Business
Operational and JV updates Guyana and Namibia
TORONTO, ONTARIO / ACCESSWIRE / October 26, 2018 / Eco (Atlantic) Oil & Gas Ltd. (AIM: EC...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Operational and JV updates Guyana and NamibiaTORONTO, ONTARIO / ACCESSWIRE / October 26, 2018 / Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), the oil and gas exploration company with licenses in highly prospective regions offshore Guyana and Namibia, announces updates with respect to licence PEL30 in Namibia (the \"Cooper Block\") and its operations in Guyana. Namibia Eco has received a formal notice from Tullow Namibia Limited, in accordance with the JV parties 2014 Farm Out Agreement, confirming that it is unable to either enter into the Second Renewal Period under the PEL30 license (\"Cooper Block\") or to make a financial commitment to drilling on the Block. The 2014 Farm Out Agreement required Tullow to make a financial commitment to drilling one exploration well before renewing its interest in the Second Renewal Period in Q1 2019, and, in the event that a well was not drilled having entered the Second Renewal Period, pay Eco a significant penalty.Please click on, or paste the following link into your web browser to view the full announcement;http://www.rns-pdf.londonstockexchange.com/rns/2560F_1-2018-10-25.pdf For more information, please visit www.ecooilandgas.com or contact the following:EcoAtlantic Oil and GasGilHolzman, CEOColinKinley, COOAlanFriedman, VPStrand Hanson Limited (Financial & Nominated Adviser)James HarrisRoryMurphyJamesBellmanBrandon Hill Capital Limited (Joint Broker)Oliver StansfieldJonathanEvansRobertBeenstockPareto Securities Limited (Joint Broker)Soren ClausenDavide FinelliMatildaMäkitaloBlytheweigh (PR)Tim BlytheJuliaTilleySimonWoods+1(416) 250 1955+44 (0) 20 7409 3494+44 (0) 20 3463 5000+44 (0) 20 7786 4370+44 (0) 20 7786 4382+44 (0) 20 7786 4398+44(0) 20 7786 4375+44 (0) 20 7138 3204This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.END SOURCE: Eco (Atlantic) Oil & Gas Ltd. \n ","length":3127,"tagName":"div"}]