Saturday, June 3, 2023

Eco (Atlantic) & partners seek approval to drill up to five wells offshore South Africa

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Eco (Atlantic) Oil & Gas Ltd. said that it, along with its partners, on South Africa’s Block 3B/4B are applying for environmental authorisation to undertake exploration activities. The block lies in water depths averaging approximately 1,000 metres, in the Orange Basin off the northern cape/south-west coast of South Africa. 

The partners contracted Environmental Impact Management Services Ltd. (EIMS) of South Africa to apply for a permit to drill one well and one contingent well ( and potentally up to five wells) within an area of interest in the north of the Block. EIMS has been appointed to undertake the required environmental impact assessment (EIA).

The Block 3B/4B joint venture Partners are Africa Oil SA Corp, a wholly owned subsidiary of Africa Oil Corp., the operator of the Block, holding a 20% participating interest; Azinam Limited, a wholly owned subsidiary of Eco Atlantic, holding a participating interest of 26.25%; and Ricocure (Proprietary) Limited, holding the remaining 53.75% Participating Interest. The partners continue to progress a collaborative farm-out process, up to 55% gross working interest in the Block, with various potential parties. 

Block 3B/4B covers an area of 17,581 km2.

In South Africa, Eco holds direct working interests in two offshore Blocks, Block 2B and Block 3B/4B, in the Orange Basin. 

The Basin became an area of tremendous interest when Shell and TotalEnergies made two breakthrough discoveries offshore Namibia. Westwood Global Energy Group said the area seems to have a play similar to what Exxon has been capitalising on in the Guyana-Suriname basin. The supermajor has discovered 11 billion oil-equivalent barrels in the Stabroek Block since 2015. 

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