Africa Oil Corp (AOIFF)

[douginil]

Africa Oil owns 19.77% of Eco (Atlantic) Oil and Gas Ltd

Slide 18/21 of the Jan 2019 corporate presentation is dedicated to discussing a Strategic
Alliance with Africa Oil.

https://www.ecooilandgas.com/investors/reports-presentations/#presentations

Africa Oil Corp. (ADe) recently invested CAD $14m in Eco Atlantic and is a 19.77%
shareholder of the Company.

Currently with over $400m cash in hand, AOC {AOIFF} has formed a Strategic
Alliance with Eco Atlantic to seek new exploration opportunities together.

Africa Oil Corp. subscribed for 19.77% of the Company and invested CAD $14 million (£8.46 million) at 28%
premium to the then market price (as of 10th November 2017).

Funds will be used to actlvelv Identify, negotiate and contract new oil and gas exploration assets and conduct
the initial work programmes.

Keith Hill, President and CEO of AOC, was appointed to the Board of Eco.

Strategic Alliance Agreement with AOC to bid jointly on any new assets or ventures proposed to be acquired by
Eco Atlantic.



Comments from Malcy's Blog 3/18/19

https://www.malcysblog.com/2019/03/oil-price-eco-atlantic-range-resources-and-finally/

Eco (Atlantic) Oil and Gas Ltd

Eco Atlantic has published an updated CPR on Orinduik this morning following completion of 3D processing and an additional six months of interpretation work. The result is an increase in Gross Prospective Resources P50 (Best) to 3,981 MMBOE from 2,913 MMBOE which is a more than handy 597.3 MMBOE to Eco.

The company has confirmed that the first well in June will be on the Jethro target looking for 214.5 MMBOE and will have a COS of 43.2%, this will be followed by a similarly risked well which the partners are selecting a location for now. Whilst the company are admirably keeping the adjacent Hammerhead-1 discovery by Exxon low key they do confirm that interpretation has confirmed the presence of oil on their block and that Exxon will drill an offset well on the Stabroek block in the near future.

Whilst Eco shares have performed very well of late I am sure that there is still significant upside potential, after all looking at their net resource number of nearly 600 MMBOE and even at a modest calculation of, say, $5-10 per barrel in the ground the £140m market cap looks strangely out of kilter….