Breaking News

Tweet TWEET

Eco Atlantic triples P50 oil estimate with updated lead reports on Cooper Block, offshore Namibia

Eco Atlantic triples P50 oil estimate with updated lead reports on Cooper 
Block, offshore Namibia 
ONE YEAR EXTENSION GRANTED ON COOPER 
TORONTO, Feb. 18, 2014 /CNW/ - Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" 
or the "Company") (TSX-V: EOG, NSX: EOG) is pleased to announce that it has 
received an updated Gross Prospective Unrisked Resource Lead Report ("Report") 
prepared by Gustavson Associates LLC ("Gustavson") of Colorado, USA, on Block 
2012A ("Cooper") in the Walvis Basin, offshore Namibia. The Report was 
prepared in accordance with Canadian National Instrument 51-101 Standards of 
Disclosure for Oil and Gas Activities ("NI 51-101") and supports a P(50) Best 
Estimate of 4.5 billion barrels of gross prospective oil over the existing 
targets. 
The Report evaluated an additional 700 Klms of 2D Seismic Data recently 
acquired by the Company, which also retained Petroleum Geo-Services (PGS) 
Geophysical of the UK to work with its internal team to complete a new 
detailed geological and geophysical interpretation of Cooper. Gustavson 
completed an assessment of the Gross Prospective Unrisked Resource as of 
February 18, 2014. The Report is based upon interpretation of over 1,450 line 
kilometers of 2D seismic and an analysis of the recent detailed report 
completed by PGS, on the block. The Report updates Gustavson's original lead 
report for Cooper, as published in February 2012. 
Eco Atlantic also announces that in recognition of recent developments and 
work done on Cooper, and with Eco Atlantic's continued focus on research and 
near term operational plans, the Namibian Ministry of Mines and Energy has 
granted a one year extension to March 2016, of the Initial Exploration Period 
of the Cooper license. This extension brings Cooper's schedule in line with 
the respective timelines of the Company's other two blocks, Guy and Sharon, 
located in the Walvis Basin. 
Colin Kinley, COO of Eco Atlantic stated, "We are pleased with the results of 
the recent work that we have conducted on Cooper. This report extends our 
understanding of the mechanics of the basin and reflects the importance of 
continued exploration through regional drilling and seismic efforts. Each bit 
of information adds to the matrix of data we have and moves us closer to 
discovery." 
Based on probabilistic analysis, the Gross Prospective Unrisked Resources for 
the seven leads are summarized below: 


     _____________________________________________________________________
    |               |        Oil in Place(1)   |Prospective Oil Resources |
    |               |           (MMBO)(2)      |        (MMBO)(2)         |
    |_______________|__________________________|__________________________|
    |               |  Low   |  Best  |  High  |  Low   |  Best  |  High  |
    |        Lead   |Estimate|Estimate|Estimate|Estimate|Estimate|Estimate|
    |               | (P90)  | (P50)  | (P10)  | (P90)  | (P50)  | (P10)  |
    |_______________|________|________|________|________|________|________|
    |A (Campanian)  |  413.0 |  784.0 |1,369.6 |   90.8 |  179.9 |  327.9 |
    |_______________|________|________|________|________|________|________|
    |B (Albian)     |1,317.3 |2,478.5 |4,271.3 |  290.2 |  569.4 |1,029.8 |
    |_______________|________|________|________|________|________|________|
    |C (Campanian)  |1,658.8 |3,528.0 |6,797.4 |  368.7 |  812.2 |1,662.2 |
    |_______________|________|________|________|________|________|________|
    |D              |  544.2 |1,128.3 |2,160.0 |  120.4 |  256.6 |  516.4 |
    |(Maastrichtian)|        |        |        |        |        |        |
    |_______________|________|________|________|________|________|________|
    |Flat           |  339.3 |  628.4 |1,104.8 |   73.0 |  143.8 |  265.0 |
    |(Campanian)    |        |        |        |        |        |        |
    |_______________|________|________|________|________|________|________|
    |Campanian Fan  |4,939.1 |9,512.1 |17,596.3|1,083.5 |2,177.0 |4,208.2 |
    |_______________|________|________|________|________|________|________|
    |Albian Channel |  942.6 |1,744.2 |2,979.9 |  208.4 |  394.4 |  711.4 |
    |_______________|________|________|________|________|________|________|
    |Total          |10,154.3|19,803.5|36,279.4|2,235.1 |4,533.3 |8,720.9 |
    |_______________|________|________|________|________|________|________|
    |                                                                     |
    |(1) Oil in place does not represent a recoverable volume.            |
    |(2) Million barrels of oil                                           |
    |_____________________________________________________________________|

