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Eco (Atlantic) Oil and Gas Ltd Announces New Competent Person's Resource Report
Eco Atlantic Provides New Competent Person's Resource Report on Its Assets Offshore Guyana, ...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd Announces New Competent Person's Resource ReportEco Atlantic Provides New Competent Person's Resource Report on Its Assets Offshore Guyana, Namibia and South AfricaTORONTO, ON / ACCESSWIRE / March 21, 2022 / Eco (Atlantic) Oil & Gas Ltd. (\"Eco,\" \"Eco Atlantic,\" \"Company,\" or together with its subsidiaries, the \"Group\")(AIM:ECO, TSX ‐ V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce the publication of an updated NI 51-101 compliant Competent Person's Report (\"CPR\") on its assets Offshore Guyana, Offshore Namibia and Offshore South Africa. The CPR was compiled by WSP USA Inc., of Boulder Colorado, USA, an independent third-party auditor and can be found on the Company's website.The new CPR incorporates the increased interests in its Namibian assets and the additional two blocks offshore South Africa resulting from the acquisition of Azinam Group Limited (\"Azinam\") as announced on 11 March 2022. All contractual and legal conditions required for completion have occurred save for final approval from the TSX Venture Exchange, which is expected to be received imminently. The CPR has been prepared on the basis that the acquisition of Azinam has completed.Summary of Unrisked Prospective Resource Estimates GrossNet attributable to Eco's Interest AssetCountryLow EstimateBest EstimateHigh EstimateLow EstimateBest EstimateHigh EstimateOperatorOil & liquids Prospective Resources (millions of barrels) Lower Risk OrinduikGuyana2,3154,5378,1793476811,227TullowCooperNamibia151245398128209339ECO2BSouth Africa209491984104246492ECO3B/4BSouth Africa9733,0887,1381956181,428Africa OilHigher Risk - CooperNamibia283507843241431717ECOGuyNamibia1,6714,92410,9371,4214,1859,297ECOSharonNamibia7022,2125,5185971,8804,691ECOTotal for Oil & Liquids6,30416,00433,9983,0338,24918,189 Gas Prospective Resources (billions of standard cubic feet) Lower Risk OrinduikGuyana1,7983,6266,8112705441,022TullowCooperNamibia141240407120204346ECO2BSouth Africa3173149153774ECO3B/4BSouth Africa4261,3603,13685272627Africa OilHigher Risk CooperNamibia264496868224422738ECOGuyNamibia1,6254,81210,8691,3814,0909,239ECOSharonNamibia6682,1765,4665681,8494,646ECOTotal for Gas4,95212,78227,7062,6637,41716,692 Source: Letha C. Lencioni, WSP USA IncGustavson Associates LLC...