TORONTO,
Nov. 25, 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 a Prospectivity Study Interpretation Report (the
"Report") for the Cooper Block (the "Block" or
"Cooper"), offshore Namibia
in the Walvis Basin. The Report was prepared by Petroleum
Geo-Services (PGS) of England.
The aim of this study is to interpret the
Company's existing and newly acquired 1,500 kilometers of 2D data
on the Block for lead identification and to outline potential
target areas for the near future acquisition of 3D seismic
data.
Information obtained from exploration wells
throughout the region has proven an active petroleum system in the
Cretaceous-recent rocks. The Company has been focused on the
Cenomanian-Turonian and Aptian Marine post rift and the Neocomian
lacustrine and Artinskian Pre/Syn Rift source rocks. Potential
reservoirs evaluated include both Post and Pre/Syn Rift including
the Palaeocene, Albian, Berremian and Jurassic. Geophysics was
interpreted independently by the PGS team. The Report concludes
that Cooper has a very good structural and stratigraphic
hydrocarbon potential in the form of channels/ fans and tilted
fault blocks and has clearly defined a new Syn-rift wedge and an
upper cretaceous fan system.
Colin Kinley,
Chief Operating Officer of Eco Atlantic stated:
"We are pleased with the completion of the PGS study. The
additional 2D seismic has been helpful to define the target areas
for our upcoming 3D seismic program. Our team appreciates the
support we received from Azinam Ltd., our partner on the Block, in
the preparation of the report and the new findings. Most recently,
we have completed interpreted depth mapping and interpretation of
the present day oil window on the Block. We are excited to move
forward, and further confirm our evaluated prospectivity in this
interesting basin."
Gil Holzman,
CEO of Eco Atlantic commented today from Cape Town while attending Africa Oil Week
conference: "We are happy with the recent positive momentum in
the E & P markets and in particular the increased interest and
farm-in activity offshore Namibia.
Eco is pleased with the progress our technical team is making
together with Azinam Ltd. in further advancing and de-risking our
offshore blocks in accordance with our strategic work plan. The
recent independent report on Cooper is very positive and confirms
our interpretation of the oil potential of the Walvis
Basin."
Eco Hires New Manager, Investor
Relations
Eco Atlantic further announces that it has hired
Ms. Charlotte Dilks as the new
Manager, Investor Relations, to replace Ms. Julia Maxwell. The Company's board of
directors thanks Ms. Maxwell for her contributions during her
tenure.
Ms. Dilks joins Eco Atlantic with four years'
experience working in the financial industry and two years'
experience in digital media and investor relations. She earned her
Bachelor Degree in Applied Communications from Royal Roads
University in Victoria BC in
2007.
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.
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 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.