Offshore staff
TORONTO, Canada — Eco (Atlantic) Oil & Gas is farming into one exploration block offshore South Africa and exiting another.
Azinam South Africa, a subsidiary of the company, will take a 75% operated interest from Tosaco Energy of a new exploration right covering Block 1 in the Orange Basin, close to the offshore median line with Namibia.
Tosaco intends to transfer its remaining 25% share to OrangeBasin Oil and Gas, a newly formed South African entity. The terms remain subject to government approvals.
Block 1 covers 19,929 km; its eastern side is about 174 km offshore while its western section extends about 263 km into deep water.
The concession has existing 2D and 3D seismic data coverage with no further seismic acquisition or drilling of wells planned in the initial three-year period. Instead, Eco will undertake interpretation and analysis for its planned work program.
Eco has decided to relinquish its 50% operated stake in offshore Block 2B, where in 2022 it drilled the Gazania-1 well offsetting Soekor’s AJ-1 oil discovery.
Eco COO Colin Kinley said, “Following completion of this farm-in, Eco will have one of the largest blocks in the entire Orange Basin. This is a strategic play for Eco that we have worked on over the past year, focusing on both oil and gas potential, and where we believe there are significant near shore prospective gas resources. There are inboard gas discoveries on the block, Kudu to the north, and multiple discoveries in the Ibhubesi Field to the south.
“With the reach of the block some 250 km out into the Atlantic, this puts the West end of the block into highly prospective opportunities for oil being just south and on trend with Shell’s Graff discovery and Galp’s Mopane discoveries, and north of our 3B/4B Block oil targets recently farmed out to TotalEnergies and QatarEnergy.”
06.06.2024
