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To: Goose94 who wrote (19585)

1/13/2017 9:25:22 AM

From: Goose94

Read Replies (2) | Respond to of 203231

Eco Atlantic Oil & Gas (EOG-V) Neighbours Announce New Oil Discovery, Offshore Guyana

Jan Friday 13th 2017 - NR

Eco Atlantic Oil & Gas 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.

Cannot view this image of Eco Atlantic's Orinduik Block?
Please visit [ http://orders.newsfilecorp.com/files/3254/24504_a1484315619079_30.jpg] to view this image

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.

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