Eco Atlantic Oil & Gas (EOG-V) Eco notes a new Walvis Basin, Namibia Major Farm In
Feb 1st 2018 - NR
Eco Atlantic Oil & Gas is pleased to witness yet another very encouraging farm-in deal in the Walvis Basin, offshore Namibia. Announced today, super major ExxonMobil, has entered into the Walvis Basin into PEL 82, a block in the center of, and adjacent to Eco Atlantic’s four blocks exploration play. The area is currently seeing a significant resurgence in exploration activity as the basin understanding and science has increased and oil prices have shot up in the recent months.
This is the sixth Farm-in deal into the Basin in the past six months and is a clear demonstration of the area's oil potential and the ever increasing activity expected during 2018 and 2019 - with a minimum of three exploration wells confirmed to be drilled during 2018.
ExxonMobil and Galp have announced a farm-in deal into PEL 82 in the heart of Walvis basin, where Eco’s four blocks have undergone significant 3D seismic surveys and interpretation surround the license (see map below). Eco is confident that the increasing exploration and operational activity will make the area ever more attractive commercially for additional farm-in events in the coming months, and the Company is perfectly positioned to benefit from it.
Current operators and block partners in Namibia include NAMCOR, ExxonMobil, Shell, Total, Galp, Tullow Oil, ONGC Videsh, Morel and Prom, Impact, AziNam, and Eco Atlantic
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 | | 181 Bay Street, Suite 320
Brookfield Place, Toronto
Ontario, Canada, M5J ET3 |
