Eco Atlantic drops out of Ghana

November 23, 2016

Eco Atlantic Oil & Gas Ltd. entered into a deal to sell its total interest in Eco Atlantic Ghana Ltd. (Eco Ghana) to PetroGulf Ghana (PetroGulf), and is setting its focus on Guyana.

Eco Ghana holds the Eco Atlantic’s interest in the Three Point West Deep Water Block.

Prior to entering the agreement, PetroGulf, a locally held Ghanaian company held a 4.5% interest holder in the block. Pursuant to the agreement, Eco Atlantic is entitled to receive US$576,580 as reimbursement for past operating expenditures owed to the company on the block. PetroGulf assumes all obligations of Eco Ghana on the block.

On 19 November, the sale received the required consent of GNPC as required by the petroleum agreement, and on 21 November the sale received the required consent of GNPC Explorco as required by the joint operating agreement.

“The company has decided to focus its priorities on the significant discoveries made by ExxonMobil in Guyana, all directly adjacent and down dip from our recently acquired Orinduik block in partnership with Tullow Oil Plc (Eco – 40%, Tullow – 60% and operator)," Gil Holzman, Eco Atlantic president and CEO said. "The three major discoveries, Liza 1, 2 and most recently 3, all have shown significant sand thickness and have defined a plus billion-bbl oil reservoir.”



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