Eco (Atlantic) Oil & Gas Ltd is pleased to announce that the Government of Namibia Ministry of Mines and Energy has approved in whole, the requested amendments to the work program on the Company’s onshore Coal Bed Methane (“CBM”) license Blocks 2013B, 2014B and 2114A in the Huab Basin and Block 2418 in the Aranos Basin, (collectively, the “Licenses”) onshore Namibia to include the expansion of Licenses to cover the exploration of shale gas in addition to the current exploration for CBM.
Approval was also granted to amend the work program to include a detailed exploratory well on each of the two blocks by 2015 instead of 2012, which will analyze gas content and economic potential in both the Coal and the Shale.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic commented, “With the information obtained as a result of the completion of our first phase of the exploration program and recent environmental work on our onshore licenses, the Company moved to apply for an amendment to the work program and an expansion of the Licenses to include shale gas. The inclusion of shale allows the Company to take a more vigorous exploration approach to explore for all unconventional energy resources on these Licenses. With these approved amendments, the Licenses are more attractive to potential farm-in partners as the Company undergoes a process to negotiate with international oil and gas companies focused on unconventional gas resources.”
In the Ministry of Mines and Energy formal approval Namibian Petroleum Commissioner, commended the Company on its completion of Phase 1 of the CBM Licenses: “…we would like to applaud Eco Oil and Gas for the completion of the Phase 1 work program of desktop studies as stipulated in the Petroleum Agreements for the coal bed methane exploration licenses.”
Engagement of Questrade Inc.
Eco Atlantic is also pleased to announce that it has retained Questrade, Inc. to provide market-making services, in accordance with TSX Venture Exchange guidelines. Questrade will trade shares of the Company on the Exchange for the purpose of improving liquidity in the Company’s shares. The term of the agreement is for one year, beginning October 8, 2012, at a cost of $5,500 per month. Questrade will not receive shares or options as compensation. The Company and Questrade are unrelated and unaffiliated entities, but Questrade and its clients may have or may acquire a direct interest in the Company’s securities.