REG - Eco (Atlantic) O&G - Commencement of Operations on the Gazania-1 well

Eco (Atlantic) Oil & GasAnnouncement

04/10/2022 07:00

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RNS Number : 6351B  Eco (Atlantic) Oil and Gas Ltd.  04 October 2022

04 October 2022

 

ECO (ATLANTIC) OIL & GAS LTD.

("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the
"Group")

 

Eco Atlantic announces Commencement of Operations on the Gazania-1 well,
offshore South Africa

 

Eco Atlantic (AIM: ECO, TSX ‐ V: EOG), the oil and gas exploration
company focused on the offshore Atlantic Margins, is pleased to announce the
arrival of the Island Innovator Semi-Submersible Drilling Rig on Block 2B and
the commencement of operations of the Gazania-1 Exploration Well.

 

Eco holds a 50% Working Interest ("WI") in Block 2B and is Operator of the
block. The drilling location is located 25km offshore the Northern Cape in
Orange Basin South Africa in approximately 150 meters of water.  The
Gazania-1 Exploration Well is being drilled to a depth of approximately 2,800
meters through a multizone pay section. The well is being drilled up dip of
the AJ-1 Discovery Well on the block, which proved approximately 50 million
barrels of contingent resources.

 

The Gazania-1 Prospect is targeting over 300 million barrels of light oil.
Pending discovery in the vertical section the JV partners have the option to
directionally drill a second sidetrack well from the main well bore. Both the
vertical well and the sidetrack optional well will be logged and then plugged
back to surface, the well will be sealed, plugged and the casing cut off below
surface. No equipment will remain on the sea floor.

 

The JV partnership in respect of Block 2B comprises Eco Atlantic (50% WI and
Operator), Africa Energy Corp (27.5% WI), Panoro 2B Limited, a subsidiary of
Panoro Energy ASA (12.5% WI), and Crown Energy AB (10% WI).

 

Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic,
commented:

 

"Drilling Gazania-1 offers a significant opportunity to South Africa to open
up the Orange Basin. A number of prior discoveries in the region are changing
the understanding of this Basin both in South Africa and Namibia where recent
multi-billion-barrel discoveries have opened the gate to a new era of economic
and resource opportunity. The Discovery at AJ-1 is extremely helpful in
creating the opportunity on the Gazaina-1 well that we are confident that the
decades of science will prove out.

 

"This well is being drilled to define the opportunity and the initial path in
the Basin. We are drilling this strictly as an Exploration well. Once we have
defined the resources here, South Africa and the JV partners will make its
choices and we will determine the next stage of development. Eco appreciates
all the support of the South African Government, the local industries and
local communities in the communication, participation and planning of this
well.

 

"We are entering an exciting and busy period of drilling and work programmes
and we look forward to updating the market, our partners and all stakeholders
in the coming weeks on our progress and the Gazania-1 exploration well
results."

 

**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

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018 (as amended).

 

Notes to editors:

 

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 20% Working Interest (to be increased to a 26.25% Working
Interest, subject to Completion of the Acquisition announced 27 June 2022) in
Blocks 3B/4B operated by Africa Oil Corp., totalling some 20,643 km(2).

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