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

[xqsme_imnew]

Eco Atlantic notes Operator's New Competent Person's Resource Report on Block 3B/4B Offshore South Africa

TORONTO, ON / ACCESSWIRE / March 9, 2023 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX-V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to note Africa Oil Corp.'s publication of an independent, NI 51-101 compliant report of qualified reserves and resources evaluator for Block 3B/4B Offshore South Africa (the "CPR"). The CPR was commissioned by Africa Oil Corp. and issued by RISC Advisory (UK) Limited, an independent oil and gas advisory firm.

Highlights

RISC's analysis of the licence identifies total Unrisked Gross P50 Prospective Resources of approximately 4 billion barrels of oil equivalent ("BOE").
Net (26.25%) to Eco Atlantic, the Net Unrisked Prospective resources are approximately 1.0 BOE.
Exploration risk (Pg) for the identified prospects and leads were assessed by RISC to range from 15% to 39%.
Eco Net Unrisked Prospective Resources: Oil - Million stock tank barrels of oil ("MMstb"):
Minimum (P90): 452 MMstb
Most likely (P50): 802 MMstb
Maximum (P10): 1,427 MMstb
Eco Net Unrisked Prospective Resources: Gas - Billion cubic feet ("Bcf"):
Minimum (P90): 798 Bcf
Most likely (P50): 1,446 Bcf
Maximum (P10): 2,628 Bcf
Notes:

Net values are ECO's 26.25% working interest share of Gross Prospective Resources attributable to Exploration Right and are not equivalent to an entitlement right.

The CPR can be accessed via Africa Oil Corp.'s website: https://africaoilcorp.com/operations/block-3b-4b/

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

"After completing an extensive reprocessing of the 3D on 3B/4B, this CPR by RISC confirms 3B/4B's potential and generates exciting prospectivity on this unique Orange Basin block. The region offshore Namibia and South Africa continues to be an exploration hotspot and yielding dramatic discoveries. The estimated one Billion BOE of P50 prospective resources net to Eco are all in prospects of similar geologic age and structure to that of the recent discoveries announced by TotalEnergies and Shell in the same horizons of the Orange Basin.

"We are working closely with our JV partners on a potential farm out of up to a 55% gross working interest in the block, which will help accelerate the commencement of a two well drilling program on the license. We believe that this is a highly prospective block with multiple exciting exploration prospects. We look forward to updating the market on further developments of Block 3B/4B as exploration activity continues to accelerate in this basin."