TIDMECO
RNS Number : 3237S
Eco (Atlantic) Oil and Gas Ltd.
25 June 2018
25 June 2018
ECO (ATLANTIC) OIL & GAS LTD
("Eco Atlantic", "Company", "Eco" or, together with its
subsidiaries, the "Group")
Eco Granted Extension on the Tamar Block (PEL50), Offshore
Namibia
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), the
oil and gas exploration company with licences in highly prospective
regions in South America and Africa, is pleased to announce that it
has been granted a one-year extension to 20 March 2019 for the
First Renewal Period of the PEL50 licence covering its offshore
"Tamar" Block, located in the 22,500 km(2) Walvis Oil Basin in
North Central Namibia, by the Namibia Ministry of Mines and Energy
("Ministry").
The one year extension was granted to Eco and its partners,
Spectrum and NAMCOR, in recognition of completion of the necessary
work committed in this period on the Tamar Block. Over the
remainder of the extension period, the Company will continue to
progress the exploration programme to better understand the
resources indicated from the previous 2D seismic work and give a
clearer indication for delineating further geophysical work over
the selected leads on the Block. Eco and its partners intend to
serve notice to progress into the Second Renewal Period for PEL50
in March 2019 and will then have an additional two years with the
option of a further one year extension to complete 3D and to
progress towards a well if the partners decide to do so.
Gil Holzman, Chief Executive Officer of Eco Atlantic,
commented:
"We are delighted by the Ministry's continued support of our
progress made on PEL50, and the other Blocks in the Basin, and its
confidence in our ability to further enhance the area's
prospectivity through our exploration efforts.
"We are seeing an ever-increasing interest in the Walvis Basin
in general from many industry players, oil majors and independent
E&P companies alike, and specifically in the Tamar Block. This
Block is directly to the west and adjacent of the PEL71 where
Chariot and Azinam are about to drill the Prospect S target in
October 2018.
"Eco has made significant progress on all our four blocks in the
Basin. With both our own technical team and with support from our
partners at Namcor, Azinam, and Tullow, we have advanced the entire
geotechnical understanding of the region, the understanding of the
depositional environment, and the focus on specific areas for
hydrocarbons prospectivity throughout the basin and on our four
blocks: PEL50 (Tamar Block) PEL34 (Guy Block), PEL33 (Sharon
Block), and PEL30 (Cooper Block).
"The planned drilling of the exploration wells on PEL37 and
PEL71 this coming September and October has considerably driven up
interest in Namibia. The recent entrance of Exxon into the centre
of our four blocks and with the entrance of ONGC and other majors
still pushing to enter Namibia, we are confident in further
exploration and corporate activity in the region that will continue
building value to our shareholders and partners."
**ENDS**
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
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
Oliver Stansfield
Jonathan Evans
Robert Beenstock
Pareto Securities Limited (Joint +44 (0) 20 7786
Broker) 4370
+44 (0) 20 7786
Soren Clausen 4382
+44 (0) 20 7786
4398
Davide Finelli +44 (0) 20 7786
Matilda Mäkitalo 4375
+44 (0) 20 7469
Peterhouse Corporate Finance 0930
Eran Zucker
+44 (0) 20 7138
Blytheweigh (PR) 3204
Tim Blythe
Simon Woods
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
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, ONGC, Total (optional) and AziNam.
In Guyana, Eco Guyana holds a 40%(1) working interest alongside
Tullow Oil (60%) in the 1,800 km(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 and Snoek,
Payara, Pacora, Turbot and Longtail Discoveries, recently
discovered by ExxonMobil and Hess, which is estimated to contain in
excess of 3.7 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 25,000 km(2) with over
2.3 billion barrels of prospective P50 resources in the Walvis and
Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar
are being developed alongside partners, which include Tullow Oil,
AziNam and NAMCOR. Drilling activity in Namibia is set to gather
pace in 2018 and 2019, with a few wells confirmed to be spud on
Tullow PEL 037 and Chariot Central Blocks. The Company has applied
for drilling permits on its Cooper (Operator) and Guy blocks.
(1) Total E&P Activités Pétrolières, (a wholly owned
subsidiary of Total SA) ("Total") has purchased an option from Eco
to acquire a 25% Working Interest in the Orinduik Block for and
additional US$12.5 million.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCPGUAPQUPRPGC
(END) Dow Jones Newswires
June 25, 2018 02:01 ET (06:01 GMT)
Eco (atlantic) Oil & Gas (LSE:ECO)
Historical Stock Chart
From Apr 2024 to May 2024
Eco (atlantic) Oil & Gas (LSE:ECO)
Historical Stock Chart
From May 2023 to May 2024