Eco (Atlantic) Oil and Gas Ltd. Commencement of Operations on the Gazania-1 well (6351B)
04 Ottobre 2022 - 8:00AM
UK Regulatory
TIDMECO
RNS Number : 6351B
Eco (Atlantic) Oil and Gas Ltd.
04 October 2022
04 October 2022
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Eco Atlantic announces Commencement of Operations on the
Gazania-1 well, offshore South Africa
Eco Atlantic (AIM: ECO, TSX -- V: EOG) , the oil and gas
exploration company focused on the offshore Atlantic Margins, is
pleased to announce the arrival of the Island Innovator
Semi-Submersible Drilling Rig on Block 2B and the commencement of
operations of the Gazania-1 Exploration Well.
Eco holds a 50% Working Interest ("WI") in Block 2B and is
Operator of the block. The drilling location is located 25km
offshore the Northern Cape in Orange Basin South Africa in
approximately 150 meters of water. The Gazania-1 Exploration Well
is being drilled to a depth of approximately 2,800 meters through a
multizone pay section. The well is being drilled up dip of the AJ-1
Discovery Well on the block, which proved approximately 50 million
barrels of contingent resources.
The Gazania-1 Prospect is targeting over 300 million barrels of
light oil. Pending discovery in the vertical section the JV
partners have the option to directionally drill a second sidetrack
well from the main well bore. Both the vertical well and the
sidetrack optional well will be logged and then plugged back to
surface, the well will be sealed, plugged and the casing cut off
below surface. No equipment will remain on the sea floor.
The JV partnership in respect of Block 2B comprises Eco Atlantic
(50% WI and Operator), Africa Energy Corp (27.5% WI), Panoro 2B
Limited, a subsidiary of Panoro Energy ASA (12.5% WI), and Crown
Energy AB (10% WI).
Colin Kinley, Co-founder and Chief Operating Officer of Eco
Atlantic, commented:
"Drilling Gazania-1 offers a significant opportunity to South
Africa to open up the Orange Basin. A number of prior discoveries
in the region are changing the understanding of this Basin both in
South Africa and Namibia where recent multi-billion-barrel
discoveries have opened the gate to a new era of economic and
resource opportunity. The Discovery at AJ-1 is extremely helpful in
creating the opportunity on the Gazaina-1 well that we are
confident that the decades of science will prove out.
"This well is being drilled to define the opportunity and the
initial path in the Basin. We are drilling this strictly as an
Exploration well. Once we have defined the resources here, South
Africa and the JV partners will make its choices and we will
determine the next stage of development. Eco appreciates all the
support of the South African Government, the local industries and
local communities in the communication, participation and planning
of this well.
"We are entering an exciting and busy period of drilling and
work programmes and we look forward to updating the market, our
partners and all stakeholders in the coming weeks on our progress
and the Gazania-1 exploration well results."
**ENDS**
For more information, please visit www.ecooilandgas.com or
contact the following :
Eco Atlantic Oil and Gas c/o Celicourt +44 (0)
20 8434 2754
Gil Holzman, CEO
Colin Kinley, COO
Alice Carroll, Head of Corporate Sustainability +44(0)781 729 5070
Strand Hanson (Financial & Nominated Adviser) +44 (0) 20 7409 3494
James Harris
James Bellman
Berenberg (Broker) +44 (0) 20 3207 7800
M atthew Armitt
Detlir Elezi
Echelon Capital (Financial Adviser N.
America Markets)
Ryan Mooney +1 (403) 606 4852
Simon Akit +1 (416) 8497776
Celicourt (PR) +44 (0) 20 8434 2754
Mark Antelme
Jimmy Lea
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018 (as amended).
Notes to editors:
About Eco Atlantic:
Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused
oil & gas exploration company with offshore license interests
in Guyana, Namibia, and South Africa. Eco aims to deliver material
value for its stakeholders through its role in the energy
transition to explore for low carbon intensity oil and gas in
stable emerging markets close to infrastructure.
Offshore Guyana in the proven Guyana-Suriname Basin, the Company
holds a 15% Working Interest in the 1,800 km(2) Orinduik Block
Operated by Tullow Oil. In Namibia, the Company holds Operatorship
and an 85% Working Interest in four offshore Petroleum Licences:
PELs: 97, 98, 99, and 100, representing a combined area of 28,593
km(2) in the Walvis Basin.
Offshore South Africa, Eco is Operator and holds a 50% working
interest in Block 2B and a 20% Working Interest (to be increased to
a 26.25% Working Interest, subject to Completion of the Acquisition
announced 27 June 2022) in Blocks 3B/4B operated by Africa Oil
Corp., totalling some 20,643 km (2) .
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