TORONTO, ON / ACCESSWIRE / January 13, 2017 / Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) ("Eco Atlantic" or the "Company"), is pleased to report that ExxonMobil and Hess Corporation have both announced a second oil discovery on the Stabroek Block offshore Guyana, from the Payara-1 well, which indicated 95 feet of high quality oil bearing sandstone reservoirs, and two side track wells.
Eco Atlantic's Orinduik Block (owned in partnership with Tullow Oil) is adjacent, updip and very close to the Payara-1 well (see below diagram), which is the second oil discovery following the world-class Liza oil discovery in 2015, where recoverable resources, according to ExxonMobil could be 1.4 Billion barrels. Field development planning is currently underway.
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The Payara-1 well, located approximately 16 kilometers northwest of the Liza discovery, was drilled by Esso Exploration and Production Guyana Limited. The well was drilled to a depth of 5,512 meters in 2,030 meters of water. Appraisal drilling is planned beginning later this year to determine the full resource potential of the Payara discovery.
Hess also announced that in addition to the Payara discovery, the Liza-3 appraisal well, which was completed in November 2016, identified an additional high quality, deeper reservoir directly below the Liza Field, which is estimated to contain between 100-150 million barrels of oil equivalent. This additional resource is expected to be developed in conjunction with the Liza discovery.
Gil Holzman, Chief Executive Officer of Eco, commented: "We are delighted to hear of the second major discovery on ExxonMobil's block which is in very close proximity to Tullow Oil and Eco Atlantic's Orinduik Block. This discovery reiterates and validates the prospectivity of the region and emphasizes offshore Guyana's status as one of the most significant offshore oil discoveries in the world today. The timing of this announcement is fortuitous as it coincides with the admission of Eco Atlantic onto the AIM exchange, giving exposure of our companies' oil portfolio to an expanded investment audience."
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the acquisition and development of unique upstream petroleum opportunities around the world. The Company's objective is to identify technically merited prospective new and developing projects in frontier areas allowing low cost entry. In Guyana, the company holds the Orinduik petroleum license, partially carried by Tullow Oil, through our subsidiary Eco Atlantic Guyana.
In Namibia through wholly owned subsidiaries, the Company currently holds interests, some carried, in four offshore petroleum licenses in the Walvis Basin.
Eco Atlantic enjoys strong local presence in the countries in which it operates and has a longstanding relationship with the energy and oil and gas sectors throughout Africa and other maturing exploration plays internationally.
Forward Looking Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: Certain information in this press release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this press 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. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with oil and gas production and exploration, marketing and transportation; retention of and ability to attract Company personnel, regulatory approvals, loss of markets; volatility of commodity prices; currency and interest rate fluctuations; imprecision of reserve estimates; environmental risks; competition; inability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to income tax, environmental laws and regulatory matters. Readers are cautioned that the foregoing list of factors is not exhaustive.
Although Eco Atlantic believes in light of the experience of its officers and directors, current conditions, expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Eco Atlantic can give no assurance that they will prove to be correct. The forward-looking statements contained in this press release are made as of the date hereof and Eco Atlantic undertakes no obligation to update publicly or revise any forward- looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
For More Information on Eco Atlantic Contact:
Gil Holzman
President and Chief Executive Officer
gil@ecooilandgas.com
Tel: +972.508884529
Alan Friedman
Executive Vice President
alan@ecooilandgas.com
Tel: +1.416.250.1955
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: Eco (Atlantic) Oil & Gas Ltd.
