Eco Atlantic Profile - Welcome to Eco Oil & Gas Ltd.ecooilandgas.com/_resources/Eco Atlantic jan...

January 2013

Corporate Presentation 18 Billion Barrels of Prospective Resources

Offshore Namibia 1

This presentation contains certain statements that may be deemed “forward-looking statements”. All statements in this presentation,

other than statements of historical fact, that address events or developments that Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic”) expects

to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but

not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “would”, “may”, “could” or “should” occur.

Although Eco Atlantic believes the expectations expressed in such forward-looking statements are based on reasonable assumptions,

such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking

statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include, but are

not limited to, market prices, exploration and drilling success, continued availability of capital and financing and general economic,

market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual

results or developments may differ materially from those projected in these forward-looking statements. Forward-looking statements

are based on the beliefs, estimates and opinions of Eco Atlantic’s management on the date the statements are made. Eco Atlantic

undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or

other factors, should change.

Forward Looking Statements

2

Eco Atlantic Profile

Emerging Oil and Gas Company

Second largest acreage holding onshore and offshore Namibia, dual listed on the TSXV and NSX under "EOG“

Highly Experienced Team

Experience in capital markets, African oil & gas, with established local networks

Deal team execution track record

Excellent Growth Potential

Three offshore licenses covering over 25,000km2 (6,177,000 acres)

Two onshore shale gas & CBM licenses covering over 30,000km2 (7,413,000 acres)

Advanced Exploration Program

Gustavson Associates:

NI 51-101 Report, Guy Block – 9.2 Bbbl (P50) Best Estimate, Prospective Resources (May 2012)

NI 51-101 Report, Sharon Block – 7.8 Bbbl (P50) Best Estimate, Prospective Resources (March 2012)

NI 51-101 Report, Cooper Block – 1.15 Bbbl (P50) Best Estimate, Prospective Resources (August 2011)

Gross Prospective Resource – 18 Bbbl (P50) Best Estimate Prospective Resources (Net 12.71Bbl)

Frontier Oil Industry

Attracting majors (BP, REPSOL, PETROBRAS, HRT)

2

Namibia Economic Profile

• GDP: US$15.5 billion (2011 estimate)

• Annual Growth: 3.6% (2011 estimate)

• Population: 2.17 million (2012 estimate)

• Inflation: 5.3% (September 2011)

• Major trading partners: South Africa,

Angola, UK, Spain, Japan, China and USA

• Taxation of oil production: 5% State Royalty /

35% corporation tax / no capital gains /

IRR>15% - APT

1.5 times the size of France, Capital city is

Windhoek

Encouraging international foreign investments

Long history of resource tenure security

African jurisdiction with low political risk

4

The Team: Africa, Oil Experience

Moshe Peterburg (Chairman, Co-Founder):

Over 25 years of experience in Africa (Nigeria, Equatorial Guinea, Ghana, Namibia and others).

Founder and Chairman of GP Minerals, a resource investment and development company.

Gil Holzman (President & CEO, Director, Co-Founder):

Significant experience in the mining and energy resource sectors throughout Africa.

Managed a portfolio of private and publically listed resource and energy companies.

Founder and CEO of GP Minerals.

Colin B. Kinley (COO, Director, Co-Founder):

CEO of Kinley Exploration LLC, providing professional, technical and oversight expertise to resource companies.

31 years of international expertise in energy project management and new energy company development.

Director of Adira Energy Ltd. (TSX-V:ADL); Manx Energy Inc. and Excelsior Minerals (TSX-V:MIN).

Alan Friedman (Executive Vice President, Director, Co- Founder)

President of Rivonia Capital Inc. 12 years experience in acquisitions, financings and TSX public transactions

Co-founder/Director and of Auryx Gold Ltd. (TSX-V: AYX) Namibian assets sold to B2Gold for over $140 million.

Co-founder/Director of Adira Energy Ltd. (TSX-V:ADL) an O&G exploration company offshore Israel

Helmut Angula (Non-Executive Director):

Over 20 years experience in the Namibian Government.

Served as Deputy Minister of Mines & Energy

Ex- Minister of Fisheries & Marine Resources; Finance; Agriculture; Water & Rural Development; Works and Transport

Peter Nicol ( Non- Executive Director)

40 years experience in the banking industry, with 20 years specializing in the oil and gas sector.

Headed the Oil and Gas Research team at GMP Securities Europe

Initiated coverage and finance of over 36 international E&P Companies.

