Eco (Atlantic) Oil and Gas Ltd. Notes ExxonMobil's "Snoek" Oil discovery Guyana (0993B)
31 March 2017 - 5:01PM
UK Regulatory
TIDMECO
RNS Number : 0993B
Eco (Atlantic) Oil and Gas Ltd.
31 March 2017
31 March 2017
ECO (ATLANTIC) OIL & GAS LTD.
("Eco Atlantic", "Company" or, together with its subsidiaries,
the "Group")
Eco Atlantic notes ExxonMobil's new additional "Snoek" Oil
discovery Offshore Guyana, adjacent to the Company's Orinduik
Block
Eco (Atlantic) Oil & Gas Ltd. (TSX-V:EOG / AIM: ECO), the
oil and gas exploration company with licences in Guyana and
Namibia, notes the announcement made overnight by ExxonMobil
Corporation ("Exxon") in relation to another new oil discovery in
Guyana on its Snoek Oil Prospect, of 82 feet of high quality
oil-bearing sandstone reservoir on the Stabroek Block, just 5 miles
southeast of the Liza 1 discovery and in very close proximity to
Eco Atlantic's 1,800 km(2) Orinduik Block.
The Company continues its enhanced work programme on the
Orinduik Block in partnership with Tullow (Eco Guyana 40%, Tullow
60% - Operator) and will update the market in due course on
developments in respect of its ongoing operations in Guyana.
Gil Holzman, Eco Atlantic's CEO, commented; "This 3(rd)
significant discovery by ExxonMobil in addition to Liza and Payara,
further cements Guyana's position as one of the most exciting oil
and gas exploration jurisdictions in the world right now. The new
"Snoek" discovery on the Stabroek Block on an adjacent field to our
Orinduik Block is extremely encouraging and augurs well for Eco's
prospectivity in the area. Such developments merely reinforce the
Board's growing conviction that Eco-Atlantic's collection of
international oil and gas prospects represents a significant,
potentially world-class portfolio."
The announcement by ExxonMobil can be found here:
http://news.exxonmobil.com/press-release/exxonmobil-announces-new-oil-discovery-offshore-guyana
For more information, please visit www.ecooilandgas.com or
contact the following:
Eco Atlantic Oil and Gas +1 (416) 250 1955
Gil Holzman, CEO
Colin Kinley, COO
Alan Friedman, VP
Finlay Thomson, UK and IR manager +44 (0) 7976 248471
Strand Hanson Limited (Financial +44 (0) 20 7409
& Nominated Adviser) 3494
James Harris
Rory Murphy
James Bellman
Brandon Hill Capital Limited +44 (0) 20 3463
(Joint Broker) 5000
Alex Walker
Jonathan Evans
Robert Beenstock
Peterhouse Corporate Finance +44 (0) 20 7469
(Joint Broker) 0930
Eran Zucker
Duncan Vasey
Lucy Williams
+44 (0) 774 884
Yellow Jersey PR 3871
Felicity Winkles
Harriet Jackson
Notes to editors
Eco Atlantic is a TSX-V and AIM listed Oil & Gas exploration
and production Company with interests in Guyana and Namibia where
significant oil discoveries have been made.
The Group aims to deliver material value for its stakeholders
through oil exploration, appraisal and development activities in
stable emerging markets, in partnership with major oil companies,
including Tullow and AziNam.
In Guyana, Eco Guyana holds a 40% working interest alongside
Tullow Oil (60%) in the 1,800km(2) Orinduik Block in the shallow
water of the prospective Suriname Guyana basin. The Orinduik Block
is adjacent and updip to the deep-water Liza Field, recently
discovered by ExxonMobil and Hess, which is estimated to contain as
much as 1.4 billion barrels of oil equivalent, making it one of a
handful of billion-barrel discoveries in the last half-decade.
In Namibia, the Company holds interests in four offshore
petroleum licences totaling approximately 25,000km(2) with over 2.3
billion barrels of prospective P50 resources in the Wallis and
Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar
are being developed alongside partners, which include Tullow Oil,
AziNam and NAMCOR. Significant 3D and 2D surveys and interpretation
have been completed with drilling expected to begin in 2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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