ECO ATLANTIC OIL & GAS OFFSHORE NAMIBIA AND GHANA PROSPECTIVE LARGE ACREAGE OIL BLOCKS SEPTEMBER 2014

Transcription

1 ECO ATLANTIC OIL & GAS OFFSHORE NAMIBIA AND GHANA PROSPECTIVE LARGE ACREAGE OIL BLOCKS SEPTEMBER 2014

2 FORWARD LOOKING STATEMENTS 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. 2

3 INVESTMENT PROFILE GHANA TSX-V LISTED OIL AND GAS EXPLORER focused on projects in politically stable and technically de-risked countries in Africa OPERATOR AND MAJOR INTEREST OWNER of prospective license blocks in Namibia and Ghana NAMIBIA PROVEN MANAGEMENT TEAM who have successfully acquired, developed and sold resource assets in Africa many times over 3

4 PROVEN MANGEMENT TEAM 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, 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 Manx Energy Inc. and Excelsior Minerals (TSX-V:MIN) Alan Friedman (Executive Vice President, Director, Co- Founder) President of Rivonia Capital 14 years experience in acquisitions, financings, dispositions and TSX public transactions Co-founder/Director and of Auryx Gold Corp. (TSX-V: AYX) Namibian assets sold to B2Gold for over $150 million 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 & 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 4

5 NAMIBIA: Gondwana Oil Theory, Paleoceanographics Brazil Namibia Relationship Mirrored Geological Structures Espirito Santo Basin BRAZIL NAMIBIA Campos Basin Walvis Basin Santos Basin 30 Bbbls BOE Estimated Offshore Brazil Eco Atlantic Targets Walvis Basin 5

6 ECO ATLANTIC IN NAMIBIA NAMIBIA OFFSHORE NAMIBIA Walvis Basin: 3 blocks over 28,500 Klms LOCATION: Neighboring major farm-in activity: Repsol, Tullow, BP, Galp PARTNERSHIPS: Strong local partnership and government relationships OPERATORSHIP: Operating/majority interest in all three blocks PROSPECTIVE RESOURCES: 21.5 Billion (Net 15) Barrels P50 Prospective Resources on 3 blocks* COOPER: 4.5 billion barrels P50 (best) estimate* SHARON: 7.79 billion barrels P50 (best) estimate* GUY: 9.02 billion barrels P50 (best) estimate* ACTIVITY NEARBY: M&P 3D Seismic program, BP/Chariot 3D complete over central blocks, Tullow/Pancontinental 3D Program shot: 1.09 billion barrels of oil (P10) potential *Independent Resource Lead Report (NI Compliant) 6

7 NAMIBIA INVESTMENT PROFILE GDP: US$16.77 billion (2012) Annual Growth: approx 4.5% (2012) Population: 2.32 million (2012) Inflation: 6.5% (2012 average) 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 TSX-V: resource EOG tenure security NSX: EOG African jurisdiction with low political risk Rated top African emerging Market 2013 by Bloomberg 7

8 NAMIBIA: Major Investment Activity OMV Group 30,000 employees worldwide; 10.4B market cap March 2014: acquired 45% working interest in Cowan Oil & Gas s licenses in the Walvis Basin Murphy Oil 1,500 employees worldwide; $10.9B market cap March 2014: acquired 20% working interest in Cowan Oil & Gas s licenses in the Walvis Basin NAMIBIA Royal Dutch Shell Active in over 70 countries; 140B market cap December 2013: acquired 90% working interest in Signet Petroleum s license in the Orange Basin Tullow Oil Over 40 candidate wells in 2013; $7B market cap September 2013: acquired 65% WI in Pancontinental Oil & Gas s license in the Walvis basin; full carry of 2D and 3D seismic and drilling of exploration well; total cost approximately $140M July 2014: Acquired 25% WI in Eco Atlantic s license in the Walvis basin; part carry of 3D seismic and full carry of exploration well costs Galp Energia Active in over 15 countries; 10B market cap November 2012: acquired 14% participating interest in three of HRT s license blocks in the Walvis and Orange Basins, HRT part carry of drilling costs Repsol Active in over 30 countries; 24B market cap July 2012: acquired 44% working interest in Tower Resource s license in the Walvis Basin ; exploration well drilled April 2014 BP plc Active in over 80 countries; 94B market cap August 2011: acquired 50% share of Chariot Oil & Gas Ltd s equity interest in the Orange Basin; committed $40M funding March 2012: acquired 30% working interest in Serica Energy s Walvis Basin blocks; full carry cost of 3D seismic 8

