Eco (Atlantic) Oil and Gas Ltd. (ECAOF)

[pro_s2009]

Africa Oil Corp are a major shareholder in ECO Atlantic (London: ECO, Canada:EOG, USOTC:ECAOF). They have 16.7% of the total shares in issue of ECO. ECO spud the Gazania-1 well in late September this year, anything from 300 to 500 million recoverable barrels. ECO own 50% of the South Africa 2B license area where Gazania-1 is being drilled - prime Orange Basin. It could well be that if Gazania-1 strikes oil that Africa Oil will decide to farm into this, or indeed they might take the whole 50% from ECO. With the refinery coming on line in South Africa in Q4 this year, this would be a perfect quick development. So expect some action potentially if Gazania-1 strikes oil because this would be a perfect development for Africa Oil Corp.