REG - Eco (Atlantic) O&G - Rig contract signed for Block 2B

Eco (Atlantic) Oil & GasAnnouncement

03/03/2022 07:00

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RNS Number : 4538D  Eco (Atlantic) Oil and Gas Ltd.  03 March 2022

3 March 2022

 

ECO (ATLANTIC) OIL & GAS LTD.

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

 

Rig contract signed for Block 2B, offshore South Africa

Gazania-1 well planned in October 2022

 

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG), the oil and
gas exploration company focused on the offshore Atlantic Margin in Guyana,
Namibia and South Africa, is pleased to announce that the Joint Venture
partnership of Block 2B, offshore South Africa, has entered into a drilling
contract for the Island Innovator semi-submersible rig with Island Drilling
Company AS for the upcoming drilling of the Gazania-1 well.

 

The Block 2B JV partners are Africa Energy, with a 27.5% Working Interest
("WI"), a subsidiary of Panoro Energy ASA holds a 12.5% WI and Crown Energy AB
indirectly holds the remaining 10%WI. Eco Atlantic will become Operator and
hold a 50% WI, subject to near completion of its 100% acquisition of Azinam
Group Limited.

 

The Gazania-1 well is located in the Orange Basin in South Africa. The Orange
Basin straddles the offshore waters of Namibia and South Africa, where major
discoveries on both the Graff-1 well, drilled by Shell, and the Venus-1 well,
drilled by TotalEnergies, have recently been announced.

 

Colin Kinley Co-Founder and COO of Eco Atlantic commented:

 

"We are pleased to be making progress in our exploration and drilling plans
for 2022. We are planning for mobilization of the rig in late August and to
spud shortly after arrival, with the experienced Island Drilling team and the
Innovator Semi. We have good support from our partners at Africa Energy, Crown
and Panoro and from the engineering advisors at NRG Group. We look forward to
a successful, safe and environmentally conscious drilling program in
Gazania-1."

 

 

 

**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 Marketing and IR                    +44(0)781 729 5070 | +1 (416) 318 8272
 Strand Hanson Limited (Financial & Nominated Adviser)

                                                            +44 (0) 20 7409 3494
 James Harris

 James Bellman

 Berenberg (Broker)                                         +44 (0) 20 3207 7800
 Emily Morris

 Detlir Elezi

 Celicourt (PR)                                             +44 (0) 20 8434 2754
 Mark Antelme

 Jimmy Lea
 Hannam & Partners (Research Advisor)
 Neil Passmore                                              +44 (0) 20 7905 8500

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 Block 2B

 

Block 2B is located offshore South Africa in the Orange Basin where both Total
and Shell recently announced significant discoveries offshore Namibia. The
block covers 3,062 square kilometers off the west coast of South Africa 300
kilometers north of Cape Town with water depths ranging from 50 to 200 meters.
Oil was discovered and tested by Soekor in the A-J1 borehole drilled in 1988.
Thick reservoir sandstones were intersected between 2,985 meters and 3,350
meters. The well was tested and flowed 191 barrels of oil per day of 36-degree
API oil from a 10-meter sandstone interval at about 3,250 meters. Significant
prospectivity has been identified over the entire A-J graben area using 686
square kilometers of 3D seismic data acquired in 2013.

 

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 consuming oil and
gas in stable emerging markets near to infrastructure.

 

Offshore Guyana in the proven Suriname-Guyana Basin, the Company holds a 15%
Working Interest in the 1,800 km(2) Orinduik Block Operated by Tullow Oil,
and also indirectly through a soon to be 7.3% shareholding in JHI Associates
Inc. a private company which holds a 17.5% working interest in the
4,800km(2) Canje Block Operated by ExxonMobil.   In Namibia, the Company
holds Operatorship and 85% Working Interests in four offshore Petroleum
Licences: PEL's: 97, 98, 99 and 100 totalling 28,593 km(2) in the Walvis
Basin.

 

Offshore South Africa, Eco will, subject to completion of its acquisition of
Azinam Group Limited, become designated Operator and hold a 50% working
interest in Block 2B, and a 20% Working Interest of Blocks 3B/4B, totalling
some 20,643 km(2).

 

 

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