5

Gondwana Theory, Paleoceanographics

Santos Basin

Espirito Santo Basin

Campos Basin

Brazil ~ Namibia Relationship

Mirrored Geological Structures

Eco Atlantic Targets

Walvis Basin

Brazil

Namibia

Angola

6

Over 80 Bbbls BOE Recent Discoveries in

South Atlantic Ocean

30 Bbbls BOE Estimated

Offshore Brazil

Offshore Licenses

Repsol/Tower/ Arcadia Repsol Farm in 44% WI

Chariot Central Blocks “Delta Prospect” drilled 2013

Chariot/ Petrobras/BP (45% WI) Nimrod Prospect, Drilled Aug/Sept 2012

HRT 4 Wells planned 2013

Eco Atlantic Oil & Gas 18 Billion Barrels of Prospective Oil

Serica Energy/BP BP Farm-in 30%, Fund $40m 3D Seismic

7

NAMIBIA

NAMCOR Cowan pays N$50m to explore blocks

Namibe Basin

Walvis Basin

Luderitz Basin

Orange Basin

Kudu Gas Field

600 km

Walvis Basin Potential

Eco Atlantic

18 Bbbl Prospective Resources on three blocks offshore

3D seismic program commence 2013

Repsol/Tower/ Arcadia

Repsol farm-in 44% working interest

HRT

1.1Bbbl Prospective Resources

Farm – out target year end

Serica Energy/BP

BP farm- in 30% working interest

4150Km2 3D seismic program completed

Chariot Oil & Gas

3D seismic complete over Central Blocks Oct/12

Update prospects and leads Q4/12

Four Wells Planned in Walvis Basin:

Repsol/Arcadia/ Tower – Block 2011A (Q1 2013)

HRT – Blocks 2112B 2212A (Q1 2013)

BP – Block 1912B Subject to Government approval (Q2 2013)

Chariot – Blocks 2312A/B, 2412A “Central Blocks” (H2 2013)

8

The Oil Kitchen

• Palaeocene / Neogene shales

• Tight deepwater carbonates

• Mobile salt pockets / volcanics (?)

• Cretaceous intraformational shales

Seal

• Palaeocene-Miocene channel systems

• Albian–Maastrichtian turbidite fans

• Albian carbonate interval (?)

• Barremian-Albian shoreface sands

Reservoir

• Cenomanian-Turonian marine shale

• Aptian-Albian marine / lacustrine shale

• Barremian lacustrine shale

• Permian coals (?)

Source

Eco Atlantic Geo Profile

9

Regional Drilled Wells

10

Toscanini Well: Drilled onshore –

carbonaceous shales and lower Karoo

Sequence of South Africa reach a

thickness of 120, (Supports possibility of

oil source in prerift Karoo section

Well 2313/5-1: Shark Prospect drilled for

Kudu type target. Section was sand and no

seal was encountered. This was first

penetration of the syn-rift and proved that

syn-rift is clastic. It was not drilled to the

Aptian

Well 1911/15-1: Drilled on a faulted block

on Skeleton Coast. Good Aptian to Albian

shallow marine reservoirs and high residual

oil saturations from a mature source. Oil

shows were interpreted to be remnant of a

breach reservoir. Good fan sands and

marine prone oil source rocks in the Late

Cretaceous and Paleogene. Trap failed

due to intragraben faults.

Well 2012/13-1: Drilled on a regional high and penetrated Maastrichtian slope fans with evidence

of migrant hydrocarbons from an immature source. Reservoir failed due to no up-dip seal. Well

encountered immature Cenaonmanian-Turonian source rock with up to 5% TOC. Pyrolysis results

show that the Source rock interval would have been capable of significant oil generation over the

shelf where maturity conditions allow. New data shows maturity levels are higher than those

indicated by previously released data has shown that the lower cretaceous source rocks in this

well entered the early mature oil window prior to tertiary cooling. The Aptian section was not

reached.

Source Rocks

11

Aptian Albian

Source Rocks

Cenomanian

Source Rocks

Reservoir

12

Berremian Sands: Initial

rifting led to the

development of syn-rift

basins oriented along

NW/SE trend.

Reservoir characteristics

from Barremian terrestrial

clastics at Kudo range from

porocities of 3 to 15% and

Permeability of 470mD

Berremian Shore face

and Turbidite Sands:

Key reservoir interval for

Kudu field. Deep marine

Turbidites remain key

reservoir target

Lower Cretaceous – Shallow

Carbonates: Have been

recorded on the outer rift highs

of the Walvis Basin. Potential

carbonate ramp progradation

occurred around the Barremian

interval. This carbonate

stringers have been

documented in the Luderitz

basin. Reservoir characteristics

in the Walvis Basin reveal

porosities of 20%

Maastrichtian – Turbidite

Fans: Can be identified on

the existing seismic

coverage and have been a

key reservoir target. Sands

encountered thus far have

been reservoir quality. Lack

of seal on targets selected

has resulted in migration of

hydrocarbons. 3D seismic

will help identify adequate

seal.

