Eco Atlantic Receives Updated NI-51-101 Resource Reports on Petroleum Licenses Offshore Namibia and contracts for Drilling Permits
Donnerstag, 15.12.2016 15:55 von DGAP
DGAP-News: Eco (Atlantic) Oil & Gas Ltd. / Key word(s): Miscellaneous
Eco Atlantic Receives Updated NI-51-101 Resource Reports on Petroleum
Licenses Offshore Namibia and contracts for Drilling Permits
15.12.2016 / 15:49
The issuer is solely responsible for the content of this announcement.
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Toronto, Ontario--(Newsfile Corp. - December 15, 2016) - Eco (Atlantic) Oil
& Gas Ltd. (TSXV: EOG) ('Eco Atlantic' or the 'Company') is pleased to
announce that the Company has received an updated independent NI-51-101
Resource Report, ('Resource Report') detailing the gross and net unrisked
prospective resources for its' Cooper, Guy and Sharon Blocks offshore
Namibia. The report includes a gross best estimate of 4.5 Billion Barrels
of prospective oil.
In addition, Eco Atlantic, as Operator of the Cooper Block, is contracting
RBS - a locally owned specialized consulting firm in Windhoek, Namibia to
assist in filing all the necessary permits and documentation during 2017,
in order to get permits to drill offshore Namibia on the Cooper Block in
the Walvis Basin.
The Resource Report was prepared by Gustavson Associates LLC ('Gustavson')
of Boulder, Colorado. Gustavson conducted an assessment of the gross
prospective resource as of October 31, 2016. The data provided includes
acquired 2D and the Blocks' 3D programs seismic data, as well as reports
from previous wells that were drilled in the vicinity of the Blocks. Based
on probabilistic estimates, the Resource Report confirms a best estimate of
gross unrisked prospective oil resources for Cooper, Guy and Sharon Blocks
in Namibia of 4,546 Million Barrels of Oil ('MMBBls'), and net unrisked
prospective oil resources to Eco Atlantic of 2,362 MMBBls.
Eco Atlantic has also commenced the process to obtain consents, permits and
authorization certifications for predrilling, drilling and post drilling
environmental support services. The drilling permits to be filed for Cooper
License have an expected completion period of approximately eight months.
Partners on the Cooper Block including Eco Atlantic, Tullow Oil, AziNam and
NAMCOR have supported the engagement of the environmental consulting firm
and the partners are continuing their refined interpretation of the recent
3D survey completed on the Block. An exact drilling location is not yet
defined, however the parties concur that permits should be in place for
second half of 2017.
Colin Kinley, Chief Operating Officer commented: 'Eco Atlantic continues to
progress in Namibia - we have been consistent in our exploration efforts,
our research and our operations seeking to prove out the region. We have
purposely partnered with Tullow's highly experienced turbidite specialists
and have had access to the vast geophysical expertise behind AziNam. Both
teams have helped us derisk and have added to our knowledge base. As we
narrow down our path towards drilling, our initial evaluation early days
has been significantly refined. We have analyzed and corrected our error,
including those of risking, tightened up our parameters of defining
reservoir and seal, and now have a much better understanding of the source
rock itself. Our assumptions made and lessons learned have helped us to
define a much greater level of maturity in the estimates applied and this
updated Resource Report defines that, and has given us the confidence to
make the next steps towards drilling.'
Kinley added: 'We have not yet included our Orinduik Block in Guyana in
this report. Together with our partner, Tullow Oil, who is Operator on this
block, we have nearly completed our 2D analysis of all the existing data
and we benefit from prior work completed by Tullow as well. Our 51-101
report does include an update on our Orinduik Block and confirms Tullow's
two of our leads on the block potentially in the Mean 900 Million Barrel
range. We expect to refine and clarify theses leads, in the same formation
of ExxonMobil's Liza discovery, over the next year as we plan our 3D survey
over the block and complete its interpretation. We hold a great deal of
optimism in Guyana. Drilling and water depth over these leads coupled with
scale and economics make a compelling case for the Company.'
