Quantcast
Last updated on April 23, 2014 at 1:22 EDT

Eco Atlantic Provides Interpretation of HRT’s Murombe-1 Well Offshore Namibia

July 22, 2013

TORONTO, July 22, 2013 /CNW/ - Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic” or the “Company”) (TSXV:
EOG) (NSX: EOG)
provides technical interpretation of Murombe-1 well drilled by HRT
Participações em Petróleo S.A (“HRT“) in the Walvis Basin, offshore Namibia.

HRT announced on Friday July 18, 2013 that the Murombe-1 well, the
second offshore well in their exploratory drilling campaign has been
concluded and is considered as a dry hole. This well was targeting the
Murombe Prospect, located in Petroleum Exploration License 23 in the
Walvis Basin. Although the well was dry and presence of poor reservoir
in the main target, the results reconfirmed the presence of Aptian
source rock in the oil window, which was also encountered during the
drilling of the Wingat-1 well.

The Murombe-1 exploration well was drilled to a total depth of 5,729
meters with the objective of penetrating two targets. The primary
target, Murombe, a Barremian Age turbidite fan system and a secondary
target, the Baobab, a shallower Santonian Age structure were both
penetrated. The average porosity was 19% and no reservoir was
encountered.

Gil Holzman, Chief Executive Officer of Eco Atlantic commented:The results of the Murombe-1 well announced by HRT late last week was
disappointing for HRT from a commercial perspective, however they
provide valuable information on the basin and the geological structures
of the region. The well reconfirmed the evidence of source rock which
complements that which was established by the Wingat-1 well drilled in
May. In that well, samples of high quality light sweet crude were
recovered, and a working petroleum system in the Walvis Basin was
established.”

Earlier this month, Eco Atlantic was granted a one year extensions of
its Exploration Phase of the Sharon and Guy licenses, extending the
obligation period for both 3D seismic and drilling by a further 12
months into 2016.

“Repsol recently announced the anticipated drilling of its Welwitschia-1
prospect in February 2014, which is contiguous to Eco Atlantic’s Cooper
Block in the Walvis Basin.”
Added Holzman, “HRT has also confirmed the imminent drilling of its third exploration
well on the Moosehead prospect in the Orange Basin. Our Strategy is to
continue with ongoing exploration during the extended term as approved
by the Ministry, which comfortably allows the Company sufficient time
to work obligations. Our team continues to gather information from
ongoing exploration work which is allowing us to further define our
prospects and targets. We and the E&P industry are well aware of the
statistics of early dry holes drilled in the major fields around the
world in order to bring them on line. We are being very conservative in
our budgetary moves at this early stage and remain confident in the
prospectivity of our offshore Namibia licenses.”

About Eco Atlantic

Eco Atlantic is an oil and gas exploration company focused on the new
and bourgeoning energy play in Namibia. Through its wholly owned
Namibian subsidiary, it holds three offshore petroleum licenses and two
onshore CBM and shale licenses issued by the Government of the Republic
of Namibia. Offshore in the Walvis Basin, Eco Namibia holds three
license blocks covering more than 25,000 square kilometers (6,177,000
acres). Onshore, Eco Namibia holds two license blocks covering 30,000
square kilometers (7,413,000 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 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, uncertainties
and other factors which may cause the actual results, performance or
achievements of Eco Atlantic to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements.

Such factors include, 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; environmental risks; competition; inability to access
sufficient capital from internal and external sources; government
regulation of petroleum and natural gas matters; environmental risks;
unanticipated reclamation expenses; title disputes or claims,
termination or amendment of existing contracts; actual results of
drilling activities; conclusions of economic evaluations; failure of
plant, equipment or processes to operate as anticipated; accidents,
labour disputes and other risks of the petroleum and natural gas
industries and delays in obtaining or failure to obtain any
governmental approvals or licenses. . Readers are cautioned that the
foregoing list of factors is not exhaustive.

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 Oil & Gas (Atlantic) Ltd.


Source: PR Newswire