Eco (Atlantic) Oil and Gas Ltd Announces Total Acquires 25% Interest in the Orinduik Block
Toronto, Ontario (FSCwire) - Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), the oil and gas exploration company with licences in highly prospective regions in Namibia and Guyana, is delighted to announce that Total E&P Activités Pétrolières, a wholly owned subsidiary of Total Petroleum SA ("Total"), has exercised its option to acquire a 25% Working Interest in the Orinduik Block, offshore Guyana, from Eco Atlantic (Guyana) Inc., a wholly owned subsidiary of the Company (the "Option") (the "Option Exercise"). The Option Exercise was received by Eco before delivery of the final 3D seismic data due to be delivered to Total, which would have triggered a 120-day exercise window for the Option.
Following the Option Exercise and subject to the receipt of all requisite regulatory approvals, including that of the Government of Guyana, for the transfer of the 25% Working Interest to Total, the working interests in the Orinduik Block will be as follows:
Tullow - 60% (Operator)
Total - 25%
Eco Guyana - 15%
**ENDS**
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 |
| Blytheweigh (PR) | +44 (0) 20 7138 3204 |
| Tim Blythe Simon Woods |
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END
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public://news_release_pdf/ecoatlantic09132018.pdf
To view the original release, please click here
Source: Eco (Atlantic) Oil and Gas Ltd. (TSX Venture:EOG, LSE:ECO, OTC Bulletin Board:ECAOF)
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