TORONTO, Jan. 6, 2014 /CNW/ - Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company") (TSX-V: EOG, NSX: EOG) is pleased to announce that it has submitted an initial evaluation report (the "Report") for the Daniel License, Block number 2013B offshore Namibia ("Block") to the Namibia Ministry of Mines and Energy. The Report focuses on the 2250 square kilometer Block off the Skeleton Coast in the Walvis Basin of Namibia. Eco Atlantic holds a 90% Working Interest and NAMCOR holds a 10% Working Interest in the Daniel Block.
Eco Atlantic has completed this initial study of the offshore section of the Block for which oil and gas rights were granted in August 2013 and has reviewed the existing 2D seismic and regional interpretations. The South East corner of the Block is the eastern slope of the Walvis Basin and has created good exposure to the Cretaceous and Syn-Rift Sections.
Colin Kinley, COO of Eco Atlantic stated: "The newly established oil kitchen in the Walvis Basin confirming light 40 API degrees gravity oil; the oil shows onshore on the Daniel Block which prompted the drilling of the Toscanini Well; and the slicks evident in the region from the Fugro Oil Slick study that was completed for Eco, all indicate that oil is migrating through the block from the deeper kitchen and that further work is warranted to find a suitable trap and seal. We still have significant work to do and further study is required, with shallow water depths and shallow drilling depths, we are intrigued by this very interesting Block."
Gil Holzman, CEO of Eco Atlantic commented: "As each piece of the Namibian oil frontier puzzle is revealed, we are constantly getting closer to the reality of a significant find in this country. Our ongoing work on each of our blocks, including this recent work on Daniel, only strengthens our commitment to contribute to the establishment of this resource play."
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the new and bourgeoning energy play in Namibia. Through a wholly owned Namibian subsidiary ("Eco Namibia"), it holds four petroleum licenses issued by the Government of the Republic of Namibia. Offshore in the Walvis Basin, Eco Atlantic holds three license blocks covering more than 25,000 square kilometers (6,177,000 acres). Eco Atlantic holds an additional license block covering 23,000 square kilometers (5,683,000 acres) which includes both onshore and offshore areas. Founded in 2008, Eco Namibia 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 Namibia with the Government of the Republic of Namibia in March 2011.
Forward Looking Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news 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. More particularly and without limitation, this news release contains forward looking statements and information concerning the likelihood or possibility that the results from the Report are or will be indicative of the viability of the Block. The results in the Report are not indicative of long term performance of the Block. There is no certainty that any resources will be discovered on the Block, and if discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.
Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with oil and gas production and exploration, marketing and transportation; retention of and ability to attract Company personnel, regulatory approvals, 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; 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.
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 (Atlantic) Oil & Gas Ltd.