2
Disclaimer
The information contained in these slides has been prepared by Eco (Atlantic) Oil & Gas Ltd (Company) in connection with the proposed placing (Placing) of common shares in the
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[Some or all of the information contained in these slides and the presentation (and any other information which may be provided) may be inside information relating to the
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should not therefore deal in any way in the Common Shares until the date of a formal announcement by the Company in connection with the Placing. Dealing in Common Shares
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These slides have not been approved by the United Kingdom Listing Authority as a prospectus under the Prospectus Rules (made under part VI of the Financial Services and
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Eco Portfolio Snapshot
H i g h l y p r o s p e c t i v e l i c e n c e s b e i n g d e v e l o p e d i n p a r t n e r s h i p
w i t h m a j o r o i l c o m p a n i e s l i m i t i n g r i s k e x p o s u r e
Guyana – Offshore Namibia – Offshore
• Four Walvis Basin Offshore Blocks:
•PEL 30 - Cooper – 32.5% WI (Operator)
•PEL 34 - Guy – 50% WI (NonOperated)
•PEL 33 - Sharon – 60% WI (Operator)
•PEL 50 - Tamar – 72% WI (Operator)
• Partnered with Tullow Oil, AziNam, ONGC Videsh
and NAMCOR
• Proven exploration record in Namibia since 2011
• Interpreted over 10,000 km2 of 2D
• Surveyed, Processed and Interpreted over 2,000
Km2 of High Resolution 3D
• Establishing Drilling Targets
• Filed first Drilling Permit – Near Term Drilling
• Exxon: Walvis Basin Feb 2018 Farm-In
• Orinduik Block -1800 km2
• Eco: 40% WI (NonOperated)
• Tullow Oil: 60% WI (Operator)
• Total Petroleum Farm in Option Agmt Signed on 25%
• Adjacent to Exxon’s String of Recent Discoveries
• Exxon Predicts over 3 Billion Barrels Recoverable
• Liza, Ranger, Payara, Pacora, Snoek and Turbot-
Discoveries all within kilometers of Eco’s Orinduik
• Exxon ongoing exploration and development drilling
• 92% Discovery to Drill Rate by Exxon
• Analyzed Interpreted & Reprocessed 7,000 km of 2D
• Surveyed and Processing 2,550 Km of 3D
• Shallow Water Leads in Excess of 1 Billion Barrels
Eco is fully funded and carried for at least 3 high impact exploration wells.
Exxon 20 Wells Guyana 2018 PL37 Well Announced Namibia
E x x o n E n t r a n c e 2 0 1 8E x x o n D i s c o v e r i e s 2 0 1 5 / 1 6 / 1 7 / 1 8
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Strong Board and Management Team
Moshe Peterburg
Non-Executive Chairman
• Over 25 years of experience in Africa (Nigeria, Equatorial
Guinea, Ghana, Namibia and others)
Keith C. Hill
Non-Executive Director
• Currently President and CEO of Africa Oil Corp., Director of
Africa Energy and Chairman of Petrovista Energy.
• Over 30 years experience in the oil industry including 18 years
with the Lundin Group
• Senior positions at Occidental Petroleum and Shell Oil
• Msc Geology and Bsc Geophysics.
Gil Holzman
Chief Executive Office
• Significant experience in the mining and energy resource sectors
throughout Africa
• Managed a portfolio of private and publicly-listed resource and
energy companies
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
Colin Brent Kinley
Chief Operating Officer
• CEO of Kinley Exploration LLC, providing professional, technical
and oversight expertise to resource companies
• Over 35 years of international expertise in energy project
management and new energy company development
• Chairman of: Coro Mining, (TSX-V:MIN) Director Excelsior
Mining Corp. (TSX-V:MIN), Jet Mining Pty LLC
Peter William Nicol
Non-Executive Director
• 30 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, Tristone Capital
• Initiated coverage and finance of over 36 international E&P
companies
Alan Friedman
Executive Director
• President of Rivonia Capital
• 14 years experience in acquisitions, financings, dispositions and
TSX public transactions
• Co-founder/Director and of Auryx Gold Corp. Namibian assets
sold to B2Gold (TSX:BTO) for ~$150m
Gadi Levin
Non-Executive Director
• CFO of TSX-V listed companies; Vaxil Bio Ltd., Briacell
Therapeutics Corp. and Adira Energy Ltd.
• Bachelor of Commerce degree in Accounting and Information
Systems
Significant experience in establishing, growing, financing and monetising oil & gas companies across
Africa and South America
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A strategic Partner: Africa Oil Corp. (TSX: AOI)
• Africa Oil Corp. subscribed for 19.77% of the Company and invested CAD $14 million (£8.46
million) at 28% premium to the then market price (as of 10th November 2017)
• Funds will be used to actively identify, negotiate and contract new oil and gas exploration
assets and conduct the initial work programmes
• Keith Hill, President and CEO of AOC, was appointed to the Board of Eco
• Strategic Alliance Agreement with AOC to bid jointly on any new assets or ventures
proposed to be acquired by Eco
Africa Oil Corp. recently invested CAD $14m in Eco Atlantic and is a
~19% shareholder of the Company.
Currently with over $400m cash in hand has formed a Strategic
Alliance with Eco Atlantic to seek new mutual exploration
opportunities
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Namibia Highly Prospective Offshore Oil Province
Favorable Fiscal terms
Politically stable
Established Partners
Recent country entry by majors
Near term increasing exploration activity
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Namibia - Snapshot
Highly Active Underexplored Oil and Gas region
Recent Farm-in and New Entries: Exxon, Shell
Galp, Tullow, Repsol, Total, ONGC Videsh
Near Term Drilling Activity Planned2018 and 2019. PL37 Tullow Spud Sept/18
Politically Stable withFavourable Fiscal incentives
Proven Offshore Petroleum System
2013 HRT Wingat-1 Well
Walvis Basin
Namibia
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Eco – Walvis Basin Licences
Interest in four offshore blocks covering22,500 km2 in the Walvis Basin, South WestAfrica
Four licences surrounding HRT prospects. Oil isshows on the HRT licences
2.36 Billion Bbls of P50 prospective resources(Net to Eco)
Cooper (0.24 Bn bbl) Sharon (1.33 Bn bbl) Guy (0.79 Bn bbl)
Recent busy farm-in activity including Tullow,
Repsol, ONGC, Exxon, Total, Africa Energy, and
Galp
*Gustavson Associates P50 best estimate as at 31 October 2016
N a m i b i a : I n c r e a s i n g 2 0 1 8 a c t i v i t y• 3D Programs Completed – PEL 30,34
• 2018 and 2019 Drilling: Tullow/Shell/Galp/Chariot/Total
• July 2017 ONGC Videsh Ltd (OVL) Farmed in to a 30% WI in
PEL 37, from Tullow. Block is directly south of Eco Cooper
Block (PEL 30). Due to be drilled September 2018
• ExxonMobil farmed into Galp block in the center of the
Walvis Basin
Cooper 3D Shot
Drill Ready
Sharon Ready
for 3D
Guy 3D Shot
Drill Ready
Tamar Ready
for 3D
Tullow PL37
Drilling 9/18
GALP
ExxonMobil
Chariot PL70
Drilling 10/18
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• ONGC Videsh conditionally agreed to acquire 15% interest in PEL 0030 “Cooper Block” from Tullow Oil,
offshore Namibia subject to certain conditions.
• Post Acquisition: WI in the Cooper: Eco (Operator): 32.5%; NAMCOR: 10%; AziNam Ltd: 32.5%;
OVVL: 15% Tullow Oil: 10.0%* Tullow option to increase WI by 15% in exchange for a capped well carry
• NI51-101 Compliant: Gustavson Assoc. 882 Million Barrels (BOE) of Oil (Gross Prospective - Best)
resources on Cooper.
• 1,100 kilometer 3D Survey
• Environmental Drilling Permits Filed
Cooper Block Highlights
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Namibia – Block Highlights
Cooper Sharon Guy Tamar
Block Size 5800 km2 5700 km2 5700 km2 7500 km2
Water Depth < 600 m < 500 m < 2500 m < 2500 m
Licence5 Yrs + 2 Yrs (3rd Optional)
+ 2 Yrs (3rd Optional)
5 Yrs + 2 Yrs (3rd Opt.) +
2 Yrs (3rd Opt.)
5 Yrs + 2 Yrs (3rd Opt.) + 2
Yrs (3rd Opt.)
5 Yrs + 2 Yrs (3rd Opt.) + 2
Yrs (3rd Opt.)
Exploration1100 km2 3D programme
completed in Nov. 2014
Acq. 8000 Km of existing
2D Plan 1000km2 of 3D
Completed 1000 km 2D
and 1000 km2 of 3D 2016
Completed 1000 km 2D
3D under consideration
Target
•Upper Cretaceous
Clastics
•Turbidites
•Albian fan/channel
•Lower Cretaceous
Carbonates
• Basal Tertiary Clastics
and Turbidites
• Upper Cretaceous
Clastics
• Turbidites
• Lower Cretaceous
Carbonates
•Basal Tertiary Clastics and
Turbidites
•Upper Cretaceous Clastics
•Turbidites
•Lower Cretaceous
Carbonates
•Basal Tertiary Clastics and
Turbidites
•Upper Cretaceous Clastics
•Turbidites
•Lower Cretaceous
Carbonates
g Prospective Oil in Place, MMBbl Prospective Oil Resources, MMBbl
Low Estimate Best Estimate High Estimate Low Estimate Best Estimate High Estimate
Cooper 1896.1 3166.0 5036.7 434.3 752.8 1241.8
Sharon 3136.4 9658.5 23,345.3 701.9 2211.7 5518.4
Guy 2194.9 6903.0 16,906.8 489.4 1581.4 4000.9
Competent Persons Report for Certain Assets in
Offshore Namibia and Offshore Guyana(1)/
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Guyana Currently Most Exciting and Rapidly
Developing Offshore Oil Province
Politically Stable
Appealing Fiscal Terms
Extremely active with exploration and
development programs 2018-2020
3 Billion Barrels within Kilometers!
Strategically Located Updip of Exxon
discoveries at 92% hit rate
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Guyana-Suriname Basin - Snapshot
• Fast emerging oil industry frontier
• On of the most prospective offshore basins globally
•World Class Discoveries: • 150,000 Bbl./Day by 2020 • 400,000 Bbl./Day by 2025
• Stabroek Block: 0ver 3.2 Billion Barrels to date
• $6 Billion (USD) in Investments in the Oil and Gas sector currently planned
•Major Oil and Gas Companies:ExxonMobil, Hess, NexenTotal, Anadarko,Repsol, Tullow, DEA,Kosmos
“Exxon’s discovery offshore Guyana is the most exciting thing happening in terms of Latin America exploration right now”* Wood Mackenzie, May 2015
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World Class Discoveries on Stabroek Block
Liza 4
Discovery in March
2017
197ft of pay
Liza 1
Discovery in May
2015
295ft of pay
2015 2018
Turbot 1 Discovery
October 2017
79ft of high-quality
oil-bearing
sandstone
Orinduik Award
Liza 2
Discovery in July 2016
190ft of pay
Payara 1
Discovery in January
2017
95ft of Pay
Payara 2
Discovery in July 2017
Adds 500 million
barrels to Payara
Discovery
Liza 3
Discovery in
October 2016
1.4 B Bbls of Oil
equivalent
Liza 3 Lower Zone
Discovery in
January 2017
Adds 100 Million
Bbls
Snoek Discovery
March 2017
82ft of high-
quality oil-bearing
sandstone
Application
Ranger 1
Discovery in January
2018
“largest discovery so
far”
Pacora 1 Discovery
February 2018
65ft of high-quality
oil-bearing
sandstone
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Eco / Tullow Orinduik Block
U p d i p a n d o n l y a f e w K m s f r o m
E x x o n M o b i l ’ s s t r i n g o f d i s c o v e r i e s
i n t h e G u y a n a S u r i n a m e - B a s i n
Orinduik Block
• 1800 km² licence area – 170 km offshore Guyana
• Situated in the shallow water of the Guyana-Suriname
basin
• Eco 40% working interest/Tullow 60% working interest
• 10 year Petroleum Agreement (4 year term + two 3 year
renewals) and JOA signed with Tullow as Operator
Adjacent to Exxon >3 Bn bbl discoveries
Updip in same play as Exxon fields
Partnered with Tullow – 60% WI
Reduced cost exposure through Tullow
and Total agreements
Accelerated work programme
2D seismic reprocessing & interpretation completed 2016
3D program covering 2,500 km2
Completed 09/2017 – Processing now
