TORONTO – Eco Atlantic Oil and Gas plans to seek admission of its shares to trading on the London-based Alternative Investment Market (AIM).
The company has exploration interests in frontier basins offshore Guyana and Namibia.
In partnership with Tullow Oil, Eco Atlantic has a 40% stake in the shallow-water 1,800-sq km (695-sq mi) Orinduik block in the Guyana-Suriname basin.
This is adjacent and updip to Exxon Mobil’s Liza field discovery where recoverable resources could be around 1.4 Bbbl and where field development planning is under way.
Tullow has agreed to carry Eco Guyana for $1.25 million of a mandatory 3D seismic survey under the initial four-year exploration program. Following the Liza discovery, both parties have agreed to accelerate the defined work program.
In Namibia, Eco Atlantic’s has stakes in three offshore petroleum licenses in the Walvis basin - Cooper (32.5%), Sharon (60%), and Guy (50%) - with combined prospective resources of more than 2.3 Bbbl net.
They cover an area of more than 15,000 sq km (5,791 sq mi) and are adjacent to farm-in activity by companies such as Repsol, Tullow, Murphy, OMV, and Galp.
So far 3D and 2D seismic surveys and interpretation have been completed and various companies expect to drill wells in the Walvis basin during 2017-18.
An environmental impact assessment survey has been approved for the Cooper block later this year, in preparation for drilling permits
Eco Atlantic plans to raise £2-3 million ($2.4-3.6 million) before expenses to help enhance its seismic exploration program on the Orinduik block; to progress its work program off Namibia; and to pursue assessment and application for additional license interests in Guyana and other prospective West African basins.
CEO Gil Holzman said: “Eco Atlantic has an attractive value proposition with licenses located in highly prospective, sought after jurisdictions within close proximity to significant discoveries and farm-in activity.
“Notably, we will be the only AIM quoted oil and gas exploration company to hold an oil and gas asset in Guyana. Our Orinduik block in Guyana, where we are partners with Tullow Oil, is just 6.5 km [4 mi] from Exxon Mobil’s Liza field discoveries…
“At the same time, the Walvis basin where we have our licenses, is a proven offshore petroleum system in Namibia and the ‘number-one African investment destination’ according to the Global Petroleum Survey.”