REG - Eco (Atlantic) O&G - Result of AGM

Eco (Atlantic) Oil & GasAnnouncement

29/12/2021 15:35

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RNS Number : 9771W  Eco (Atlantic) Oil and Gas Ltd.  29 December 2021

 

 

29 December 2021

 

ECO (ATLANTIC) OIL & GAS LTD.

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

 

Result of AGM

 

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG), the oil and
gas exploration company with licences in the proven oil province of Guyana and
the highly prospective basins of Namibia, announces that all resolutions were
duly passed by shareholders at the Company's Annual General Meeting held in
Toronto, Canada earlier today.

 

**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 Marketing and IR                    +44(0)781 729 5070 | +1 (416) 318 8272
 Strand Hanson Limited (Financial & Nominated Adviser)

                                                            +44 (0) 20 7409 3494
 James Harris

 Rory Murphy

 James Bellman

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

 Emily Morris

 Detlir Elezi

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

 Jimmy Lea

 Ollie Mills
 Hannam & Partners (Research Advisor)
 Neil Passmore                                              +44 (0) 20 7905 8500

 

 

Notes to editors:

 

About Eco Atlantic:

 

Eco Atlantic is a TSX-V and AIM quoted Oil & 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.

 

In Guyana, Eco Guyana holds a 15% Working Interest alongside TOQAP Guyana
B.V. ("TOQAP") a company jointly owned by TotalEnergies E&P Guyana
B.V. (60%) and Qatar Petroleum (40%) and Operator Tullow Oil (60%) 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
ExxonMobil Operated Stabroek Block, on which twenty discoveries have been
announced and over 10 billion BOE recoverable resources are estimated.  On 28
June 2021, Eco acquired a 6.4% interest, with the option to increase its
stake to 10%, in JHI Associates Inc. a private company which holds a 17.5% WI
in the 4,800km(2) Canje Block. The Canje Block is operated by ExxonMobil and
is held by Working Interests partners Esso Exploration & Production Guyana
Limited (35%), with TotalEnergies E&P Guyana B.V. (35%), JHI Associates
(BVI) Inc. (17.5%) and Mid-Atlantic Oil & Gas Inc. (12.5%).

 

Jethro-1 was the first major oil discovery on Orinduik Block. The Jethro-1
encountered 180.5 feet (55 meters) of net heavy oil pay in excellent Lower
Tertiary sandstone reservoirs. Joe-1 was the second discovery on the Orinduik
Block and comprised of high quality oil-bearing sandstone reservoir, with a
high porosity of Upper Tertiary age. The Joe-1 well encountered 52 feet (16
meters) of continuous thick sandstone.

 

In Namibia, the Company holds operated interests in four offshore petroleum
licences totalling approximately 28,593km(2) with over 2.362bboe of
prospective P50 resources in the Walvis Basin.  These four licences, Cooper,
Guy, Sharon, and Tamar are being explored with industry partners with Eco
Operating and maintaining an average 60% Working Interest.  Eco has been
granted a drilling permit on its Cooper Block (Operator).

 

Eco Atlantic is a 100% shareholder in Solear Ltd., Solear is an independent
private clean energy investment company focused on low cost, high yield solar
development projects in southern Europe.  Solear offers investors exposure to
a portfolio of pre-construction opportunities across the renewable energy
value chain, from Ready-to-Build to early-stage development.

 

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