28 June 2018
ECO (ATLANTIC) OIL & GAS LTD
("Eco Atlantic", "Company", "Eco" or, together with its subsidiaries, the "Group")
Eco Begins a Public Hearing Process Ahead of Drilling Planning of the PEL 30 Osprey Prospect, Offshore Namibia
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), the oil and gas exploration company with licences in highly prospective regions in
Eco has published invitations in the Namibian press for public meetings to taking place on 18 July 2018 at 3.00pm (GMT+2) at the Hilton Hotel in
Colin Kinley, Chief Operating Officer and Director of Eco Atlantic, commented:
"As operator on the PEL30 licence, Eco believes, along with its partners, that working to the highest environmental and ethical standards is of the upmost importance. These public hearing meetings are essential to our progress and we look forward to presenting our exploration plans to the local community.
"Offshore oil exploration and production has been greatly supported by the Namibian Government, with the Mines and Energy Minister, Hon. Tom Alweendo, recently highlighting, at the Africa E&P Summit held in
"Going into these public meetings, we are encouraged by the high-level activity within the Walvis Basin and the increased derisking of the region through detailed and competent exploration, we are confident that we can successfully proceed to next stage of delivering our first wildcat well on this Block together with our partners NAMCOR, Tullow and AziNam."
As announced on 2 November 2017, Eco filed for an EEC drilling permit on the Cooper Block to further explore the Osprey Prospect. It has since appointed Risk-Based Solutions CC ("RBS") as environmental consultants to undertake the Environmental Impact Assessment ("EIA") and Environmental Management Plan ("EMP") to support Eco's ECC Application. Furthermore, RBS has also been further instructed to obtain all the other pre-drilling, drilling and post-drilling consents, endorsements, permits, authorisations and certification for drilling operation. All of these prerequisites to obtaining the ECC have successfully been completed and the conclusions of these reports will be presented in a presentation, followed by a Q&A session, at the stated two public meeting sessions.
Osprey is an 882* Million Barrel (BOE) Aptian/Albian source fed Oil target within a sand filled channel fan system, in the Cretaceous sequence, within the mature oil window located in approximately 300 meters of water. * NI51-101 Compliant Gustavson Associates (Gross Prospective - Best)
For more information, please visit www.ecooilandgas.com or contact the following:
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
Notes to editors
Eco Atlantic is a TSX-V and AIM listed Oil & Gas exploration and production Company with interests in
The Group aims to deliver material value for its stakeholders through oil exploration, appraisal and development activities in stable emerging markets, in partnership with major oil companies, including Tullow, ONGC, Total (optional) and AziNam.
(1) Total E&P Activités Pétrolières, (a wholly owned subsidiary of Total SA) ("Total") has purchased an option from Eco to acquire a 25% Working Interest in the Orinduik Block for and additional
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