The Blocks detailed in the Resource Report consists of the Cooper Block
(Block 2012A) PEL 30, Guy Block (east half of Blocks 2111B & 2211A) PEL 34,
and the Sharon Block (west half of Blocks 2213 A & B) PEL 33.
The Cooper Block License covers an area of approximately 5,000 square
kilometers (1,235,000 acres). ECO is designated as the Operator. The Cooper
Block is located in an area where the water depth ranges from less than 100
meters to over 500 meters. All of the Cooper lead areas are within the 200
to 500 meter water depth range. Eco Atlantic is carried throughout the
drilling of the first exploration well and the carry is subject to Tullow
electing to proceed into the Second Exploration Renewal Period, and to the
well cap amounts to $53m.
The Sharon Block License covers an area of approximately 5,000 square
kilometers (1,235,000 acres). ECO holds a 60% WI and is designated as the
Operator. The water depth at the Sharon Block ranges from 100 meters to 500
meters. Eco Atlantic will be carried for 20% of their share of the 3D
seismic acquisition costs.
The Guy Block License covers an area of approximately 5,000 square
kilometers (1,235,000 acres). Eco Atlantic holds a 50% WI and AziNam is the
Operator. The water depth ranges from 1,500 to 3,000 meters. Eco Atlantic
was being carried through the 3D acquisition and interpretation costs.
The estimates in the Resource Report have been prepared in accordance with
the definitions and guidelines set forth in Canadian National Instrument
51-101, Standards of Disclosure for Oil and Gas Activities. The estimates
do not include considerations for the risk of failure in exploring for
these resources. Copies of the report are available on SEDAR
(www.sedar.com) and on the Eco Atlantic website (www.ecooilandgas.com)
Prospective Resources are defined as 'those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations by application of future development projects.
Prospective resources have both an associated chance of discovery and a
chance of development. Prospective Resources are further subdivided in
accordance with the level of certainty associated with recoverable
estimates assuming their discovery and development and may be
sub-classified based on project maturity.' 2 There is no certainty that any
portion of the resources will be discovered. If discovered, there is no
certainty that it will be commercially viable to produce any portion of the
resources. The Low Estimate represents the P90 values from the
probabilistic analysis (in other words, the value is greater than or equal
to the P90 value 90% of the time), while the Best Estimate represents the
P50 and the High Estimate represents the P10. The totals given are simple
arithmetic summations of values and are not themselves P90, P50, or P10
probabilistic values.
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the
acquisition and development of unique upstream petroleum opportunities
around the world. The Company's objective is to identify technically
merited prospective new and developing projects in frontier areas allowing
low cost entry. In Guyana, the company holds the Orinduik petroleum
license, partially carried by Tullow Oil, through our subsidiary Eco
Atlantic Guyana.
In Namibia through wholly owned subsidiaries, the Company currently holds
interests, some carried, in four offshore petroleum licenses in the Walvis
Basin.
Eco Atlantic enjoys strong local presence in the countries in which it
operates and has a longstanding relationship with the energy and oil and
gas sectors throughout Africa and other maturing exploration plays
internationally.
Forward Looking Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: Certain information
in this press release constitutes forward-looking statements under
applicable securities law. Any statements that are contained in this press
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. 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, 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.
For More Information on Eco Atlantic Contact:
Gil Holzman Alan Friedman
President and Chief Executive Executive Vice President
Officergil@ecooilandgas.com alan@ecooilandgas.com
Tel: +972.508884529 Tel: +1.416.250.1955
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.
Click on, or paste the following link into your web browser, to view
the associated documents
http://www.newsfilecorp.com/release/24099
News Source: Newsfile
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Language: English
Company: Eco (Atlantic) Oil & Gas Ltd.
Canada
ISIN: CA27887W1005
End of News DGAP News Service
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530275 15.12.2016