Published by
Jack Roscoe,
Editorial Assistant
Oilfield Technology,
Thursday, 06 Jun 24
Eco (Atlantic) Oil & Gas has announced the farm-In into Block 1 Offshore South Africa Orange Basin. Through its 100% owned subsidiary Azinam South Africa Limited, the Company will farm-in and acquire a 75% working interest from Tosaco Energy and will become operator of a new exploration right.
Eco (Atlantic) Oil & Gas has announced the farm-In into Block 1 Offshore South Africa Orange Basin. Through its 100% owned subsidiary Azinam South Africa Limited, the Company will farm-in and acquire a 75% working interest from Tosaco Energy and will become operator of a new exploration right.
Tosaco intends to transfer its remaining 25% interest to OrangeBasin Oil and Gas (Proprietary) Limited – a newly formed South African entity with a Broad-Based Black Economic Empowerment (“B-BBEE”) rating.
Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, commented: “The Orange Basin continues to prove to be one of the newest and most prolific plays in the world and is running similar statistics to our Guyana play. 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, focussing 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.”
This article has been tagged under the following:
Offshore news
Oil & gas news
Source link : https://www.oilfieldtechnology.com/offshore-and-subsea/06062024/eco-atlantic-farms-into-block-1-offshore-orange-basin-south-africanamibia-border/amp/
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Publish date : 2024-06-06 08:02:27
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