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.