9 NAMIBIA: Walvis Basin Eco Atlantic 21.5 total billion barrels of prospective oil * Cooper: 4.5 billion barrels (Tullow 25% WI) 3D seismic program to commence late 2014 Sharon: 7.79 billion barrels Guy: 9.02 billion barrels Daniel TULLOW/PANCON Cooper, Sharon : 20% Azinam W/I, 10% NAMCOR W/I Guy: 30% Azinam WI, 10% NAMCOR W/I TULLOW/ECO DANIEL OMV/Murphy/Cowan 45% Farm-out to Murphy, 20% farm-out to OMV Repsol/Tower Farm in 44% WI / Drilled April 2014 Tullow/Pancontinental Tullow farm-in 65% WI, 3D seismic commenced March 2014 covering 3,000 km² HRT /GALP WINGAT Oil discovery in May 2013, sub commercial proven petroleum system Chariot/ Petrobras/BP (50% WI) BP Farm-in 30%, Fund $40m 3D Seismic Drilled Nimrod Prospect oil shows & source rock 3D seismic complete over Central Blocks Oct/12, Gross Mean, Prospective 469 mmbl Shell Acquisition of 90% WI in blocks 2913A and 2914B from Signet Petroleum in Orange Basin *Independent Resource Lead Report (NI Compliant) Four Wells Offshore Namibia expected in next 18 months Chariot Blocks 2312A/B, 2412A Central Blocks Q / H Tullow/Pancontinental B/2112A Shell- 2913A/2914B

10 WALVIS BASIN: Proven Petroleum System ECO: GUY BLOCK Wingat-1 ECO: SHARON BLOCK HRT: Wingat-1, Murombe-1: Wingat drilled May 2013, Murombe drilled July 2013 Two different high quality source rocks in oil generating window 4 oil samples of light grade oil 38 to 42 API Oil proven, sub commercial De-risks basin, better understanding Proven petroleum system Farm-in activity intensifies HRT 86% GALP 14% 10

11 OIL SEEPS/FUGRO SLICK REPORT Eco blocks (Cooper, Sharon, Guy) surround HRT and Tullow targets to the East, West and North Oil seeps confirm similar geological structure as EOG Sharon block Eco Blocks Turbidite play, similar to Murombe target much stronger candidate for good-quality reservoir 11

12 NAMIBIA: Working Interest Split & Farm-In Partners WORKING INTEREST SPLIT: FARM-IN PARTNERS: Block: Operator Eco Tullow Azimuth NAMCOR Block: Operator Eco Azimuth NAMCOR Block: Operator Eco Azimuth NAMCOR Cooper Eco 45% WI (30% on drilling) 25% WI (40% on drilling) 20% WI 10% free carried interest Sharon Eco 70% WI 20% WI 10% free carried interest Guy Eco 60% WI 30% WI 10% free carried interest TULLOW: 60% carry of 3D seismic and full carry of test well on Cooper $1.9B cash flow in mmboe average resource add over the past 7 years Industry leading exploration acreage position in South America, West Africa, East Africa, and the North Atlantic 75% oil across portfolio > 100,000 bopd from Jubilee project >200 wells planned for drilling over the next 3 years AZINAM: 40% carry of 3D seismic on Cooper and Sharon, 50% of 3D seismic on Guy 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 NAMCOR : National Namibian Oil and Gas Company Acts as advisors to Ministry of Mines & Energy, monitoring the exploration activities of licensees Carried interest until first production with production payback plus 20% interest

