Eco (Atlantic) Oil and Gas Ltd. Proposed Offshore Exploration in Block 3B/4B (6879T)
March 21 2023 - 3:08AM
UK Regulatory
TIDMECO
RNS Number : 6879T
Eco (Atlantic) Oil and Gas Ltd.
21 March 2023
21 March 2023
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Eco Atlantic Proposed Offshore Exploration in Block 3B/4B Orange
Basin
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX -- V: EOG) ,
the oil and gas exploration company focused on the offshore
Atlantic Margins, and its partners are applying for Environmental
Authorisation to undertake exploration activities in Block 3B/4B in
the Orange Basin off the Northern Cape/South-West Coast of South
Africa (the "Block").
The Joint Venture ("JV") Partners have contracted Environmental
Impact Management Services (Pty) Ltd ("EIMS") of South Africa to
apply for a permit to drill one well and one contingent well (and
potentially up to five wells) within an area of interest in the
north of the Block. Block 3B/4B is located offshore western South
Africa and is centred approximately 180 km from the coast, in water
depths averaging approximately 1000m. EIMS has been appointed to
undertake the required Environmental Impact Assessment ("EIA").
The Block 3B/4B JV Partners are Africa Oil SA Corp , a wholly
owned subsidiary of Africa Oil Corp., the Operator of the Block,
holding a 20% Participating Interest, Azinam Limited, a wholly
owned subsidiary of Eco Atlantic, holding a Participating Interest
of 26.25%, and Ricocure (Proprietary) Limited , holding the
remaining 53.75% Participating Interest. The JV partners continue
to progress the collaborative farm-out process, up to 55% gross
working interest in the Block, with various potential parties.
Colin Kinley, Co-Founder and COO of Eco Atlantic commented:
"We are excited about 3B/4B and the inventory prospective
resource targets on the Block as recently announced in the
Operator's Competent Persons Report. This creates an outstanding
resource exploration and development opportunity for the Joint
Venture partnership and South Africa.
"Understanding the latest research and information of changing
natural patterns of the environment, and the use and effects that
we have on the sea and its natural state is key to successful
exploration. The EIMS team and the JV partnership are working
closely on seeking Environmental Authorisation to permit and drill
these promising and significant opportunities for South Africa in
the now proven Orange Basin. We successfully met with regional
stakeholders, received their approval, and recently drilled a safe
exploration well on Block 2B. During this project we proved our
capacity to protect regional culture and the environment and safely
steward exploration for South Africa's own much needed energy. In
parallel to the research related to our reports and the application
for authorisation, we will again directly engage with regional
stakeholders and communities as we look to do our part for the
South African energy solution."
**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
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 26.25% Working Interest in Block 3B/4B
operated by Africa Oil Corp., totalling some 20,643km (2) .
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END
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