Oil and gas exploration company Eco (Atlantic) has completed the acquisition of 3D and 2D legacy data for Block 1 from the state-owned Petroleum Agency of South Africa. The acquisition comes as Eco (Atlantic) nears the final stage of acquiring a 75% interest and operatorship of Block 1, with regulatory approval and the transfer of interest expected in the near-term.
The acquisition of the seismic data will support future exploration as the company seeks to unlock similar discoveries to those made in adjacent Orange Basin blocks in Namibia. The data comprises two 3D seismic surveys totaling 3,500 km²; 20,000+ line km of 2D seismic and three key exploration well logs – namely, AF-1, AO-1 and AE-1. Given the high-resolution quality of the data, there is no need for reprocessing or reconditioning.
“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,” stated Colin Kinley, Co-Founder and COO, Eco (Atlantic).
The previous wells drilled at the block showed significant promise. AF-1 has a confirmed gas discovery with tested flow rates of 32.4 million standard cubic feet per day; AE-1 encountered gas shows and oil indications; while AO-1 provided key stratigraphic data and reservoir markets. Eco (Atlantic) signed a farm-in agreement for Block 1 – situated in South Africa’s offshore Orange Basin – from energy company Azinam South Africa in 2024.
