VANCOUVER, Canada – Africa Energyhas issued an update on drilling preparations for the Gazania-1 exploration well in the Orange basin offshore South Africa.
Operator Eco (Atlantic) Oil & Gas has deposited around $20 million in escrow to support its share of capex for the well on Block 2B, after completing its acquisition of Azinam Group.
According to Garrett Soden, Africa Energy's president and CEO, the contracted rig should mobilize from the North Sea in August for the 45-day journey to South Africa. Drilling should start by October and will likely last 30 days, including acquisition of a full set of logs in a success case.
“The block has significant contingent and prospective resources in relatively shallow water and contains the [1988] A-J1 discovery that flowed light sweet crude oil to surface. Gazania-1 will target two large prospects 7 km (4.3 mi) up-dip from A-J1 in the same region as the recent Venus and Graff discoveries,” said Soden.
Panoro Energy and Crown Energy are the other partners in Block 2B.
