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Eco Atlantic notes ExxonMobil's "Snoek" oil discovery offshore Guyana

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Oilfield Technology,

Eco (Atlantic) Oil & Gas Ltd., the oil and gas exploration company with licences in Guyana and Namibia, notes the announcement made overnight by ExxonMobil Corporationin relation to another new oil discovery in Guyana on its Snoek Oil Prospect, of 82 ft of high quality oil-bearing sandstone reservoir on the Stabroek Block, just 5 miles southeast of the Liza 1 discovery and in very close proximity to Eco Atlantic’s 1800 km2 Orinduik Block.

The Company continues its enhanced work programme on the Orinduik Block in partnership with Tullow (Eco Guyana 40%, Tullow 60% - Operator) and will update the market in due course on developments in respect of its ongoing operations in Guyana.

Gil Holzman, Eco Atlantic’s CEO, commented; “This 3rd significant discovery by ExxonMobil in addition to Liza and Payara, further cements Guyana’s position as one of the most exciting oil and gas exploration jurisdictions in the world right now. The new "Snoek" discovery on the Stabroek Block on an adjacent field to our Orinduik Block is extremely encouraging and augurs well for Eco’s prospectivity in the area. Such developments merely reinforce the Board’s growing conviction that Eco-Atlantic’s collection of international oil and gas prospects represents a significant, potentially world-class portfolio.”

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