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
Ministry's approval."
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.