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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

 

Gross

Net attributable to Eco’s Interest

Asset

Country

Low Estimate

Best Estimate

High Estimate

Low Estimate

Best Estimate

High Estimate

Operator

Oil & liquids Prospective Resources (millions of barrels)

Lower Risk

Orinduik

Guyana

2,315

4,537

8,179

347

681

1,227

Tullow

Cooper

Namibia

151

245

398

128

209

339

ECO

2B

South Africa

209

491

984

104

246

492

ECO

3B/4B

South Africa

973

3,088

7,138

195

618

1,428

Africa Oil

Higher Risk

Cooper

Namibia

283

507

843

241

431

717

ECO

Guy

Namibia

1,671

4,924

10,937

1,421

4,185

9,297

ECO

Sharon

Namibia

702

2,212

5,518

597

1,880

4,691

ECO

Total for Oil & Liquids

6,304

16,004

33,998

3,033

8,249

18,189

Gas Prospective Resources (billions of standard cubic feet)

Lower Risk

Orinduik

Guyana

1,798

3,626

6,811

270

544

1,022

Tullow

Cooper

Namibia

141

240

407

120

204

346

ECO

2B

South Africa

31

73

149

15

37

74

ECO

3B/4B

South Africa

426

1,360

3,136

85

272

627

Africa Oil

Higher Risk

Cooper

Namibia

264

496

868

224

422

738

ECO

Guy

Namibia

1,625

4,812

10,869

1,381

4,090

9,239

ECO

Sharon

Namibia

668

2,176

5,466

568

1,849

4,646

ECO

Total for Gas

4,952

12,782

27,706

2,663

7,417

16,692

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”.

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