13 COOPER LICENSE Block 2012A Offshore Block Size 5,000 km 2 (acres: 1,235,000) Access License Partners Water Target Floater Current: 55% working interest, 5 yrs + 2 renewal terms of 2 years Potential: 40% working interest if exploration well drilled Azimuth Ltd. 20% WI, NAMCOR 10% WI, Tullow 25% (potential 40%) WI 200 m to 500 m Upper Cretaceous Clastics and Turbidites (2,200 m - 2,400 m), Albian fan/channel (2,400 2,500), lower Cretaceous carbonates (2,500m- 2,700 m) Cooper License DANIEL Work Program Initial Exploration Period (4 years) Late 2014 March 2015 First Renewal Period (2 years) March 2016 March 2017 Seismic acquisition survey Complete survey of 1,000km² of 3D seismic Drilling exploration well Spud the first well Second Renewal Period (2 years) March 2019 Resource assessment and production assessment Off-take/production engineering assessment & planning first renewal period Additional seismic acquisition survey of 500km², Geological assessment and target assessment 13 13

14 COOPER TECHNICAL HIGHLIGHTS Eco Operator and 55% working interest Conventional oil targets Shallow water over targets: 500m range Shallow resource targets : 2,000m to 2,500m range Five significant resource leads within the Upper Cretaceous sands (Oil) Source rock is approximately 3,000 m deep peak oil generation window Lower drilling risks and lower drilling costs Aptian source rocks beneath may be gas prone 35 to 75 meters of pay thickness 107 km 2 of lead area on the five leads Estimated 20% recovery factor 35 0 API oil and 21% porosity P50 (Best) Probabilistic Estimate: 4.5 Billion Barrels of Prospective Resources * Cooper Block Gustavson NI Prospective Resource Report: February 2014 Lead Low Estimate Oil in Place, MMBbl Best Estimate High Estimate Prospective Oil Resources, MMBbl Low Best High Estimate Estimate Estimate A , B 1,317 2,478 4, ,030 C 1,659 3,528 6, ,662 D 544 1,128 2, Flat , Fan 4,939 9,512 17,596 1,084 2,177 4,208 Channel 943 1,744 2, Total 10,154 19,803 36,279 2,235 4,533 8,721 *Independent Resource Lead Report (NI Compliant) 14

15 SHARON LICENSE Blocks 2213A and 2213B Offshore Block Size 10,000 km 2 (acres: 2,471,000) Access License Partners Water Target Jack-Up 70% working interest, 5 yrs + 2 renewal terms of 2 years Azimuth Ltd. 20% WI, NAMCOR 10% WI 0 m to 200 m Basal Tertiary Clastics and Turbidites (1,800m - 2,000 m), upper Cretaceous Clastics and Turbidites (2,200 m - 2,400 m), lower Cretaceous Carbonates (3,100m- 3,300 m) DANIEL Work Program Initial Exploration Period (4 years) March 2015 March 2016 First Renewal Period (2 years) March 2017 Seismic acquisition survey Complete survey of 1,000km² of 3D seismic Drilling exploration well Spud the first well Resource assessment and production assessment Sharon License March 2018 Second Renewal Period (2 years) March 2020 Off-take/production engineering assessment & planning first renewal period Additional seismic acquisition survey of 500km², Geological assessment and target assessment 15 15

16 SHARON TECHNICAL HIGHLIGHTS Eco Operator and 70% working interest 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 25 to 150 meters of pay thickness >1200 km 2 of lead area on the two leads Estimated 20% recovery factor 40 0 API oil and 21% porosity Gustavson NI Prospective Resource Report: May 21, 2012 Oil in Place, MMBO Prospective Oil Resources, MMBO P50 (Best) Probabilistic Estimate: 7.79 Billion Barrels of Prospective Resources* Sharon Block Lead Low Estimate Best Estimate High Estimate Low Estimate Best Estimate High Estimate N Structure Wedge Total *Independent Resource Lead Report (NI Compliant) 16

