TORONTO, July 8, 2013 /CNW/ - ECO (ATLANTIC) OIL AND GAS LTD. (TSX-V: EOG, NSX: EOG) Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company") is pleased to announce that the Government of Namibia Ministry of Mines and Energy has approved the request for a one year extension of the Initial Exploration Period on the Company's Guy (2111B & 2211A) and Sharon (2213A & 2213B) licenses located offshore Namibia, in the prospective Walvis Basin.
The year extension of the Company's work commitments allows more flexibility and time to execute the Company exploration program which consists of shooting 1,000 km2 of 3D seismic on each of the licenses in Year 4 (2015) and drilling an exploratory well in Year 5 (2016) before the First Renewal Period.
On the Cooper license (2012A), located offshore Namibia, the Company is preparing for a 500 Km2 3D survey. Together with the other license participants, AziNam Ltd. and NAMCOR, the Company is currently in the process of examining additional 2D data and is planning a 3D survey, expected to commence later this year.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic commented, "We are delighted to receive the extension granted by the Ministry of Mines and Energy and its continued support of our exploration efforts on our offshore blocks.
Eco Atlantic, together with our license partners, AziNam Ltd. and NAMCOR, has met all obligations on our offshore licenses to date and have obtained valuable geological information together with significant resources leads. The year extension of the Guy and Sharon license allows us more time and flexibility to plan and prepare geological and geophysical models with new pertinent information obtained from regional drilling and exploration activity. This information greatly assists us in defining our 3D programs, the drilling targets, and potential international Joint Ventures.
The recent results of HRT's Wingat-1 well and the increased activity offshore Namibia, especially in the Walvis Basin, have significantly de-risked the basin for mid-tier and major players to enter. We are confident that the Company's blocks are excellent candidates for future partnerships and farm in activity."
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the new and bourgeoning petroleum opportunity in Namibia. Through its wholly owned Namibian subsidiary, Eco Namibia, it holds five petroleum licenses issued by the Government of the Republic of Namibia. Eco Namibia holds three offshore license blocks covering more than 25,000 square kilometers (6,177,000 acres), in the Walvis Basin. Eco Namibia also holds two onshore license blocks covering 30,000 square kilometers (7,413,000 acres). Eco Namibia enjoys a strong local presence, and has a longstanding relationship with the energy and oil and gas sector in Namibia and in 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 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 NOTE 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.
In addition, statements relating to "resources" or "prospective resources" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the resources and prospective resources described exist in the quantities predicted or estimated and can be profitably produced in the future. There is no certainty that any portion of the resources or prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.
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.
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SOURCE Eco Oil & Gas (Atlantic) Ltd.