Entry into Phase Two of initial Period of the Orinduik Block
Toronto, Ontario (FSCwire) - Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V:EOG), the oil and gas exploration company with licenses in highly prospective regions in South America and Africa, announces that at the Company and Tullow Oil (together "the Partners") on the Orinduik Block, have elected to enter Phase Two of the Initial Period under the Petroleum Agreement and Prospecting License, Orinduik Block, offshore Guyana. As operator of the Block, Tullow Oil has notified the Guyana Geology and Mines Commission as well as the Honorable Minister Trotman, Minister of Natural Resources of the Partners' decision.
The work commitment under Phase Two requires the acquisition of at least a minimum of 1,000 square kilometers of 3D seismic on the Orinduik Block. This has already been completed and exceeded during Phase One when the Block partners completed a 2,550 square kilometers survey in September 2017. As such, there is no further 3D seismic in Phase Two of the Initial Exploration Period.
Current Working Interests on the Orinduik Block are as follows:
Tullow Oil - 60% (Operator)
Eco Guyana - 40%
For more information, please visit www.ecooilandgas.com or contact the following:
| Eco Atlantic Oil and Gas | +1 (416) 250 1955 |
| Gil Holzman, CEO Colin Kinley, COO Alan Friedman, VP | |
| Strand Hanson Limited (Financial & Nominated Adviser) | +44 (0) 20 7409 3494 |
| James Harris Rory Murphy James Bellman | |
| Brandon Hill Capital Limited (Joint Broker) | +44 (0) 20 3463 5000 |
| Oliver Stansfield Jonathan Evans Robert Beenstock | |
| Pareto Securities Limited (Joint Broker) | +44 (0) 20 7786 4370 |
| Soren Clausen | +44 (0) 20 7786 4382 |
| Davide Finelli Matilda Mäkitalo | +44 (0) 20 7786 4398 +44 (0) 20 7786 4375 |
| Peterhouse Corporate Finance (retail market advisor) | +44 (0) 20 7469 0930 |
| Eran Zucker | |
| Blytheweigh (PR) | +44 (0) 20 7138 3204 |
| Nick Elwes Tim Blythe |
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Source: Eco (Atlantic) Oil and Gas Ltd. (TSX Venture:EOG, LSE:ECO, OTC Bulletin Board:ECAOF)
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