17 GUY LICENSE Blocks 2111B and 2211A Offshore Block Size 10,000 km 2 (acres: 2,471,000) Access License Partners Water Target Semi/Floater 60% working interest, 5 yrs + 2 renewal terms of 2 years Azimuth Ltd. 30% WI (51% 3D seismic carry), NAMCOR 10% WI 2,000 m depth (east side targeted) Basal Tertiary Clastics and Turbidites (3,100 m - 4,600 m), upper Cretaceous Clastics and Turbidites (3,500 m - 5,000 m), lower Cretaceous Carbonates (4,400 m - 5,900 m) DANIEL Work Program Initial Exploration Period (4 years) March 2015 March 2016 First Renewal Period (2 years) Seismic acquisition survey Complete survey of 1,000km² of 3D seismic Drilling exploration well Spud the first well Guy License March 2017 Resource assessment and production assessment March 2018 Second Renewal Period (2 years) March 2020 Off-take/production engineering assessment & planning first renewal period Additional seismic acquisition survey of 500km², Geological assessment and target assessment 17

18 GUY TECHNICAL HIGHLIGHTS Eco Operator and 60% working interest Conventional oil targets Water Depth: 2,000 to 3,500 m range Depth: 3,500 to 5,100 m to top of targets Seven significant resource leads within the Lower Cretaceous and Tertiary Sections (Oil) Leads are structural and fault bounded with faults down to the Synrift as well as stratigraphic fan systems 10 to 150 meters of pay thickness Seven Leads cover and estimated 1,564 km 2 are from 17 to 417 km 2 each Estimated 20% recovery factor 35 0 API oil and 21% porosity P50 (Best) Probabilistic Estimate: 9.02 Billion Barrels of Prospective Resources* Guy Block Gustavson NI Prospective Resource Report: May 21, 2012 Oil in Place, MMBO Prospective Oil Resources, MMBO Lead P90 P50 P10 P90 P50 P10 Far West Lead # Far West Lead # Cretaceous Sand Lead # Cretaceous Sand Lead # Cretaceous Sand Lead # Cretaceous Sand Lead # Cretaceous Sand Lead # Total *Independent Resource Lead Report (NI Compliant) 18

19 DANIEL LICENSE Blocks 2013B, 2014B, 2114 Offshore/Onshore Block Size 5,600 km 2 (acres: 1,383,790) Onshore/Offshore Access License Partners Target Jack-Up 90% working interest, 8 yrs NAMCOR 10% WI Tertiary Fan (1,500m 1,800m), Albian carbonates (1,900m 2,100m), lower Cretaceous (Synrift) (2,300m 2,500m) Daniel License Work Program Year 2+3 End Year 4 Initial desktop study of the resource. Selection of grids for 2D and/or 3D seismic surveys Drilling of one exploration well 19

20 LOCAL NAMIBIAN PRESENCE First and only company focused on Oil and Gas listed on the Namibian Stock Exchange Significant Namibian shareholders Corporate office in Windhoek, Namibia Local corporate legal & accounting departments Helmut Angula, Served as Deputy Minister of Mines and Energy; ex- Minister of Fisheries & Marine Resources; Finance; Agriculture; Water & Rural Development; Works & Transport,elected to Board of Eco Atlantic Jose Bastos, Director / Partner of Bidvest Namibia, Co -founder of two hospitals in Namibia, elected to Board of Eco Namibia 20

21 NAMIBIA: Recent Activity Announcement Date Transaction License Tullow Oil farms-in to Eco Atlantic Oil & Gas in Walvis Basin July 2014 Tullow acquires 25% WI in Eco s block in the Walvis Basin. Carry balance of 3D seismic cost and full cost of exploration well for additional 15% WI 2012A Repsol/Tower spuds Welwitschia-1A May 2014 Well abandoned short of reaching the planned target depth. No hydrocarbons were found and well was plugged 2011A OMV & Murphy Oil farm-in to Cowan Oil & Gas license in Walvis Basin March 2014 OMV farmed-in for 45% WI; Murphy farmed-in for 20% WI in the Walvis Basin 2613A, 2316B Shell acquires Signet Petroleum s license in Orange Basin December 2013 Shell acquires 90% WI in Signet Petroleum s license in the Orange Basin 2391A, 2914B Chariot announces 3D completion of central blocks and resources September, D seismic complete over Central Blocks Gross Mean Prospective 469mmbl 2412A, South of Eco s Sharon and Guy Tullow Oil farms into Pancontinental Block EL 037 September, 2013 Tullow farm-in 65% for US$130m spend, free carry PCL including $500k back costs, 2D,3D and optional well 2113B, 2112A, 2012B (surrounded by Eco blocks) HRT Spuds Wingat -1, Spudding Murombe (start June 2013) May 2013 Proves active petroleum system, 2 different high-quality source rocks 2212A Pan Africa Oil goes public on TSX-V under PAO March 2013 PAO goes public by RTO of Gondwana Gold 2212BA, 2311A Westbridge Energy farms into Namib and Walvis Basin Feb 6, 2013 WEB entered into LOI with Ropat Petroleum majority interest, operator and 75% WI 1911A, 1912B, 1910A & 2011A GALP farms into HRT Blocks Nov 26, 2012 GALP farm-in 14% WI on blocks, pay past cost + carry PEL 23 (Walvis) 24, 28 (Orange) 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) BP farm-in to Serica Energy, Luderitz Basin March, 2012 BP farm-in 30% Serica Blocks & funds $40M 3D seismic program Luderitz Basin 21

