Eco (Atlantic) Oil & Gas will operate a new exploration right offshore South Africa, the company said in a results update.
Under a farm-in transaction with Tosaco Energy (Proprietary), Eco will assume a 76% operated interest in Block 1 in the Orange Basin, subject to government approvals.
The block has substantial 2D and 3D seismic data coverage, with no requirement for further acquisition or drilling of wells during the three-year carried period.
Eco intends to complete the interpretation and analysis for its planned work program using its in-house exploration team.
The company has relinquished its 50% operated interest in South Africa offshore Block 2B, where it drilled its unsuccessful Gazania-1 well in 2022, offsetting the AJ-1 oil discovery.
Offshore Namibia, Eco has added ~1,383 km of 2D data licensed on PEL100 (Tamar Block) to its database, which its team will evaluate to define additional seismic acquisition areas, along with new leads and prospects.
