Eco (Atlantic) submits Daniel License evaluation report to the Namibia
Ministry of Mines and Energy
TORONTO, Jan. 6, 2014 /CNW/ - Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or
the "Company") (TSX-V: EOG, NSX: EOG)is pleased to announce that it has
submitted an initial evaluation report (the "Report") for the Daniel License,
Block number 2013B offshore Namibia ("Block") to the Namibia Ministry of Mines
and Energy. The Report focuses on the 2250 square kilometer Block off the
Skeleton Coast in the Walvis Basin of Namibia. Eco Atlantic holds a 90%
Working Interest and NAMCOR holds a 10% Working Interest in the Daniel Block.
Eco Atlantic has completed this initial study of the offshore section of the
Block for which oil and gas rights were granted in August 2013 and has
reviewed the existing 2D seismic and regional interpretations. The South East
corner of the Block is the eastern slope of the Walvis Basin and has created
good exposure to the Cretaceous and Syn-Rift Sections.
Colin Kinley, COO of Eco Atlantic stated: "The newly established oil kitchen
in the Walvis Basin confirming light 40 API degrees gravity oil; the oil shows
onshore on the Daniel Block which prompted the drilling of the Toscanini Well;
and the slicks evident in the region from the Fugro Oil Slick study that was
completed for Eco, all indicate that oil is migrating through the block from
the deeper kitchen and that further work is warranted to find a suitable trap
and seal. We still have significant work to do and further study is required,
with shallow water depths and shallow drilling depths, we are intrigued by
this very interesting Block."
Gil Holzman, CEO of Eco Atlantic commented: "As each piece of the Namibian oil
frontier puzzle is revealed, we are constantly getting closer to the reality
of a significant find in this country. Our ongoing work on each of our blocks,
including this recent work on Daniel, only strengthens our commitment to
contribute to the establishment of this resource play."
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the new and
bourgeoning energy play in Namibia. Through a wholly owned Namibian subsidiary
("Eco Namibia"), it holds four petroleum licenses issued by the Government of
the Republic of Namibia. Offshore in the Walvis Basin, Eco Atlantic holds
three license blocks covering more than 25,000 square kilometers (6,177,000
acres). Eco Atlantic holds an additional license block covering 23,000 square
kilometers (5,683,000 acres) which includes both onshore and offshore areas.
Founded in 2008, Eco Namibia 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 Namibia with the Government of the Republic of
Namibia in March 2011.
Forward Looking Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: Certain information in
this news release constitutes forward-looking statements under applicable
securities law. Any statements that are contained in this news 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. More
particularly and without limitation, this news release contains forward
looking statements and information concerning the likelihood or possibility
that the results from the Report are or will be indicative of the viability of
the Block. The results in the Report are not indicative of long term
performance of the Block. There is no certainty that any resources will be
discovered on the Block, and if discovered, there is no certainty that it will
be commercially viable to produce any portion of the resources.
Forward-looking statements necessarily involve known and unknown risks,
including, without limitation, risks associated with oil and gas production
and exploration, marketing and transportation; retention of and ability to
attract Company personnel, regulatory approvals, loss of markets; volatility
of commodity prices; currency and interest rate fluctuations; imprecision of
reserve estimates; environmental risks; competition; inability to access
sufficient capital from internal and external sources; changes in legislation,
including but not limited to income tax, environmental laws and regulatory
matters. 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.
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: 972.508884529; Charlotte Dilks,
Investor Relations Manager, email@example.com, Tel: 416.361.2211
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