TIDMECO
RNS Number : 0947X
Eco (Atlantic) Oil and Gas Ltd.
21 November 2017
21 November 2017
ECO (ATLANTIC) OIL & GAS LTD.
("Eco Atlantic", the "Company", "Eco" or, together with its
subsidiaries, the "Group")
ONGC Videsh acquires 15% interest in PEL 0030 "Cooper Block",
offshore Namibia
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V:EOG), is
delighted to announce that ONGC Videsh, through its wholly owned
subsidiary ONGC Videsh Vankorneft Pte. Ltd. ("OVVL"), has entered
into agreement with Tullow Namibia Limited ("Tullow") whereby OVVL
will acquire a 15% working interest in the Cooper Block (Namibia
Petroleum Exploration License 0030 for Block 2012A) (the "Cooper
Licence"), offshore Namibia.
The acquisition is subject to satisfaction of customary
conditions precedent, including Namibian regulatory and joint
venture partners approvals as well as the grant of a twelve month
extension to the First Renewal Exploration Period by the Namibian
regulatory authority.
The working interests in the Cooper Block following the
acquisition by OVVL will be:
-- Eco Atlantic (Operator): 32.5%
-- NAMCOR (the National Petroleum Corporation of Namibia): 10%
-- AziNam Ltd: 32.5%
-- Tullow Oil: 10%*
-- OVVL: 15%
* Tullow Oil has the option to increase its stake by 15% in
exchange for a capped well carry.
The Cooper License is currently within the 'First Renewal
Exploration Period' under the terms of the licence and the joint
venture partners are continuously carrying out data evaluation to
identify an exact drill location. Eco also recently announced, on 2
November 2017, that it had released its Public Notice for
Environmental Clearance Certificate (ECC) for Drilling an
exploration well within its Osprey Lead on the Cooper Block.
The Osprey lead, is in approximately 500 meters of water. Eco
has completed the interpretation of several thousand kilometers of
2D seismic as well as completing a 1,100 kilometer 3D Survey,
carried out by PGS Geophysical, across the lead. Eco Atlantic has
also contracted Tullow's Exploration team, which has extensive
expertise in these types of fan plays which are similar to the
Jubilee Field in Ghana, to oversee processing and conduct the
initial interpretation for the block partners. Additionally, each
of the partners, whose teams have evaluated the data, all concur
that there is a highly justifiable lead and an exact drilling
location is being defined.
Eco has recently filed a NI51-101 Compliant report by Gustavson
Associates that reported 882 Million Barrels (BOE) of Oil (Gross
Prospective - Best) resources on the Block. The Company intends to
further define an exact drilling location and to move the project
ahead through to a drilling decision.
Eco are also pleased to announce that the Company and its
respective partners have received and accepted a 12 month extension
for the first renewal period (from March 2018 to March 2019) for
all three Blocks - PEL 0030 "Cooper", PEL 0033 "Sharon" and PEL
0034 "Guy". This was granted by the Ministry of Mines and Energy on
October 16th 2017.
Gil Holzman, President and CEO of Eco commented:
"This is a further endorsement of Eco's strategy and the quality
of the acreage that we have in our portfolio. This is ONGC Videsh's
second foray into Namibia and we are delighted, on the satisfaction
of the conditions precedent, that they have decided to enter the
Copper Block. They are an excellent partner with considerable
expertise and a strategy of adding high - quality exploration and
production assets to its existing E&P portfolio. Obviously this
deal bears the potential to expedite the first exploration well on
Cooper Block, as all the partners are now lined up and the
financial burdens are spread.
"We look forward to working with them as we accelerate the work
programme on this license and further define the exact drilling
location."
For more information, please visit www.ecooilandgas.com or
contact the following:
Eco Atlantic Oil and Gas +1 (416) 250 1955
Gil Holzman, CEO
Colin Kinley, COO
Alan Friedman, VP
Finlay Thomson, UK and IR manager +44 (0) 7976 248471
Strand Hanson Limited (Financial +44 (0) 20 7409
& Nominated Adviser) 3494
James Harris
Rory Murphy
James Bellman
Brandon Hill Capital Limited +44 (0) 20 3463
(Joint Broker) 5000
Oliver Stansfield
Jonathan Evans
Robert Beenstock
Peterhouse Corporate Finance +44 (0) 20 7469
(Joint Broker) 0930
Eran Zucker
Duncan Vasey
Lucy Williams
+44 (0) 20 7138
Blytheweigh (PR) 3204
Nick Elwes
Tim Blythe
Notes to editors
Eco Atlantic is a TSX-V and AIM listed oil and gas exploration
and production Company with interests in Guyana and Namibia where
significant oil discoveries have been made.
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 and AziNam.
In Guyana, Eco Guyana holds a 40 per cent. working interest
alongside Tullow Oil (60 per cent.) in the 1,800 km(2) Orinduik
Block in the shallow water of the prospective Suriname Guyana
basin. The Orinduik Block is adjacent and updip to the deep-water
Liza Field, recently discovered by ExxonMobil and Hess, which is
estimated to contain as much as 2.5 billion barrels of oil
equivalent, making it one of a handful of billion-barrel
discoveries in the last half-decade.
In Namibia, the Company holds interests in four offshore
petroleum licences totaling approximately 25,000 km(2) with over
2.3 billion barrels of prospective P50 resources in the Wallis and
Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar
are being developed alongside partners, which include Tullow Oil,
AziNam and NAMCOR. Significant 3D and 2D surveys and interpretation
have been completed with drilling preparations expected to begin in
2018.
About ONGC Videsh
ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas
Corporation Limited (ONGC), the National Oil Company of India, and
is India's largest international oil and gas E&P Company. At
present, ONGC Videsh has 39 projects in 18 countries including
Azerbaijan, Bangladesh, Brazil, Colombia, Kazakhstan, Mozambique,
Myanmar, Russia, South Sudan, Sudan, Venezuela, Vietnam, New
Zealand and Namibia. ONGC Videsh is currently producing about
285,000 barrels of oil and oil equivalent gas per day and has total
oil and gas reserves (2P) of about 704 MMTOE as on 1st April, 2017.
For more information visit: www.ongcvidesh.com
About ONGC
ONGC's market capitalization, as at market close on 16 November
2017, was INR 2,299 billion (US$ 35.21 billion). During the
financial year ended 31 March 2017, ONGC Group had produced 61.60
MMT of oil and oil equivalent gas (MMTOE) (approx. 1.23 MMboe per
day); the Consolidated Gross Turnover was INR 1,421 billion (US$ 21
billion) during FY'17 and total consolidated oil and gas reserves
were 1,818 MMTOE as at 31 March 2017. For more information, visit:
www.ongcindia.com
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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