Holzman, Chief Executive Officer of Eco Atlantic commented, "Eco continues
with the focused evaluation of our offshore blocks in the Walvis Basin. We
have carefully selected and negotiated the addition of the conventional oil
and gas rights for the Daniel Block. The recent confirmation of source rock in
both of HRT's wells in the basin is in agreement with our exploration science
and definitely has increased focus on the Walvis Basin proven oil prospects.
We are grateful for the Ministry's approval."
The Company further announces, based on its technical assessment, and in
return for the conversion of License #31, the relinquishment of its CBM
Exploration License #32, (Block 2418) onshore South East Namibia.
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the developing
and bourgeoning energy play in Namibia. Through its wholly owned Namibian
subsidiary, it holds four oil and gas offshore licenses issued by the
Government of the Republic of Namibia covering in total more than 40,000
square kilometers (approximately 9.5 million 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
Atlantic with the Government of the Republic of Namibia in March 2011.
SOURCE Eco (Atlantic) Oil & Gas Ltd.
For More Information on Eco Atlantic Contact:
Gil Holzman President and Chief Executive Officer firstname.lastname@example.org Tel:
Alan Friedman Executive Vice President email@example.com Tel:
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CO: Eco (Atlantic) Oil & Gas Ltd.
-0- Aug/22/2013 14:21 GMT
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