Eco Atlantic awarded oil exploration rights on its License #31, extending into Walvis Basin waters, offshore Namibia
TORONTO, Aug. 22, 2013 /CNW/ – Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic” or the “Company”) (TSX-V:
EOG, NSX: EOG) is pleased to announce that it has received final approval from
Namibia’s Ministry of Mines and Energy (the “Ministry“) for the inclusion of all oil and gas rights on its Skeleton Coast
License #31 which is a transition license that is both onshore Huab
Basin and extends offshore Walvis Basin. The License, which the Company
recently named “Daniel“, covers Blocks 2114, 2013B and 2014B. The license originally covered
only CBM and Shale rights but now will include all petroleum.
The Daniel Block has an offshore section extending into Walvis Basin
that the Company has recently evaluated for oil prospectivity. Colin Kinley, Eco’s Chief Operating Officer commented, “The offshore section of Daniel is near shore, however, it has good cover
and is on trend with the slope and direction of the source rock, proven
in the last two wells drilled by HRT in the basin. The drilling of the
Toscanini well four decades ago on the beach section of this block,
based on visible oil shows, seems to be consistent with our evaluation
of the block. This oil presence was the basis for wild cat drilling of
the Toscanini well, and our oil slick study with Fugro further defines
oil presence in the basin and the prospectivity on the Daniel new
offshore section of the block. We believe further work on the offshore
section of this block will prove consistently prospective.”
Gil Holzman, Chief Executive Officer of Eco Atlantic commented, “Eco continues with the focused evaluation of our offshore blocks in the
Walvis Basin. We have carefully selected and negotiated the addition of
the conventional oil and gas rights for the Daniel Block. The recent
confirmation of source rock in both of HRT’s wells in the basin is in
agreement with our exploration science and definitely has increased
focus on the Walvis Basin proven oil prospects. We are grateful for the
The Company further announces, based on its technical assessment, and in
return for the conversion of License #31, the relinquishment of its CBM
Exploration License #32, (Block 2418) onshore South East Namibia.
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the
developing and bourgeoning energy play in Namibia. Through its wholly
owned Namibian subsidiary, it holds four oil and gas offshore licenses
issued by the Government of the Republic of Namibia covering in total
more than 40,000 square kilometers (approximately 9.5 million 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 Atlantic with the Government of
the Republic of Namibia in March 2011.
SOURCE Eco (Atlantic) Oil & Gas Ltd.