TIDMECO
RNS Number : 4198S
Eco (Atlantic) Oil and Gas Ltd.
09 March 2023
09 March 2023
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Eco Atlantic notes Operator's New Competent Person's Resource
Report on Block 3B/4B Offshore South Africa
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX -- V: EOG) ,
the oil and gas exploration company focused on the offshore
Atlantic Margins, is pleased to note Africa Oil Corp.'s publication
of an independent, NI 51-101 compliant r eport of qualified
reserves and resources evaluator for Block 3B/4B Offshore South
Africa (the "CPR"). The CPR was commissioned by Africa Oil Corp.
and issued by RISC Advisory (UK) Limited, an independent oil and
gas advisory firm.
Highlights
- RISC's analysis of the licence identifies total Unrisked Gross
P50 Prospective Resources of approximately 4 billion barrels of oil
equivalent ("BOE").
- Net (26.25%) to Eco Atlantic, the Net Unrisked Prospective
resources are approximately 1.0 BOE.
- Exploration risk (Pg) for the identified prospects and leads
were assessed by RISC to range from 15% to 39%.
o Eco Net Unrisked Prospective Resources: Oil - Million stock
tank barrels of oil ("MMstb"):
-- Minimum (P90): 452 MMstb
-- Most likely (P50): 802 MMstb
-- Maximum (P10): 1,427 MMstb
o Eco Net Unrisked Prospective Resources: Gas - Billion cubic
feet ("Bcf"):
-- Minimum (P90): 798 Bcf
-- Most likely (P50): 1,446 Bcf
-- Maximum (P10): 2,628 Bcf
Notes:
Net values are ECO's 26.25% working interest share of Gross
Prospective Resources attributable to Exploration Right and are not
equivalent to an entitlement right.
The CPR can be accessed via Africa Oil Corp.'s website:
https://africaoilcorp.com/operations/block-3b-4b/
Colin Kinley, Co-Founder and COO of Eco Atlantic commented:
"After completing an extensive reprocessing of the 3D on 3B/4B,
this CPR by RISC confirms 3B/4B's potential and generates exciting
prospectivity on this unique Orange Basin block. The region
offshore Namibia and South Africa continues to be an exploration
hotspot and yielding dramatic discoveries. The estimated one
Billion BOE of P50 prospective resources net to Eco are all in
prospects of similar geologic age and structure to that of the
recent discoveries announced by TotalEnergies and Shell in the same
horizons of the Orange Basin.
"We are working closely with our JV partners on a potential farm
out of up to a 55% gross working interest in the block, which will
help accelerate the commencement of a two well drilling program on
the licence. We believe that this is a highly prospective block
with multiple exciting exploration prospects. We look forward to
updating the market on further developments of Block 3B/4B as
exploration activity continues to accelerate in this basin."
**ENDS**
For more information, please visit www.ecooilandgas.com or
contact the following :
Eco Atlantic Oil and Gas c/o Celicourt +44 (0)
20 8434 2754
Gil Holzman, CEO
Colin Kinley, COO
Alice Carroll, Head of Corporate Sustainability +44(0)781 729 5070
Strand Hanson (Financial & Nominated Adviser) +44 (0) 20 7409 3494
James Harris
James Bellman
Berenberg (Broker) +44 (0) 20 3207 7800
Matthew Armitt
Detlir Elezi
Echelon Capital (Financial Adviser N.
America Markets)
Ryan Mooney +1 (403) 606 4852
Simon Akit +1 (416) 8497776
Celicourt (PR) +44 (0) 20 8434 2754
Mark Antelme
Jimmy Lea
Qualified Person's Statement:
Colin Kinley, Chief Operating Officer of Eco Atlantic, has
reviewed and approved the technical information contained within
this announcement, in the context of its appropriate extraction
from the CPR, in his capacity as a qualified person, as required
under the AIM rules. Mr Kinley has over 35 years' experience in the
oil and gas industry.
Notes to editors:
About Eco Atlantic:
Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused
oil & gas exploration company with offshore license interests
in Guyana, Namibia, and South Africa. Eco aims to deliver material
value for its stakeholders through its role in the energy
transition to explore for low carbon intensity oil and gas in
stable emerging markets close to infrastructure.
Offshore Guyana in the proven Guyana-Suriname Basin, the Company
holds a 15% Working Interest in the 1,800 km(2) Orinduik Block
Operated by Tullow Oil. In Namibia, the Company holds Operatorship
and an 85% Working Interest in four offshore Petroleum Licences:
PELs: 97, 98, 99, and 100, representing a combined area of 28,593
km(2) in the Walvis Basin.
Offshore South Africa, Eco is Operator and holds a 50% working
interest in Block 2B and a 26.25% Working Interest in Block 3B/4B
operated by Africa Oil Corp., totalling some 20,643km (2) .
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
STRGLGDXUDGDGXC
(END) Dow Jones Newswires
March 09, 2023 02:00 ET (07:00 GMT)
Eco (atlantic) Oil & Gas (LSE:ECO)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Eco (atlantic) Oil & Gas (LSE:ECO)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024