TORONTO,
July 8, 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 the Government of
Namibia Ministry of Mines and Energy has approved the request for a
one year extension of the Initial Exploration Period on the
Company's Guy (2111B & 2211A) and Sharon (2213A & 2213B)
licenses located offshore Namibia,
in the prospective Walvis Basin.
The year extension of the Company's work
commitments allows more flexibility and time to execute the Company
exploration program which consists of shooting 1,000 km2
of 3D seismic on each of the licenses in Year 4 (2015) and drilling
an exploratory well in Year 5 (2016) before the First Renewal
Period.
On the Cooper license (2012A), located offshore
Namibia, the Company is preparing
for a 500 Km2 3D survey. Together with the other license
participants, AziNam Ltd. and NAMCOR, the Company is currently in
the process of examining additional 2D data and is planning a 3D
survey, expected to commence later this year.
Gil
Holzman, President and Chief Executive
Officer of Eco Atlantic commented, "We
are delighted to receive the extension granted by the Ministry of
Mines and Energy and its continued support of our exploration
efforts on our offshore blocks.
Eco Atlantic, together with our license
partners, AziNam Ltd. and NAMCOR, has met all obligations on our
offshore licenses to date and have obtained valuable geological
information together with significant resources leads. The year
extension of the Guy and Sharon license allows us more time and
flexibility to plan and prepare geological and geophysical models
with new pertinent information obtained from regional drilling and
exploration activity. This information greatly assists us in
defining our 3D programs, the drilling targets, and potential
international Joint Ventures.
The recent results of HRT's Wingat-1
well and the increased activity offshore Namibia, especially in the Walvis Basin, have
significantly de-risked the basin for mid-tier and major players to
enter. We are confident that the Company's blocks are excellent
candidates for future partnerships and farm in activity."
About Eco Atlantic
Eco Atlantic is an oil and gas exploration
company focused on the new and bourgeoning petroleum opportunity in
Namibia. Through its wholly owned
Namibian subsidiary, Eco Namibia, it holds five petroleum licenses
issued by the Government of the Republic of Namibia. Eco Namibia holds three offshore
license blocks covering more than 25,000 square kilometers
(6,177,000 acres), in the Walvis Basin. Eco Namibia also holds two
onshore license blocks covering 30,000 square kilometers
(7,413,000 acres). Eco Namibia enjoys a strong local presence, and
has a longstanding relationship with the energy and oil and gas
sector in Namibia and in 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 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; 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;
ability to obtain government and regulatory NOTE approval; 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.
In addition, statements relating to
"resources" or "prospective resources" are deemed to be
forward-looking statements as they involve the implied assessment,
based on certain estimates and assumptions, that the resources and
prospective resources described exist in the quantities predicted
or estimated and can be profitably produced in the future.
There is no certainty that any portion of the resources or
prospective resources will be discovered. If discovered,
there is no certainty that it will be commercially viable to
produce any portion of the resources.
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.