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
TheStreet Open House

Eco (Atlantic) Receives PGS Geophysical Prospectivity Study And Interpretation Report For Namibia Offshore Cooper Block

TORONTO, Nov. 25, 2013 /CNW/ - Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company") (TSX-V: EOG, NSX: EOG) is pleased to announce that it has received a Prospectivity Study Interpretation Report (the " Report") for the Cooper Block (the " Block" or " Cooper"), offshore Namibia in the Walvis Basin. The Report was prepared by Petroleum Geo-Services (PGS) of England.

The aim of this study is to interpret the Company's existing and newly acquired 1,500 kilometers of 2D data on the Block for lead identification and to outline potential target areas for the near future acquisition of 3D seismic data.

Information obtained from exploration wells throughout the region has proven an active petroleum system in the Cretaceous-recent rocks. The Company has been focused on the Cenomanian-Turonian and Aptian Marine post rift and the Neocomian lacustrine and Artinskian Pre/Syn Rift source rocks. Potential reservoirs evaluated include both Post and Pre/Syn Rift including the Palaeocene, Albian, Berremian and Jurassic. Geophysics was interpreted independently by the PGS team. The Report concludes that Cooper has a very good structural and stratigraphic hydrocarbon potential in the form of channels/ fans and tilted fault blocks and has clearly defined a new Syn-rift wedge and an upper cretaceous fan system.

Colin Kinley, Chief Operating Officer of Eco Atlantic stated : " We are pleased with the completion of the PGS study. The additional 2D seismic has been helpful to define the target areas for our upcoming 3D seismic program. Our team appreciates the support we received from Azinam Ltd., our partner on the Block, in the preparation of the report and the new findings. Most recently, we have completed interpreted depth mapping and interpretation of the present day oil window on the Block. We are excited to move forward, and further confirm our evaluated prospectivity in this interesting basin."

Gil Holzman, CEO of Eco Atlantic commented today from Cape Town while attending Africa Oil Week conference: " We are happy with the recent positive momentum in the E & P markets and in particular the increased interest and farm-in activity offshore Namibia. Eco is pleased with the progress our technical team is making together with Azinam Ltd. in further advancing and de-risking our offshore blocks in accordance with our strategic work plan. The recent independent report on Cooper is very positive and confirms our interpretation of the oil potential of the Walvis Basin."

Eco Hires New Manager, Investor Relations

Eco Atlantic further announces that it has hired Ms. Charlotte Dilks as the new Manager, Investor Relations, to replace Ms. Julia Maxwell.  The Company's board of directors thanks Ms. Maxwell for her contributions during her tenure.

Ms. Dilks joins Eco Atlantic with four years' experience working in the financial industry and two years' experience in digital media and investor relations. She earned her Bachelor Degree in Applied Communications from Royal Roads University in Victoria BC in 2007.

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. Eco Namibia, founded in 2008, 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.

Forward Looking Statements

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. More particularly and without limitation, this news release contains forward looking statements and information concerning the likelihood or possibility that the results from the Report are or will be indicative of the viability of the Block. The results in the Report are not indicative of long term performance of the Block. There is no certainty that any resources will be discovered on the Block, and if discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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