Lower Tertiary Channel Systems

13

Sediment most likely input directions into

the Walvis Basin are from North and East:

Kaoko, Otavi and Etendeka Sediments.

Luderitz is probably sourced from the

Eastern Kalahari and South Eastern

Gariep.

Damara Belt rocks straddle the two basins

and may have contributed periodic input.

Walvis Basin Reservoir

characteristics span from 26

to 31 wt% and Permeabilities

of 150 to 590 mD

Seals

14

Cenozoic Seals

Cretaceous Seals

Corporate Seal

Traps

15

Structural Traps: Tilted

Fault, Anticlines,

Horsts and Slumps

Stratigraphic Traps:

Turbidite Fan Systems,

Prograding Clinoforms,

Low stand Sand

Wedges, Channel

Systems

16

Fugro Slick Report

17

Slick Research

NAMIBIA OFFSHORE

Increasing Activity Offshore

Announcement Date Transaction License

Serica Energy Issues NAMCOR 6

million shares

Nov, 2012 NAMCOR now hold’s 3.28% in Serica 2512A, 2513A, 2513B and

2612A

Cowan pays N$50m to explore

NAMCOR blocks

August, 2012 Cowan gives NAMCOR a N$50Mil bonus to explore

blocks offshore

2613A and 2613B

Repsol completes farm-in w.

Tower/Arcadia

July, 2012 Repsol farm-in, operator 44% WI 2011A

(right next to Eco’s 2012A)

Tower to convert its 15% carried

interest to 30% WI

July, 2012 TPR increase WI to 30% for ~US$5.3Mil (30% past

expenses) pays 30% future costs

2011A

(right next to Eco’s 2012A)

Pancontinental purchases additional

10% in license

July 2012 PCL increases WI to 95% w. partner Paragon -

US$4Mil

2113B, 2112A, 2012B

(surrounded by Eco blocks)

Eco Atlantic reports 9.2Bbbl offshore May 2012 NI- 51 101 (P50) Best Estimate report 9.2 Bbbl

Prospective Resources

Guy Block

BP farm-in to Serica Energy, Luderitz

Basin

March, 2012 BP farm-in 30% Serica Blocks & funds $40M 3D

seismic program

Luderitz Basin

Eco Atlantic reports 7.8Bbbl offshore March, 2012 NI- 51 101 (P50) Best Estimate report– 7.8 Bbbl

Prospective Resource

Sharon Block

BP farms in to Chariot Central Block August 2011 BP farm in 25% (increased further to 45%), carry

Chariot’s portion of first well and past costs 2714A, Orange Basin

PGS acquires 10% of Chariot Central

Block

August 2011 PGS will fund 50% of 3D seismic, operatorship 2312 A/B, 2412 A/B (North),

Orange Basin

HRT acquires UNX February 2011

HRT buys UNX C$730Mil based on 2D (net 16.5

BBbl (best estimate))

Orange Basin

18

Peer Comparables

19

Company Ticker Market Cap

$CAD (MM)

Enterprise

Value ($MM)

Unrisked Net

Resources

(MMbl)

EV/Unrisked

Resources

($/bbl)

Notes

Chariot Oil & Gas CHAR.AIM 87.0 0.0 10,639 $0.00

Drilling 2013

Eco Atlantic EOG.V 19.7 16.0 12,702** $0.002

3D seismic 2013/ Leads

Identified

Energulf

Resources ENG.V 13.1 12.1 467 $0.039 Drilling DRC & 3D

Namibia in 2012

Horn Petroleum HRN.V 32 9.9 3,176 $0.004

1st well dry, 2nd well

underway

Serica Energy SQZ.TSX 77 57.4 3,176 $0.015

Projects from Seism. To

product (BP farm in)

Tower Resources TRIP.AIM 65 53.0 4,643 $0.017

Drilling NAM H2/2012

* Not all NI 51 101 Compliant

Source: M Partners

** The full reports entitled “ Leads for Cooper Block (2012A) Offshore Namibia, Leads of Sharon Block (2213 A&B) and Leads for Guy

Block (2211A/2111B) Prepared According To National Instrument 51-101” are located on SEDAR

Farm – In Partners

Azimuth Ltd. – 20% Working Interest / 40% carry

A well-funded company with the technical capabilities of a mid cap E&P firm.

