TIDMECO
RNS Number : 8375G
Eco (Atlantic) Oil and Gas Ltd.
18 November 2022
18 November 2022
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Update on Gazania-1 well, offshore South Africa
Commencing detailed analysis and plans to drill at Block
3B/4B
Eco Atlantic (AIM: ECO, TSX -- V: EOG) , the oil and gas
exploration company focused on the offshore Atlantic Margins,
announces that the Gazania-1 well on Block 2B, offshore South
Africa, which spudded on October 10, 2022, reached target depth of
2,360m but did not show evidence of commercial hydrocarbons. The
well will now be plugged and abandoned as planned.
The well logging is currently on-going and the JV Partners will
undertake a detailed analysis of the results, which will inform our
future plans. The JV Partners submitted a Production Right
Application to the Petroleum Agency of South Africa ("PASA") on
November 15, 2022, for Block 2B, based on the existing oil
discovery of AJ-1 and potential future operations. Therefore, the
JV Partners have time to conduct further analysis and integration
of the Gazania-1 well data to allow them to determine the next
steps on the Block.
The Company, alongside its respective JV Partners, will now move
on to executing our plans for more exploration wells, including a
two-well campaign on Block 3B/4B offshore South Africa planned to
begin in 2023, and at least one well into Cretaceous targets on the
Orinduik Block offshore Guyana. As announced by the Operator of
Block 3B/4B, a collaborative farm-out process, up to 55% gross WI,
has been ongoing and we look forward to updating the market on this
in due course.
Colin Kinley, Co-Founder and Chief Operating Officer of Eco
Atlantic, commented:
"We very much appreciate the stakeholder and shareholder support
on this well that was safely drilled with no environmental issues.
Early challenges with weather and service logistics on this well
cost us a bit of time to get started, however we are happy with the
overall technical operation of the well.
Gases normally associated with light oil were encountered
throughout the drilling of the Gazania-1 well. This, in our view,
confirms the active hydrocarbon system, proven by the A-J1
discovery well in 1988, extends to the part of the basin where the
Gazania-1 well is located. Further seismic interpretation will
likely lead to the definition of viable areas for trapping downdip
of Gazania-1 closer to the 1988 oil discovery A-J1.
"While the well results are obviously disappointing at this
location, we remain optimistic for this basin and look forward to
continuing our exploration efforts".
Gil Holzman, Co-Founder and Chief Executive Officer of Eco
Atlantic, added:
" While it is naturally disappointing not having made a
commercial discovery, the Gazania-1 well was only the first of four
wells we have planned for the next 18-24 months across our wider
portfolio. We now move on to executing our plans for more
exploration wells; a two well campaign on Block 3B/4B offshore
South Africa planned to begin in 2023, and at least one well into
Cretaceous targets on the Orinduik Block offshore Guyana. A
collaborative farm-out process on 3B/4B has been ongoing with the
Operator and JV partners and we look forward to updating the market
on this in due course.
"I want to thank our internal operations team and NRG Well
Management for their excellent performance executing and operating
the Gazania-1 well, the Government of South Africa and PASA for
their professional support throughout, and all our JV Partners at
Africa Energy, Panoro, and Crown Energy. We have established
ourselves as a qualified and reliable Offshore Operator. This
experience will be extremely useful for our future exploration
campaigns, particularly upcoming on Block 3B/4B."
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).
**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
Matthew 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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END
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