The license, which the company recently named ‘Daniel’, covers Blocks 2114, 2013B and 2014B.

Initially, it covered only CBM and Shale rights but now will include all petroleum.

Eco’s chief operating officer Colin Kinley said, "The offshore section of Daniel is near shore, however, it has good cover and is on trend with the slope and direction of the source rock, proven in the last two wells drilled by HRT in the basin.

"The drilling of the Toscanini well four decades ago on the beach section of this block, based on visible oil shows, seems to be consistent with our evaluation of the block.

"This oil presence was the basis for wild cat drilling of the Toscanini well, and our oil slick study with Fugro further defines oil presence in the basin and the prospectivity on the Daniel new offshore section of the block.

"We believe further work on the offshore section of this block will prove consistently prospective."