Backed by majority-owner Seacrest Capital Ltd, a Bermuda based energy investment group

Petroleum Geo-Services ASA (PGS), access to world’s largest multi-client seismic library

Azimuth – 20% Working interest. Will fund 40% of 3D offshore (Est.$10m)

NAMCOR – 10% Carried Interest

National Oil and Gas Company.

Ensures optimum exploitation of petroleum resources & participation in exploration activities.

Acts as advisors to Ministry of Mines & Energy, monitoring the exploration activities of licensees

Eco will benefit from access to NAMCOR’s geological survey as well as an indirect opportunity to further

cooperate on NAMCOR’s own held blocks

Carried interest until first production with production payback plus interest

20

Guy Technical Highlights

Eco – Operator and 70% working interest

Conventional oil targets

Water Depth: 2,000 to 3,500 m range

Depth: 3,500 to 5,100 m to top of structures

Seven significant resource leads within the Lower Cretaceous and Tertiary Sections (Oil)

Leads are structural and fault bounded, faults down to Early Cretaceous Synrift Section

10 to 150 meters of pay thickness

Seven Leads cover and estimated 1,564 km2 are from 17 to 417 km2 each

Estimated 20% recovery factor

350 API oil and 21% porosity

Gustavson NI-51-101 Prospective Resource Report: May 21, 2012

Seven Concentrated Leads

Up to 150m of Pay

1,564 km2 (17 to 417 km2 each)

Guy Block

P50 (Best) Probabilistic Estimate:

9.2 Billion Barrels of Prospective

Resources

21

Sharon Technical Highlights


Conventional oil targets in the Walvis Basin

Shallow water over targets: 150 m range

Shallow resource targets : 2,600 m range

Two significant resource leads within the Lower Cretaceous sands (Oil)

Source rock is approximately 3,700 m deep – peak oil generation window

Lower drilling risks and lower drilling costs


>1200 km2 of lead area on the two leads



Gustavson NI-51-101 Prospective Resource Report: March 6, 2012

Two Large Concentrated Targets

50-100 m Pay, Shallow Water,

Shallow Depth

Sharon

Block



Resources

22

Cooper Technical Highlights


Conventional oil targets

Shallow water over targets: 400 m range

Shallow resource targets : 2,000 m range

Five significant resource leads within the Upper Cretaceous sands (Oil)

Source rock is approximately 3,700 m deep – peak oil generation window

Lower drilling risks and lower drilling costs Aptian source rocks beneath may be gas prone


107 km2 of lead area on the five leads



Gustavson NI-51-101 Prospective Resource Report: February 1, 2012

Five Large Concentrated Targets

35m Pay, Shallow Water,

Shallow Depth



Resources

Cooper

Block

23

Company Milestones

24

August 2011

Cooper, NI 51-101

Best Estimate (P50)

1.1 Bbbl Oil

April 2011

Private Placement

Raised $3M @

$0.40/unit

March 2012

Sharon, NI 51-101

Best Estimate

(P50) 7.8 Bbbl Oil

Nov 29, 2011

Trading

TSXV:EOG

May 2012

Guy, NI 51-101

Best Estimate

(P50) 9.2 Bbbl Oil

Jan 2012

Private Placement

Raised $6M @

$0.60/unit

April 2012

NSX Listing

NSX:EOG

Operational Highlights

Corporate Highlights

July 2012

Slick Data

Acquired oil Slick

Data Package

August 2012

Guy 2D

Acquired add’l

615 Klms of 2D

June 2012

Offshore Farm Out

Farmed out 20% WI

on Offshore Blocks

to Azimuth

3D Survey

Farmout

Drilling Nov 2012

Private Placement

Raised $3.23M @

$0.40/unit

Exploration Budget

25

Schedule & Expenditures Over three Years Attributable Eco

Fiscal Year 1

(Completed)

2D Seismic program – acquisition &

interpretation, desktop studies &

Environmental Impact Study

$4.5million $4.5million

Fiscal Year 2 + 3

(Ongoing)

3D seismic program & processing

2,500km2 (Guy, Cooper, Sharon)

In Negotiations*

60% Attributable

to EOG

These amounts are company defined targets that are more aggressive than government required expenditures

* 40% of 3D costs funded by Azimuth for farm- in of 20%

Corporate Overview

26

Eco Atlantic TSX-V: EOG, NSX:EOG (as at November 19, 2012)

