TORONTO, May 21, 2013 /CNW/ - Eco (Atlantic) Oil &
Gas Ltd. ("Eco Atlantic" or the "Company") (TSX-V: EOG, NSX:
EOG) provides technical interpretation of recent oil proven by
HRT Participações em Petróleo S.A ("HRT") in the Walvis
Basin and announces appointment of David
Dudkiewicz as Corporate Secretary of the Company.
HRT announced last night the results from
drilling its Wingat-1 Prospect which confirmed that the well
established two different source rocks, and proved that the source
rock is in the oil generation window. The well discovered light
grade oil and validates Eco Atlantic's understanding of the
presence of an oil kitchen in the Walvis Basin, which is home of
the Company's three offshore blocks.
This first of a three well drilling campaign in
the region for HRT, is located some 200 km to the northwest of
Walvis Bay, on Namibia's Skeleton
Coast. The Block 2212A and 2212B is located between Eco Atlantic's
Sharon and Guy Licenses and just to the South the
Company's Cooper License. HRT's original target in this well
was a carbonate reef platform charged by pre-Aptian source rocks.
HRT announced completion of the drilling of this first well to a
Total Depth of 5,000 meters. According to HRT's public disclosure,
the Wingat well established and identified two developed source
rocks and encountered several bedded sand reservoirs which showed
increasingly more oil shows with depth. Additionally, HRT announced
that four oil samples of light grade oil (38 o to 42
o API) were retrieved from the well. The reservoir
quality of the carbonate reef targeted in the well and its capacity
to hold and store oil was less developed than anticipated and the
well is defined as uncommercial.
Eco Atlantic has focused on the age maturity and
structures within the Walvis Basin and has directed its exploration
efforts and focus to defining a source rock of the maturity for oil
and the sand reservoirs prevalent in the region. "The
confirmation of the source rocks, the sampling of high grade oil,
the presence of the resource in the basin and more specifically in
the immediate vicinity of our licenses, confirms our research to
date and helps define our targets moving forward. The carbonates
are an excellent target and we concur with HRT's choice to drill
the platform initially. Our targets are a combination of
opportunities however, our team remains focused on the Turbidite
sand filled canyons flows, the stratigraphic play on Guy and the
large wedges that is evident on our blocks and similar to the
Murombe Prospect which HRT is drilling next on its schedule,"
commented Colin Kinley Eco
Atlantic's Chief Operating Officer.
Gil Holzman,
President and Chief Executive Officer of Eco Atlantic
commented: "I am delighted with the recent news of HRT's
drilling results from the Wingat-1 Prospect which strongly confirms
the Walvis Basin's prospectivity and its oil potential. Eco
Atlantic is not a tag along play, we were in Namibia early, and had the opportunity to
consider licenses throughout the country's four offshore basins.
Our team carefully evaluated the oil potential along this
unexplored margin and we determined our best prospectivety would be
in the Cooper, Guy and Sharon blocks, each having its own geologic
personality within the Walvis basin. We are happy with the Wingat
results and we look forward to the results of HRT's Murombe
prospect which they will begin drilling next week. The current
results are very encouraging for Eco Atlantic and this helps to
further de-risk the basin. No doubt we are going to see increased
farm in activities and renewed interest from mature industry
players."
Appointment of Corporate Secretary
Mr. Dudkiewicz is a corporate and securities
lawyer and acts as in-house counsel for Eco Atlantic. He
received his legal training at one of Canada's leading national corporate law firms
and earned his legal degree from Queen's University in Kingston, Ontario.
Effective immediately, Mr. Dudkiewicz is
replacing Michael Kleinman, the
Company's current Corporate Secretary. Eco
Atlantic's Board and Management thank Mr. Kleinman for his
contributions and guidance during his tenure with the Company.
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 three offshore petroleum licenses and
two onshore CBM and shale licenses issued by the Government of the
Republic of Namibia. Offshore in
the Walvis Basin, 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 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 HRT's drilling
results (the "Results") from the Wingat-1 Prospect are or
will be indicative of the viability of the Company's licenses and
concerning the extent to which the Results may be reflective of the
Company's own prospective resources, which have previously been
disclosed in accordance with National Instrument 51-101.
Furthermore, the Company has relied on the public disclosure of HRT
and has not independently verified the Results. The
forward-looking statements and information are based on certain key
expectations and assumptions made by Eco Atlantic. Although
Eco Atlantic believes that the expectations and assumptions on
which such forward-looking statements are based are reasonable,
undue reliance should not be placed on them because Eco Atlantic
can give no assurance that they will prove to be correct.
By their nature, forward-looking statements
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.
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.