REG - Eco (Atlantic) O&G - Proposed Offshore Exploration in Block 3B/4B

Eco (Atlantic) Oil & GasAnnouncement

21/03/2023 07:15

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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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