Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company") (TSX-V: EOG, NSX: EOG) is pleased to announce that it has submitted an initial evaluation report (the "Report") for the Daniel License, Block number 2013B offshore Namibia ("Block") to the Namibia Ministry of Mines and Energy. The Report focuses on the 2250 square kilometer Block off the Skeleton Coast in the Walvis Basin of Namibia. Eco Atlantic holds a 90% Working Interest and NAMCOR holds a 10% Working Interest in the Daniel Block.
Eco Atlantic has completed this initial study of the offshore section of the Block for which oil and gas rights were granted in August 2013 and has reviewed the existing 2D seismic and regional interpretations. The South East corner of the Block is the eastern slope of the Walvis Basin and has created good exposure to the Cretaceous and Syn-Rift Sections.
Colin Kinley, COO of Eco Atlantic stated: "The newly established oil kitchen in the Walvis Basin confirming light 40 API degrees gravity oil; the oil shows onshore on the Daniel Block which prompted the drilling of the Toscanini Well; and the slicks evident in the region from the Fugro Oil Slick study that was completed for Eco, all indicate that oil is migrating through the block from the deeper kitchen and that further work is warranted to find a suitable trap and seal. We still have significant work to do and further study is required, with shallow water depths and shallow drilling depths, we are intrigued by this very interesting Block."
Gil Holzman, CEO of Eco Atlantic commented: "As each piece of the Namibian oil frontier puzzle is revealed, we are constantly getting closer to the reality of a significant find in this country. Our ongoing work on each of our blocks, including this recent work on Daniel, only strengthens our commitment to contribute to the establishment of this resource play."
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the new and bourgeoning energy play in Namibia. Through a wholly owned Namibian subsidiary ("Eco Namibia"), it holds four petroleum licenses issued by the Government of the Republic of Namibia. Offshore in the Walvis Basin, Eco Atlantic holds three license blocks covering more than 25,000 square kilometers (6,177,000 acres).
Eco Atlantic holds an additional license block covering 23,000 square kilometers (5,683,000 acres) which includes both onshore and offshore areas. Founded in 2008, Eco Namibia 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 Namibia with the Government of the Republic of Namibia in March 2011.
SOURCE Eco (Atlantic) Oil & Gas Ltd.