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Eco Atlantic Receives Updated NI-51-101 Resource Reports on Petroleum Licenses Offshore Namibia and contracts for Drilling Permits
Toronto, Ontario--(Newsfile Corp. - December 15, 2016) - Eco (Atlantic) Oil & Gas Ltd. (T...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"\nEco Atlantic Receives Updated NI-51-101 Resource Reports on Petroleum Licenses Offshore Namibia and contracts for Drilling PermitsToronto, Ontario--(Newsfile Corp. - December 15, 2016) - Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (\"Eco Atlantic\" or the \"Company\") is pleased to announce that the Company has received an updated independent NI-51-101 Resource Report, (\"Resource Report\") detailing the gross and net unrisked prospective resources for its' Cooper, Guy and Sharon Blocks offshore Namibia. The report includes a gross best estimate of 4.5 Billion Barrels of prospective oil.In addition, Eco Atlantic, as Operator of the Cooper Block, is contracting RBS - a locally owned specialized consulting firm in Windhoek, Namibia to assist in filing all the necessary permits and documentation during 2017, in order to get permits to drill offshore Namibia on the Cooper Block in the Walvis Basin.The Resource Report was prepared by Gustavson Associates LLC (\"Gustavson\") of Boulder, Colorado. Gustavson conducted an assessment of the gross prospective resource as of October 31, 2016. The data provided includes acquired 2D and the Blocks' 3D programs seismic data, as well as reports from previous wells that were drilled in the vicinity of the Blocks. Based on probabilistic estimates, the Resource Report confirms a best estimate of gross unrisked prospective oil resources for Cooper, Guy and Sharon Blocks in Namibia of 4,546 Million Barrels of Oil (\"MMBBls\"), and net unrisked prospective oil resources to Eco Atlantic of 2,362 MMBBls.Eco Atlantic has also commenced the process to obtain consents, permits and authorization certifications for predrilling, drilling and post drilling environmental support services. The drilling permits to be filed for Cooper License have an expected completion period of approximately eight months. Partners on the Cooper Block including Eco Atlantic, Tullow Oil, AziNam and NAMCOR have supported the engagement of the environmental consulting firm and the partners are continuing their refined interpretation of the recent 3D survey completed on the Block. An exact drilling location is not yet defined, however the parties concur that permits should be in place for second half of 2017.Colin Kinley, Chief Operating Officer commented: \"Eco Atlantic continues to progress in Namibia - we have been consistent...