Eco (Atlantic) Oil & Gas Ltd. recently announced that RISC Advisory (UK) Limited, an independent oil and gas advisory firm, has estimated the total Unrisked Gross P50 Prospective Resources at approximately 4 billion barrels of oil equivalent (BOE) in Block 3B/4B Offshore South Africa. This report, commissioned by Africa Oil Corp. and issued by RISC, is compliant with NI 51-101 standards of disclosure for oil and gas activities, by the British Columbia Securities Commission.
Eco Atlantic holds a 26.25% stake in the license, which means that the net Unrisked Prospective resources for the company are around 1.0 BOE. While this is a significant amount, it’s important to note that RISC assessed the exploration risk for the identified prospects and leads to range from 15% to 39%.
Colin Kinley, Co-Founder and Chief Operations Officer of Eco Atlantic commented: “After completing an extensive reprocessing of the 3D on 3B/4B, this CPR by RISC confirms 3B/4B’s potential and generates exciting prospectivity on this unique Orange Basin block. The region offshore Namibia and South Africa continues to be an exploration hotspot and yielding dramatic discoveries. The estimated one Billion BOE of P50 prospective resources net to Eco are all in prospects of similar geologic age and structure to that of the recent discoveries announced by TotalEnergies and Shell in the same horizons of the Orange Basin.”
Kinley explained that the JV partners are working on a potential farm out of up to a 55% gross working interest in the block, which will help accelerate the commencement of a two-well drilling program on the license.
Eco (Atlantic) & partners seek approval to drill up to five wells offshore South Africa | OilNOW
South Africa is an emerging oil and gas province, and the government is promoting exploration and development in the country’s waters. The Block 3B/4B license is one of several offshore licenses in South Africa that are attracting interest from international oil and gas companies.
Offshore Guyana in the proven Guyana-Suriname Basin, Eco holds a 15% working Interest in the 1,800 km2 Orinduik Block Operated by Tullow Oil.
