TORONTO,
July 22, 2013 /CNW/ - Eco
(Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company")
(TSXV: EOG) (NSX: EOG) provides technical interpretation of
Murombe-1 well drilled by HRT Participações em Petróleo S.A
("HRT") in the Walvis Basin, offshore Namibia.
HRT announced on Friday
July 18, 2013 that the Murombe-1 well, the second offshore
well in their exploratory drilling campaign has been concluded and
is considered as a dry hole. This well was targeting the Murombe
Prospect, located in Petroleum Exploration License 23 in the Walvis
Basin. Although the well was dry and presence of poor reservoir in
the main target, the results reconfirmed the presence of Aptian
source rock in the oil window, which was also encountered during
the drilling of the Wingat-1 well.
The Murombe-1 exploration well was drilled to a
total depth of 5,729 meters with the objective of penetrating two
targets. The primary target, Murombe, a Barremian Age turbidite fan
system and a secondary target, the Baobab, a shallower Santonian
Age structure were both penetrated. The average porosity was 19%
and no reservoir was encountered.
Gil
Holzman, Chief Executive Officer of Eco
Atlantic commented: "The results of the Murombe-1
well announced by HRT late last week was disappointing for HRT from
a commercial perspective, however they provide valuable information
on the basin and the geological structures of the region. The well
reconfirmed the evidence of source rock which complements that
which was established by the Wingat-1 well drilled in May. In that
well, samples of high quality light sweet crude were recovered, and
a working petroleum system in the Walvis Basin was
established."
Earlier this month, Eco Atlantic was granted a
one year extensions of its Exploration Phase of the Sharon and Guy
licenses, extending the obligation period for both 3D seismic and
drilling by a further 12 months into 2016.
"Repsol recently announced the anticipated
drilling of its Welwitschia-1 prospect in February 2014, which is contiguous to Eco
Atlantic's Cooper Block in the
Walvis Basin." Added Holzman, "HRT has also confirmed the
imminent drilling of its third exploration well on the Moosehead
prospect in the Orange Basin. Our Strategy is to continue with
ongoing exploration during the extended term as approved by the
Ministry, which comfortably allows the Company sufficient time to
work obligations. Our team continues to gather information from
ongoing exploration work which is allowing us to further define our
prospects and targets. We and the E&P industry are well aware
of the statistics of early dry holes drilled in the major fields
around the world in order to bring them on line. We are being very
conservative in our budgetary moves at this early stage and remain
confident in the prospectivity of our offshore Namibia licenses."
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 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.