Source: Eco Atlantic
Eco (Atlantic) Oil & Gas Ltd., an Atlantic Margin-focused oil and gas exploration company, is pleased to update stakeholders on activities in its entry into Block 1 offshore South Africa, located in the proven and highly prospective Orange Basin.
As previously announced, Eco, through its wholly owned subsidiary Azinam South Africa Limited (“Azinam”), has entered into a Farm-In Agreement with Tosaco Energy (Proprietary) Limited to acquire a 75% Working Interest and Operatorship in Block 1 offshore South Africa. The Company is now in the final stages of securing the requisite Section 11 regulatory approval to complete the transfer of the interest and formalize operatorship, which is expected in the near term.
Data Acquisition and Subsurface Intelligence
Eco has now completed the acquisition of Block 1’s substantial volume of 3D and 2D legacy data
from the Petroleum Agency South Africa (“PASA”) This purchase includes:
- Two 3D seismic surveys totalling 3,500 km² (2,000 km² and 1,500 km²)
- 20,000+ line kilometres of 2D seismic
- Three key exploration well logs: AF-1, AO-1, and AE-1 (All drilled on the block)
All data is of high-resolution quality and is processing-ready, with no reprocessing or
reconditioning required. The seismic surveys offer full coverage across key structural and
stratigraphic targets, from inboard gas-prone zones to outboard oil-charged systems.
Historical Well Data and Hydrocarbon Shows
The block benefits from three legacy exploration wells drilled in the late 1980s by Soekor, South
Africa’s former state oil company. These include: - AF-1: Confirmed gas discovery with tested flow rates of 32.4 MMscfd
- AE-1: Encountered gas shows and oil indications
- AO-1: Provided key stratigraphic data and reservoir markers
All three wells were part of Soekor’s regional Orange Basin program and offer critical calibration
for seismic interpretation and future prospect de-risking.
Strategic Asset Overview
Block 1 spans 19,929 km² offshore South Africa, directly abutting the Namibian border. The block
extends from the shore to the continental shelf, some 175km offshore then to ~263 km out into
deep water, encompassing a full margin transect from the shelf to deep water channel and fan
complexes.
Water depths range from shallow shelf (~200 m) to deepwater (~1,000 m), enabling a full
spectrum of play types. The acreage is considered geologically analogous to the Kudu gas field
to the north and sits immediately south of recent discoveries made by Galp Energia (Mopane),
Shell (Graff, La Rona), TotalEnergies (Venus), and Rhino Resources (Capricornus 1-X light oil
discovery).
Operational Readiness
Eco will assume operatorship of the block upon final regulatory approval. As the current
Exploration Right Budget and Work Plan does not involve field operations, the program proceeds
without the need for additional environmental permitting for immediate interpretation and technical
work to progress.
Colin Kinley, Co-Founder and COO of Eco Atlantic, commented:
“The Orange Basin has rapidly emerged as one of the most compelling hydrocarbon fairways
globally, with recent multi-billion-barrel discoveries adjacent in Namibia extending directly into the
geological runway of Block 1. This asset provides Eco with material exposure across a full-margin
basin play—ranging from proven, gas-rich inboard sections to oil-prone targets in the deepwater
and ultra-deepwater domain.”
“This strategic acquisition of high-quality 2D and 3D seismic, along with historic well logs deliver
massive value to the company. This acquisition is currently conservatively estimated to replace
US$50–60 million in acquisition costs required for new exploration. The data quality enables us
to aggressively pursue subsurface interpretation and prospect ranking immediately. This dataset
provides a robust foundation for accelerated prospect maturation and the opportunity to consider
potential farm-out and partnership conversations.”
“In parallel with our South African work program, we are actively negotiating farm-out and drilling participation opportunities on our Orinduik Block in Guyana. We will update the market as those discussions progress. Our Walvis Basin acreage in Namibia, particularly the ultra-deepwater blocks, is also receiving strong interest as Orange Basin real estate becomes increasingly competitive. We continue to engage with industry and government stakeholders to advance partnerships across these core positions. Finally, our interest in Blocks 3B/4B in South Africa— now operated by TotalEnergies—offers unique upside potential, both on completion payment of farm down costs to Eco and importantly drilling the significant resource opportunity assessed on
the block.”
Eco remains focused on disciplined, value-driven exploration, with its strong exploration team and
entrepreneurial drive, and is committed to sourcing leading technical opportunities and to deliver
substantial long-term value to its shareholders through partnerships and high impact exploration
wells.
if you would like to be updated on the latest Namibia Oil and Gas news, visit www.namibiaoilandgas.com
Author: admin
Managing the Namibia Oil and Gas Platform