22 ECO ATLANTIC IN GHANA GHANA GHANA - Deepwater Cape Three Point West Block Offshore Block LOCATION: Adjacent to Tullow s 2BBO Jubilee discovery, > 100,000 Bbls Oil Per Day, 20 regional significant discoveries, active field with multiple wells planned in next 12 months STRONG PARTNERSHIPS: Leading West African partner/ghana Govt OPERATORSHIP STATUS: Controlling Interest, 3D, Drill Ready PRODUCTION NEARBY: Jubilee producing 110,000 bls/day; TEN Development moving ahead at 250 mm Barrels 22

23 GHANA: Three Points Deep Water JULY 2014: Eco receives parliamentary approval of petroleum agreement for Tano Cape Three PointsDeep Water Block Surrounded by 20 discoveries, including the 2 billion barrel Jubilee light-oil field, currently producing more than 110,000 barrels of oil per day 944 Klms 2 block with water depth between 800m and 2,000m Past work including a strong 2D and 3D data set, comprised of 2,378 line km of 3D seismic acquired by Hess and Eni and 1,687 line km of 2D seismic, ready to be reinterpreted Blocks are on near term drilling schedule, drilling in 30 months

24 GHANA INVESTMENT PROFILE GDP: US$40.71 billion (2012) Annual Growth: approx 8.8% (2012) Population: million (2012) Inflation: 15.30% (June 2014) Major trading partners: South Africa, China, Netherlands, Nigeria, India, United States Overall tax burden: 12.1% Expected production of 2.5 million barrels of oil per day for 2014 One of the top 10 fastest growing economies in the world Gateway to Western TSX-V: Africa EOG NSX: EOG 24

25 GHANA GHANA: Major Investment Activity Tullow Oil Over 40 candidate wells in 2013; $7B market cap July 2011: Tullow acquired Ghanaian interests of EO Group Limited for $305 million, for 26.4% interest in the West Cape Three Points license and 35.5% in the Jubilee field 2007 Jubilee field oil discovery yielding > 100,000 bopd of 37.6 degree API oil quality. Other Jubilee Unit Area partners: Kosmos Energy (23.49%), Anadarko Petroleum (23.49), GNPC (13.75%) and Sabre Oil & Gas (2.81%) Hess Energy Produced approximately 396,000 barrels of oil equivalent per day in 2012; $31.1B market cap 90 percent WI in Deepwater Tano/Cape Three Points block. In February 2013 the seventh consecutive successful exploratory well encountered approximately 40 feet of net oil pay in Turonian aged reservoir Lukoil The largest privately owned oil & gas company in the world by proved oil reserves (17.3 billion barrels in 2012) 56.66% WI in Cape Three Points Deep Water (CTPDW) Block, PanAtlantic (ex-vanco) 28.34% WI and GNPC 15% WI 25

