Eco Atlantic partners sign Joint Operating Agreements on all
offshore licenses ahead of imminent regional drilling campaigns
TORONTO,
Jan. 28, 2013 /CNW/ - ECO
(ATLANTIC) OIL AND GAS LTD. (TSX-V: EOG; NSX: EOG) Eco
(Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the
"Company") is pleased to announce that, through its wholly-
owned subsidiary, it has signed three Joint Operating Agreements
("JOA's" or the "Agreements") with NAMCOR, the
National Petroleum Corporation of Namibia, and Azimuth Ltd. ("Azimuth"), an
exploration and production company backed by majority-owner
Seacrest Capital Ltd. and Petroleum Geo-Services ASA
("PGS").
The Agreements were signed with respect to the
Guy, Sharon and Cooper license blocks (Collectively, the
"Licenses") located in the prospective Walvis Basin offshore
Namibia.
Colin Kinley,
Chief Operating Officer of Eco Atlantic, from the
Company's Windhoek office in
Namibia commented: "The
Agreements signed by NAMCOR and Azimuth is an important event for
the Company and will enhance the exploration efforts of our three
offshore blocks. We support the maturity of the partnerships, and
embrace the opportunity to work with experts at NAMCOR and Azimuth.
Collectively, we bring extensive oil and gas experience to the
Walvis Basin. We understand this oil play and the significant
potential it has and look forward to working collaboratively with
both companies to continue our exploration work in the Walvis
basin, where significant drilling activities are scheduled for 2013
commencing this quarter."
Obeth Kandjoze, Managing Director
of NAMCOR Commented: "We are very pleased to sign the
Joint Operating Agreement with Eco Atlantic and Azimuth on the
Sharon, Cooper and Guy licenses offshore Namibia. The partnership brings significant
offshore oil and gas experience which will no doubt assist in the
exploration and development of the licenses in the prospective
Walvis Basin. This agreement also signifies the international
support and interest in the development of Namibia's oil and gas resources."
About NAMCOR
NAMCOR is the National Petroleum Corporation of
Namibia and is a legally enacted
entity with limited liability under the Namibian Companies Act of
1973. The Government of the Republic of Namibia is its sole shareholder. NAMCOR's main
business is to ensure the optimum exploitation of Namibia's petroleum resources and meaningful
Namibian participation in resulting business developments in
petroleum related exploration activities. The company also acts as
advisor to the Ministry of Mines and Energy and assists it in
monitoring the exploration activities of licensees.
About Azimuth
Azimuth Limited is a specialist E&P company
based in Hamilton, Bermuda.
The business is backed by majority-owner Seacrest Capital
Ltd, a Bermuda based energy
investment group, and Petroleum Geo-Services ASA (PGS).
Azimuth leverages the strength of its
shareholders to acquire interests in prospective acreage worldwide,
developing 'drill-ready' targets through robust geophysical and
commercial analysis. Funding from Seacrest fuels Azimuth's
global activities and ensures that the company is ready to advance
its properties without delay. A collaboration agreement with
PGS gives Azimuth unparalleled insight into petroleum basins
worldwide, including access to the world's largest multiclient
seismic library, to leading edge geophysical expertise and to 85
subsurface specialists distributed in key locations around the
world.
About Eco Atlantic
Eco Atlantic is an oil and gas exploration
company focused on the new and bourgeoning energy play in
Namibia. Through its wholly owned
Namibian subsidiary, it holds five petroleum licenses issued by the
Government of the Republic of Namibia. Offshore, Eco Namibia holds three
license blocks covering more than 25,000 square kilometers
(6,177,000 acres). Onshore, Eco Namibia holds two license
blocks covering 30,000 square kilometers (7,413,000
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 with the Government of the
Republic of Namibia in
March 2011.
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, uncertainties and other factors which may
cause the actual results, performance or achievements of Eco
Atlantic to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements.
Such factors include, without limitation,
risks associated with oil and gas production and exploration,
marketing and transportation; loss of markets; volatility of
commodity prices; currency and interest rate fluctuations;
environmental risks; competition; inability to access sufficient
capital from internal and external sources; government regulation
of petroleum and natural gas matters; environmental risks;
unanticipated reclamation expenses; title disputes or claims,
termination or amendment of existing contracts; actual results of
drilling activities; conclusions of economic evaluations; failure
of plant, equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the petroleum and
natural gas industries and delays in obtaining or failure to obtain
any governmental approvals or licenses. . 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 Oil & Gas (Atlantic) Ltd.