ONGC Videsh acquires 15% interest in PEL 0030

TORONTO ONTARIO / ACCESSWIRE / November 21, 2017 / Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V:EOG), is delighted to announce that ONGC Videsh, through its wholly owned subsidiary ONGC Videsh Vankorneft Pte. Ltd. (“OVVL”), has entered into agreement with Tullow Namibia Limited (“Tullow”) whereby OVVL will acquire a 15% working interest in the Cooper Block (Namibia Petroleum Exploration License 0030 for Block 2012A) (the “Cooper Licence”), offshore Namibia.

The acquisition is subject to satisfaction of customary conditions precedent, including Namibian regulatory and joint venture partners approvals as well as the grant of a twelve month extension to the First Renewal Exploration Period by the Namibian regulatory authority.

The working interests in the Cooper Block following the acquisition by OVVL will be:

· Eco Atlantic (Operator): 32.5%

· NAMCOR (the National Petroleum Corporation of Namibia): 10%

· AziNam Ltd: 32.5%

· Tullow Oil: 10%*

· OVVL: 15%

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/0955X_1-2017-11-21.pdf

SOURCE: Eco (Atlantic) Oil & Gas Ltd.

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