Eco (Atlantic) Oil & Gas has signed an assignment and share cancellation agreement with Africa Oil. Azinam, a wholly owned subsidiary of Eco, will transfer a 1% interest in Block 3B/4B offshore South Africa to Africa Oil.
This includes the associated Exploration Right and Joint Operating Agreement rights. In exchange, Africa Oil will cancel all its common shares in Eco and warrants over common shares.
Eco Atlantic makes strategic share purchase in Canje Block ahead of 12-well campaign | OilNOW
Upon completion, Eco will retain a fully carried 5.25% stake in Block 3B/4B, down from the current 6.25%. The block is located 120-250 km offshore western South Africa, in water depths ranging from 300 to 2,500 meters. BHP Billiton, the previous license holder, acquired a 10,000-sq-km GeoStreamer 3D survey over the acreage in 2012.
The current Block 3B/4B partners reprocessed this survey in 2022 to identify leads and prospects for future drilling.
Offshore Namibia, Eco is conducting a multi-block farmout process for all or part of its four petroleum exploration licenses (97, 98, 99, and 100) in the Walvis Basin, which the company operates.
Additionally, farm-out activities continue for Eco’s Orinduik Block offshore Guyana. The company has noted developments in the neighboring Stabroek Block, where ExxonMobil is planning a seventh development on the Hammerhead discovery area.
