Eco (Atlantic) Oil & Gas Ltd has received an updated Gross Prospective Unrisked Resource Lead Report (“Report”) prepared by Gustavson Associates LLC (“Gustavson”) of Colorado, USA, on Block 2012A (“Cooper”) in the Walvis Basin, offshore Namibia. The Report was prepared in accordance with Canadian National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) and supports a P50 Best Estimate of 4.5 billion barrels of gross prospective oil over the existing targets.
The Report evaluated an additional 700 Klms of 2D Seismic Data recently acquired by the Company, which also retained Petroleum Geo-Services (PGS) Geophysical of the UK to work with its internal team to complete a new detailed geological and geophysical interpretation of Cooper. Gustavson completed an assessment of the Gross Prospective Unrisked Resource as of February 18, 2014. The Report is based upon interpretation of over 1,450 line kilometers of 2D seismic and an analysis of the recent detailed report completed by PGS, on the block. The Report updates Gustavson’s original lead report for Cooper, as published in February 2012.
Eco Atlantic also announces that in recognition of recent developments and work done on Cooper, and with Eco Atlantic’s continued focus on research and near term operational plans, the Namibian Ministry of Mines and Energy has granted a one year extension to March 2016, of the Initial Exploration Period of the Cooper license. This extension brings Cooper’s schedule in line with the respective timelines of the Company's other two blocks, Guy and Sharon, located in the Walvis Basin.
Colin Kinley, COO of Eco Atlantic stated, “We are pleased with the results of the recent work that we have conducted on Cooper. This report extends our understanding of the mechanics of the basin and reflects the importance of continued exploration through regional drilling and seismic efforts. Each bit of information adds to the matrix of data we have and moves us closer to discovery.”
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