Jan. 28, 2013
ECO (ATLANTIC) OIL AND GAS LTD. (TSX-V: EOG; NSX: EOG)
Eco (Atlantic) Oil & Gas Ltd. ("
" or the "
") is pleased to announce that, through its wholly- owned subsidiary, it has signed three Joint Operating Agreements ("
" or the "
") with NAMCOR, the National Petroleum Corporation of
, and Azimuth Ltd. ("Azimuth"), an exploration and production company backed by majority-owner Seacrest Capital Ltd. and Petroleum Geo-Services ASA ("
The Agreements were signed with respect to the Guy, Sharon and Cooper license blocks (Collectively, the "
") located in the prospective Walvis Basin offshore
Colin Kinley, Chief Operating Officer
, from the Company's
"The Agreements signed by NAMCOR and Azimuth is an important event for the Company and will enhance the exploration efforts of our three offshore blocks. We support the maturity of the partnerships, and embrace the opportunity to work with experts at NAMCOR and Azimuth. Collectively, we bring extensive oil and gas experience to the Walvis Basin. We understand this oil play and the significant potential it has and look forward to working collaboratively with both companies to continue our exploration work in the Walvis basin, where significant drilling activities are scheduled for 2013 commencing this quarter."
: "We are very pleased to sign the Joint Operating Agreement with Eco Atlantic and Azimuth on the Sharon, Cooper and Guy licenses offshore Namibia. The partnership brings significant offshore oil and gas experience which will no doubt assist in the exploration and development of the licenses in the prospective Walvis Basin. This agreement also signifies the international support and interest in the development of Namibia's oil and gas resources."
NAMCOR is the National Petroleum Corporation of
and is a legally enacted entity with limited liability under the Namibian Companies Act of 1973. The Government of the Republic of
is its sole shareholder. NAMCOR's main business is to ensure the optimum exploitation of
petroleum resources and meaningful Namibian participation in resulting business developments in petroleum related exploration activities. The company also acts as advisor to the Ministry of Mines and Energy and assists it in monitoring the exploration activities of licensees.
Azimuth Limited is a specialist E&P company based in
. The business is backed by majority-owner Seacrest Capital Ltd, a
based energy investment group, and Petroleum Geo-Services ASA (PGS).
Azimuth leverages the strength of its shareholders to acquire interests in prospective acreage worldwide, developing 'drill-ready' targets through robust geophysical and commercial analysis. Funding from Seacrest fuels Azimuth's global activities and ensures that the company is ready to advance its properties without delay. A collaboration agreement with PGS gives Azimuth unparalleled insight into petroleum basins worldwide, including access to the world's largest multiclient seismic library, to leading edge geophysical expertise and to 85 subsurface specialists distributed in key locations around the world.