26 GHANA: Block Partners A-Z PETROLEUM PRODUCTS LIMITED: Full service Lubricating oil Blending Plant incorporated in 1995 Annual production of approximately 25 million liters of assorted brands of lubricant Upstream: A-Z Petroleum Products Ghana Ltd has concluded negotiation for the award of Exploration and Production License over Portion of Offshore Cape three Point South GHANA NATIONAL PETROLEUM COMPANY (GNPC)/GNPC EXPLORATION: Responsible for the Exploration, Development, and Production of petroleum resources in Ghana and as such serves as a catalyst for development in all sectors of the economy Promotes petroleum exploration activities, appraises existing petroleum discoveries, and ensures that Ghana benefit from the development of the country's petroleum resources Block: Operator Eco (Ghana) A-Z Petroleum Products Ltd. GNPC GNPC Exploration Deepwater Cape Three Points West Eco 50.51% working interest 32.14% working interest 13% free carried interest 3.45% working interest * Note: Parliament ratification granted, petroleum agreement in negotiation 26

27 GHANA: Table of Discoveries Discovery / Field Year Discoverer Discovery Well On/Offshore Oil/Gas Saltpond 1970 Signal-Amoco Consortium 10-1 Offshore Oil Tano South 1978 Tano North 1980 Phillips Petroleum Phillips Petroleum - Offshore Oil & Gas - Offshore Gas South Tano 3AX Satellite 1980 Phillips Petroleum South Tano 3AX Offshore Oil & Gas Jubilee (Mahogany/ Hyedua) 2007 Kosmos Energy Mahogany-1 Hyedua-1 Offshore Oil Odum 2008 Kosmos Energy Odum-1 Offshore Oil Ebony 2008 Tullow Ebony-1 Offshore Oil & Gas Tweneboa 2009 Tullow Oil Tweneboa-1 Offshore Oil & Gas Sankofa-1A 2009 Vitol Sankofa-1A Offshore Gas & Oil Mahogany East (x-jubilee SE) 2009 Kosmos Energy Mahogany-3 Offshore Oil Dzata 2009 Vanco Energy Dzata-1 Offshore Oil & Gas Enyenra (x-owo) 2010 Tullow Oil Owo-1 Offshore Oil & Gas Teak 2010 Kosmos Energy Teak-1 Offshore Oil Akasa 2011 Tullow Akasa 1 Offshore Oil Ntomme 2012 Tullow Ntomme 2A Offshore Oil & Gas WaWa 2012 Tullow WaWa 1 Offshore Oil Paradise 2010 Hess Paradise 1 Offshore Oil & Gas Pecan 2011 Hess Pecan 1 Offshore Oil Beech 2012 Hess Beech 1 Offshore Oil Hickory North 2012 Hess Hickory North 1 Offshore Oil & Gas Almond 2013 Hess Almond 1 Offshore Oil Cobb 2013 Hess Cobb 1 Offshore Oil Pecan North 2013 Hess Pecan North 1 Offshore Oil

28 WHY ECO ATLANTIC 21.5 Billion barrels of lead prospective oil resource offshore Namibia Proven Petroleum System with light grade oil in prolific Walvis Basin Blocks contiguous with Tullow, Repsol and HRT s recent oil discovery Ghana block in proximity to prolific producing oil field Validation of portfolio and strategy by attracting globally recognized oil & gas partners Low cost entry into region with significant upside potential Experienced management team with expertise in Africa, oil & gas industry & capital markets Stable jurisdictions with strong local presence and excellent relationships with host governments Full seismic carry and expected full carry of exploration well on one block, and part 3D carried on other blocks 28

29 CORPORATE SNAPSHOT Eco (Atlantic) Oil & Gas Ltd. Trading Symbol: Exchange Listings: EOG Toronto Venture Namibia Analyst Coverage Price GMP Securities HOLD $0.37 M Partners BUY $1.60 Dundee Capital Markets BUY N/A Share Structure Shareholders Shares Issued and Outstanding 68,959,661 Warrants 4,937,341 Restricted Share Units 4,150,000 Options 5,920,000 Fully Diluted 83,937,002 *as at September

30 CONTACT INFORMATION Eco (Atlantic) Oil & Gas Ltd. Corporate Office: Canada 120 Adelaide Street West, Suite 800 Toronto, Ontario M5H 1T1 Corporate Contact: Alan Friedman Executive Vice President Investor Relations: Charlotte Dilks Manager, Investor Relations 30 30