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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts