This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Eco Atlantic Provides Interpretation Of HRT's Murombe-1 Well Offshore Namibia

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,145.45 -143.18 -0.78%
S&P 500 2,101.29 -16.10 -0.76%
NASDAQ 4,961.92 -46.1760 -0.92%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs