TORONTO, ONTARIO — (Marketwire) — 08/30/12 — Key Highlights
Ecosse Energy Corp. (CNSX: ECS) (“Ecosse Energy” or the “Company”), a company focused on oil and gas exploration in Indonesia, today announces that Chapman Petroleum Engineering Ltd (“Chapman”) has completed an independent resource assessment of Ecosse Energy–s interests in its 100% held Bengkulu PSC and its 100% held Monokwari PSC in Indonesia. The reports have been prepared in anticipation of the proposed Admission to trading of the Company–s shares on the Alternative Investment Market (“AIM”) on the London Stock Exchange. The Company announced on 23 May 2012 that it had appointed Fox-Davies Capital Limited (“Fox-Davies”) as its Nominated Advisor (“NOMAD”) and Broker for a proposed Admission to trading of the Company–s shares on the Alternative Investment Market (“AIM”) on the London Stock Exchange.
An economic analysis was performed by Chapman for the Company–s interest position.
Bengkulu PSC Net Value After Tax of Prospective Resources ($Million)
Manokwari PSC Net Value After Tax of Prospective Resources ($Million)
Chapman–s resource evaluations have been conducted in accordance with Canadian National Instrument (NI) 51-101, Sec 5.9, pertaining to prospects and resources, utilizing forecast prices and costs with an effective date of July 1, 2012 and were prepared between July 10 and July 19, 2012.
The resource evaluation reports are available on the Company–s website and SEDAR.
Alan Morrison, President and CEO of Ecosse Energy Corp. said:
“The resource assessments and resulting risked valuation performed by Chapman endorses the Company–s strategy of focusing on our two exciting PSCs. The resource assessments present a compelling case in support of our planned 8-well drilling programme in 2012 and 2013. Our multi-prospect inventory and high-impact drill-ready targets provide the opportunity to unlock the value in the portfolio and transform Ecosse Energy for its shareholders.”
About the Company
Ecosse Energy Corp. was incorporated under the Canada Business Corporations Act and is a reporting issuer in the Provinces of Alberta, British Columbia, Manitoba, and Ontario. Its wholly-owned subsidiaries – Ecosse Energy (Bengkulu) Pty Ltd (“EEB”); a private Australian company – and Ecosse Energy (Manokwari) Ltd (“EEM”); a private BVI company – both operate in Indonesia. EEB owns a 100% working interest in the Bengkulu PSC in Sumatra, Indonesia. The Bengkulu PSC covers 4,101 km2 (1,013,602 acres) and consists of both onshore and offshore portions. EEM owns a 100% working interest in the Manokwari PSC in Papua, Indonesia. The Manokwari PSC covers 3902 km2 (964,417 acres). Both the Bengkulu PSC and the Manokwari PSC are currently in the exploration phase with both PSCs planning to drill onshore wells in 2012.
Further information concerning the Company can be found at and .
Neither the Canadian National Stock Exchange nor its regulation services provider nor the Alternative Investment Market on the London Stock Exchange accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Ecosse Energy Corp.
Alan W Morrison
President & CEO
+1 877 284 6848
Fox-Davies Capital Limited
Daniel Fox-Davies / Simon Leathers / Richard Hail
+44 (0) 20 3463 5000