Eco Atlantic Provides New Competent Person’s Resource Report on Namibia and South Africa Assets

Eco (Atlantic) Oil & Gas has announced the publication of an updated NI 51-101 compliant Competent Person’s Report on its assets 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 as announced on 11 March 2022. The CPR has been prepared on the basis that the acquisition of Azinam has completed.

Summary of Unrisked Prospective Resource Estimates

Source: Letha C. Lencioni, WSP USA Inc

Gustavson Associates LLC, who completed the last CPR in January 2020, is now a part of WSP USA.

Report Highlights – Attributable Best Estimate, Prospective Resources

·   South Africa (Blocks 2B & 3B/4B) – Net to Eco 864 mmbbls Oil and 309 BCF Gas

·   Namibia (4 Blocks) – Net to Eco 6,705 mmbbls Oil and 6,565 BCF Gas  

Colin Kinley, Co-Founder and COO of Eco Atlantic commented: 

“With our current strategy for increasing our stakeholder asset base, we have focused solely on strategic acquisitions that can add material and near-term growth and catalysts for the company. The addition of the Azinam assets in Namibia and South Africa have quickly added prospective resources to our portfolio. As we work towards the completion of our recently announced binding term sheet to acquire JHI’s 17.5% interest in the Canje Block offshore Guyana plus the maturation of additional resources currently being interpreted from ongoing 3D processing in Block 3B/4B we expect to see even further growth of the portfolio from here in the coming months”.