REG - Eco (Atlantic) O&G - New Competent Person's Resource Report

Eco (Atlantic) Oil & GasAnnouncement

09/03/2023 07:00

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RNS Number : 4198S  Eco (Atlantic) Oil and Gas Ltd.  09 March 2023

09 March 2023

 

ECO (ATLANTIC) OIL & GAS LTD.

("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the
"Group")

 

 

Eco Atlantic notes Operator's New Competent Person's Resource Report on Block
3B/4B Offshore South Africa

 

 

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG), the oil and
gas exploration company focused on the offshore Atlantic Margins, is pleased
to note Africa Oil Corp.'s publication of an independent, NI 51-101 compliant
report of qualified reserves and resources evaluator for Block 3B/4B Offshore
South Africa (the "CPR"). The CPR was commissioned by Africa Oil Corp. and
issued by RISC Advisory (UK) Limited, an independent oil and gas advisory
firm.

 

Highlights

 

- RISC's analysis of the licence identifies total Unrisked Gross P50
Prospective Resources of approximately 4 billion barrels of oil equivalent
("BOE").

-  Net (26.25%) to Eco Atlantic, the Net Unrisked Prospective resources are
approximately 1.0 BOE.

-  Exploration risk (Pg) for the identified prospects and leads were assessed
by RISC to range from 15% to 39%.

 

o  Eco Net Unrisked Prospective Resources: Oil - Million stock tank barrels
of oil ("MMstb"):

·    Minimum (P90): 452 MMstb

·    Most likely (P50): 802 MMstb

·    Maximum (P10): 1,427 MMstb

 

o  Eco Net Unrisked Prospective Resources: Gas - Billion cubic feet ("Bcf"):

·    Minimum (P90): 798 Bcf

·    Most likely (P50): 1,446 Bcf

·    Maximum (P10): 2,628 Bcf

 

Notes:

Net values are ECO's 26.25% working interest share of Gross Prospective
Resources attributable to Exploration Right and are not equivalent to an
entitlement right.

The CPR can be accessed via Africa Oil Corp.'s website:
https://africaoilcorp.com/operations/block-3b-4b/
(https://africaoilcorp.com/operations/block-3b-4b/)

 

Colin Kinley, Co-Founder and COO of Eco Atlantic commented:

 

"After completing an extensive reprocessing of the 3D on 3B/4B, this CPR by
RISC confirms 3B/4B's potential and generates exciting prospectivity on this
unique Orange Basin block. The region offshore Namibia and South Africa
continues to be an exploration hotspot and yielding dramatic discoveries. The
estimated one Billion BOE of P50 prospective resources net to Eco are all in
prospects of similar geologic age and structure to that of the recent
discoveries announced by TotalEnergies and Shell in the same horizons of the
Orange Basin.

 

"We are working closely with our JV partners on a potential farm out of up to
a 55% gross working interest in the block, which will help accelerate the
commencement of a two well drilling program on the licence. We believe that
this is a highly prospective block with multiple exciting exploration
prospects. We look forward to updating the market on further developments of
Block 3B/4B as exploration activity continues to accelerate in this basin."

 

 

**ENDS**

 

For more information, please visit www.ecooilandgas.com or contact the
following:

 Eco Atlantic Oil and Gas                                c/o Celicourt +44 (0) 20 8434 2754
 Gil Holzman, CEO

 Colin Kinley, COO

 Alice Carroll, Head of Corporate Sustainability         +44(0)781 729 5070
 Strand Hanson (Financial & Nominated Adviser)

                                                         +44 (0) 20 7409 3494
 James Harris

 James Bellman

 Berenberg (Broker)                                      +44 (0) 20 3207 7800
 Matthew Armitt

 Detlir Elezi
 Echelon Capital (Financial Adviser N. America Markets)

 Ryan Mooney                                             +1 (403) 606 4852

 Simon Akit                                              +1 (416) 8497776

 Celicourt (PR)                                          +44 (0) 20 8434 2754
 Mark Antelme

 Jimmy Lea

 

Qualified Person's Statement:

Colin Kinley, Chief Operating Officer of Eco Atlantic, has reviewed and
approved the technical information contained within this announcement, in the
context of its appropriate extraction from the CPR, in his capacity as a
qualified person, as required under the AIM rules. Mr Kinley has over 35
years' experience in the oil and gas industry.

Notes to editors:

 

About Eco Atlantic:

 

Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil & gas
exploration company with offshore license interests in Guyana, Namibia, and
South Africa. Eco aims to deliver material value for its stakeholders through
its role in the energy transition to explore for low carbon intensity oil and
gas in stable emerging markets close to infrastructure.

 

Offshore Guyana in the proven Guyana-Suriname Basin, the Company holds a 15%
Working Interest in the 1,800 km(2) Orinduik Block Operated by Tullow Oil. In
Namibia, the Company holds Operatorship and an 85% Working Interest in four
offshore Petroleum Licences: PELs: 97, 98, 99, and 100, representing a
combined area of 28,593 km(2) in the Walvis Basin.

 

Offshore South Africa, Eco is Operator and holds a 50% working interest in
Block 2B and a 26.25% Working Interest in Block 3B/4B operated by Africa Oil
Corp., totalling some 20,643km(2).

 

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