The Cooper license covers 5,800 square kilometers (1,433,000 acres) and is 
situated within the Walvis Basin, offshore Namibia. Eco Atlantic holds a 70% 
working interest in the Cooper license, Azimuth Ltd. hold 20% working 
interest, and the National Petroleum Corporation of Namibia (NAMCOR) hold a 
10% working interest. The estimates in the Report have been prepared in 
accordance with the definitions and guidelines set forth in NI 51-101. The 
estimates do not include considerations for the risk of failure in exploring 
for these resources.

Gil Holzman, CEO of Eco Atlantic, stated from Windhoek, Namibia: "We are very 
happy that the opportunity we see in Cooper is better defined in this report. 
After extensive work by our operating team and the experts at PGS, and with 
the detailed analysis by Gustavson, the Report triples the potential oil that 
we have estimated in the leads on Cooper, thus making it an even more 
attractive drilling opportunity". Holzman added: "We appreciate the year 
extension for the shooting of 3D on Cooper by the Namibian Government. We have 
been able to refine our leads with this work and the imminent drilling planned 
by the owners of our neighboring blocks should help to even better define our 
3D work planned for the fall season and to further attract potential partners."

Prospective resources are defined as those quantities of petroleum estimated, 
as of a given date, to be potentially recoverable from undiscovered 
accumulations by application of future development projects.  Prospective 
resources are further subdivided in accordance with the level of certainty 
associated with recoverable estimates assuming their discovery and development 
and may be sub-classified based on project maturity. Prospective resources 
have both an associated chance of discovery (geological chance of success) and 
a chance of development (economic, regulatory, market, facility, corporate 
commitment or political risks). The chance of commerciality is the product of 
these two risk components. The prospective resource estimates referred to 
herein have not been risked for either the chance of discovery or the chance 
of development.  There is no certainty that any portion of the resources will 
be discovered.  If discovered, there is no certainty that it will be 
commercially viable to produce any portion of the resources.  The Low Estimate 
represents the P(90) values from the probabilistic analysis (i.e. the value is 
greater than or equal to the P(90) value 90% of the time), while the Best 
Estimate represents the P(50) values and the High Estimate represents the 
P(10). Actual resources may be greater or less than those calculated.

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 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, 
including, 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; imprecision of 
reserve estimates; environmental risks; competition; inability to access 
sufficient capital from internal and external sources; ability to obtain 
government and regulatory approval; 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 exhaustive.

Statements relating to "resources" and "prospective resources" are deemed to 
be forward-looking statements, as they involve the implied assessment that the 
resources described exist in the quantities predicted or estimated. This 
assessment is based on a number of assumptions, such as geological, 
technological and engineering estimates, and is subject to a variety of risks, 
uncertainties and other factors that could cause actual results to differ 
materially from those anticipated in the estimates. These uncertainties and 
risks include, but are not limited to: (1) the fact that there is no certainty 
that the zones of interest will exist to the extent estimated or that the 
zones will be found to have oil and/or natural gas with characteristics that 
meet or exceed the minimum criteria to make it commercially recoverable to the 
extent estimated; (2) the number of competitors in the oil and gas industry 
with greater technical, financial and operations resources and staff; (3) 
potential liabilities for pollution or hazards against which the company 
cannot adequately insure or which the company may elect not to insure; (4) 
contingencies affecting the classification as reserves versus resources which 
relate to the following issues as detailed in the Canadian Oil and Gas 
Evaluation Handbook: ownership considerations, drilling requirements, testing 
requirements, regulatory considerations, infrastructure and market 
considerations, timing of production and development, and economic 
requirements; and (5) other factors beyond the Company's control.

Although Eco Atlantic believes in light of the experience of its officers and 
directors, current conditions, 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 gil@ecooilandgas.com Tel: 
972.508884529   Charlotte Dilks Investor Relations Manager 
charlotte@ecooilandgas.com Tel: 416.361.2211   
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/February2014/18/c4929.html 
CO: Eco (Atlantic) Oil & Gas Ltd.
ST: Ontario
NI: OIL FIELD  
-0- Feb/18/2014 14:47 GMT
 
 
Press spacebar to pause and continue. Press esc to stop.