Share Structure Number of Shares

Shares Issued and Outstanding 68,959,661

Warrants 5,290,756

Options 5,040,000

Total Shares Fully Diluted 79,290,416

Cash Approx $7.5 million

Analyst Coverage

Cormark Securities

Clarus Securities

M Partners

Holdings

Management + Board 30%

Institutional 40%

Retail 30%

Contact Information

27

Corporate Office:

Canada

120 Adelaide Street West, Suite 1204

Toronto, Ontario

M5H 1T1

Namibia Office:

269 Independence avenue, 8th floor

Windhoek

Corporate Contact:

Colin Kinley

Chief Operating Officer

[email protected]

Julia Maxwell

Manager, Investor Relations

[email protected]

+1 416 361 2211

[email protected]

www.ecooilandgas.com

Eco (Atlantic) Oil & Gas Ltd.

mailto:[email protected]



http://www.ecooilandgas.com/



Appendices

28

Offshore

Block Size: 5,000 km2 (acres: 1,235,000)

Access: Floater

License: 70% working interest, 4 yrs + 2 renewal terms

of 2 years

Partners: Azimuth Ltd. 20% WI, NAMCOR 10% WI

Water: 200 m to 500 m

Target: Basal Tertiary Clastics and Turbidites (2,000m

- 2,300 m), upper Cretaceous Clastics and

Turbidites (2,400 m - 2,700 m), lower

Cretaceous Carbonates (3,300 m - 3,600 m)

Commitment:

Year 1: Initial desktop study to review all available

seismic and current information (Completed)

Year 2-3: Complete a 500 km2 3D seismic survey

across the block

Year 4: Drill an exploration well - estimated depth of

4,000 m

Cooper

Cooper License Block 2012A

29

Offshore

Block size: 10,000 km2 (Acres: 2,471,000)

Access: Jack-up

License: 70% Working Interest, 4 yrs + 2 renewal terms

of 2 years

Partners: Azimuth Ltd. 20% WI, NAMCOR 10%WI

Water: 0 m to 200 m

Target: Basal Tertiary Clastics and Turbidites (1,800

m - 2,000 m), upper Cretaceous Clastics

and Turbidites (2,200 m - 2,400 m), lower


Commitment:

Year 1: Initial desktop study to review all

available seismic and current

information

Year 2-3: Complete a 1,000 km2 3D seismic survey

across the block

Year 4: Drill an exploration well - estimated Depth

3,700 m

Sharon

Sharon License Blocks 2213A & 2213B

30

Offshore

Block Size: 10,000 km2 (Acres: 2,471,000)

Access: Semi/floater

License: 70% working interest, 4 yrs + 2 renewal terms

of 2 years

Partners: Azimuth Ltd. 20% WI, NAMCOR 10%WI

Water: 2,000 m depth (east side targeted)

Target: Basal Tertiary Clastics and Turbidites (3,100

m - 4,600 m), upper Cretaceous Clastics and

Turbidites (3,500 m - 5,000 m), lower


Commitment:

Year 1: Initial desktop study to review all

available seismic and current

information

Year 2-3: Complete 1,000 km2 3D seismic survey

across the block

Year 4: Drill an exploration well - estimated depth

6,000 m

Guy

Guy License Blocks 2111B & 2211A

31

Onshore

Block Size: 30,000 km2 (Acres: 7,413,000)

Access: Truck mounted mobile drilling rig

License: 90% Working Interest, Eight years

Partner: NAMCOR, 10%

Target: Karoo Coal and Shale Sequence (estimated

800 m depth 60 m thick) CBM and tight shale

Commitment:

Year 2+3: Initial desktop study of

the resource. Selection of initial

drilling target, wireline coring and gas

content/volume testing and Maceral

evaluation.

Estimated drill depth - 1,200 m

End Year 4: Drilling of a five spot pilot well test program

Onshore

Block 2013B, 2014B, 2114 & 2418

32

Local Namibian Participation

33

Eco Atlantic acquired Namibia local company, Eco Oil & Gas Namibia ltd.,

holding license applications, for consideration of 20% of Eco Atlantic Oil & Gas

Only Namibian petroleum company to list on Namibian Stock Exchange

Helmut Angula, ex Deputy Minister of Mines and Energy, Elected to Board Of

Eco Atlantic

Jose Bastos, Co founder of Welwitcshia & Indira Ghandi hospitals in Namibia,

elected to Board of Eco Namibia

Naeman Amalwa and Phillipine Angula appointed as Country Managers

Local corporate office in Windhoek

Strong Relationship with NAMCOR, National Oil and Gas Company

• NAMCOR has a carried 10% interest in the licenses to production

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