Eco Atlantic Receives Independent Leads Report Of 9.2 Billion Barrels Best Estimate On Guy Block, Walvis Basin, Offshore Namibia

abarrelfullabarrelfull wrote on 23 May 2012 07:53
Tags: africa eco-atlantic namibia upstream

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ECO (ATLANTIC) OIL AND GAS LTD. (TSX-V:EOG, NSX: EOG) Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic” or the “Company”) is pleased to announce the Company has received an independent Lead Report for blocks “2111B” and “2211A” collectively the "Guy Block" in the Walvis Basin, offshore Namibia, including a (P50) Best Estimate of 9.2 Billion barrels of gross prospective oil.

The report was prepared by qualified independent reserves evaluator Gustavson Associates LLC (“Gustavson”) of Boulder, Colorado in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). This report complements the Leads Reports on Eco Atlantic’s other offshore blocks in the Walvis Basin, (“Sharon” and “Cooper”) bringing the Company's total best estimate prospective resources offshore Namibia to approximately 18 Billion barrels.

Gustavson conducted an assessment of the Gross Prospective Resource as of May 21, 2012. The data provided, includes recently acquired 2D seismic data and reports from four wells that were drilled in the vicinity of the block. The interpretation of 675 line kilometers of 2D seismic data acquired from WesternGeco and TGS over the Guy Block has produced seven leads. The leads, which are interpreted from structures with associated faults in the Cretaceous and Tertiary aged section, and are up to 150 meters thick.

Gil Holzman, President and Chief Executive Officer of Eco Atlantic commented: “This very significant report is the culmination of a year of evaluation and interpretation of our Namibian offshore assets. The completion of the NI 51-101 Leads Report on Guy, further defines our exploration efforts in Namibia. Our operator, Kinley Exploration LLC from USA, has worked closely with the independent Engineer (QP), Gustavson Associates of Colorado, our local team in Namibia, and our local partner NAMCOR (National Namibian Petroleum Corporation) in completing this phase of interpretation. Establishment of the P50 report on the Guy block of over 9 Billion barrels defines Eco Atlantic now with leads of 18 Billion barrels of oil offshore Namibia together with Sharon (7.8 Billion) and Cooper (1.15 Billion) blocks. This is indeed an exciting time for the Company and as we move forward to define these leads with 3D we are continuing to establish Eco Atlantic as one of the most significant explorers in Western Africa. I am proud of our team and the path we have set for the Company in the last year.”

“Namibia seeks to host a world class discovery in the near term” says Colin Kinley, Chief Operating Officer of Eco Atlantic and Chief Executive Officer of Kinley Exploration LLC. “The SW Atlantic Margin of Western Africa is distinct from the coastal basins to the north, including the recently drilled Namibe Basin. Being relatively early into the play we have had our choice of the basins and we have selected to focus on the Walvis Basin, based on a number of factors we define into the high prospectivity for oil. Our work over the past year on Cooper, Sharon and Guy has been extensive. This lead report defines the significant hydrocarbon potential on Guy. The seven leads we have evaluated here, along with those on the Cooper and Sharon blocks, will help to define the direction of the 3D survey work we are currently planning for this fall.”

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