“We are extremely pleased to have received the South African authorities’ final approval and to be increasing our interest in Block 3B/4B to 26.25%. The Block looks to be a very exciting license for all the partners involved,” stated Gil Holzman, President and CEO of Eco Atlantic Oil & Gas, adding, “We are seeing growing industry interest in the entire Orange Basin, and in particular in Block 3B/4B, and as announced last month, a collaborative farm out process (of up to a 55% working interest) is underway. In the past six months, we have worked very closely with our partners to identify and determine the Block drilling prospects for a drilling campaign we are contemplating next year.”
Located approximately 120-250km off South Africa’s western coast, Block 3B/4B covers an area of 17,581km2 in water depths ranging from 300-2,500m, and is situated directly south of Namibia’s Orange Basin wells – the Graff-1 and Venus-1 – whereby oil and gas supermajors Shell and TotalEnergies made sizeable discoveries just this year.
Eco Atlantic Oil & Gas, through its parent company, Azinam, will now close the acquisition with a participating interest of 26.25%, with Canadian oil and gas company and operator of the block, Africa Oil Corp., holding a 20% participating interest, while commercial shareholder, Ricocure, holds the remaining 53.75% participating interest.