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Guyana – Mean Resources >900 MMBO
Lead Water Depth (m) Overburden (m) Area (Mean)
(Km2)Pg %
Mean Resources
(MMBO)
Potential AVO
Uplift
Amatuk 70 ~2830 60 15 ~700 Up to 15%
Kurutuik 70 ~2930 25 15 >~200 Up to 15%
Maturing lead inventory in
West Orinduik
• Amatuk and Kurutuik leads
identified
• Potential targets at multiple
levels
• 3D Additional leads under
review
• Cumulative mean resources:
>900 million Bbls
Maturing Tertiary Canyon Play
in East Orinduik
• 3D Evaluation ongoing to
mature leads Planned 3D Survey will De-risk up-dip trap integrity
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Multiple Orinduik Prospects
• Several objectives in Maastrichtian & Companion
• Shallow drilling to targets ~3000 m
• Proven system updip of Liza discoveries
• Combination trap: Pinchout & updip faults
• Excellent trapping potential
• Reservoir is upper cretaceous slope channel
turbidites
• Equivalent depositional system to Liza
• Excellent reservoir quality
• 3D has is increasing focus on leads and targets
Shallow water drilling - 70 Meters
Diagrams Courtesy of Tullow Oil
Well cost estimated at $20m-$25m
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Orinduik Farm-in Option
• Total SA has entered into an option
agreement with Eco to Farm-in to the
Orinduik Block with Eco and Tullow
• Farm-in to be exercised within 120
days of delivery of processed 3D data
• Processing completion anticipated
near term
• Anticipated New WI:
•Tullow – 60% (Operator)
•Total – 25%
•Eco – 15%
• Total will pay Eco $13.5m for the 25%
WI
• Eco’s Paying Interest on each
exploration well is expected to be
approx. $4m US
Source: IHS
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Eco Atlantic Highly Experienced Management
Mature Board
Industry Leading Partners
First In Strategy
Upcoming Drilling 2018/19
Exploration Inventory
Cashed Up and Carried
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PROVEN STRATEGY
Identify early stage
opportunities with upside
potential
Significant partnerships with
major oil companies
Operating in stable jurisdictions
with excellent governments and
local communities relations
MANAGEMENT TEAM
EXECUTION FOCUSED
Experienced management team
with proven track record for
resource development in Africa
and South America
5 projects in highly prospective
regions and adjacent to
major discoveries
UNIQUE EXPOSURE
TO GUYANA
Fast growing oil province with
recent world class discoveries
GLOBAL PARTNERSHIPS DE-RISKED
HIGHLY PROSEPCTIVE
Fully funded for at least 2 high impact exploration wells in Orinduik
(Guyana) and carried on Cooper (Namibia)
Eco Approach
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Key Market Data
Key Shareholders (as of November 2017)
LSE Share Price Chart, March 2017 – March 2018
Ticker LON: ECO TSX-V: EOG
Share price 33.5p C$ 0.62
Market Cap £52.76M C$ 97.65M
52 week
trading
AIM: 17.12p- 41.00p TSX: C$ 0.26-0.71
Nomad Strand Hanson
Limited -
Brokers Pareto Securities Brandon Hill Capital -
Analyst
Coverage
Hannam & Partners
Pareto Securities
113 GBp
95 GBp
Key Shareholders Percentage shareholding (%)
Africa Oil 18.87
Moshe Peterberg 6.82
Trent Limited 4.36
Utilico Emerging Markets Ltd. 3.75
Gil Holzman* 4.18
Azinam Limited 3.31
Other 58.71
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Contact us
Gil HolzmanChief Executive Officer
Tel: +1 (416) 250 1955
Mob: +972 (50) 888 4529
Email: [email protected]
Colin KinleyChief Operating Officer
Tel: +1 (913) 851 0433
Mob: +1 (913) 221 2996
Email: [email protected]
Canada Office: 181 Bay Street, Suite 320, Brookfield Place, Toronto, Ontario, Canada, M5J ET3
T: +1 (416).250.1955