Operational and JV updates Guyana and Namibia

TORONTO, ONTARIO / ACCESSWIRE / October 26, 2018 / Eco (Atlantic) Oil & Gas Ltd. ECOEOG, the oil and gas exploration company with licenses in highly prospective regions offshore Guyana and Namibia, announces updates with respect to licence PEL30 in Namibia (the "Cooper Block") and its operations in Guyana.

Namibia

Eco has received a formal notice from Tullow Namibia Limited, in accordance with the JV parties 2014 Farm Out Agreement, confirming that it is unable to either enter into the Second Renewal Period under the PEL30 license ("Cooper Block") or to make a financial commitment to drilling on the Block. The 2014 Farm Out Agreement required Tullow to make a financial commitment to drilling one exploration well before renewing its interest in the Second Renewal Period in Q1 2019, and, in the event that a well was not drilled having entered the Second Renewal Period, pay Eco a significant penalty.

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For more information, please visit www.ecooilandgas.com or contact the following:

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SOURCE: Eco (Atlantic) Oil & Gas Ltd.