- Eco Atlantic (EOG) has commenced operations on its Gazania-1 exploration well
- The drilling will occur 25 km offshore from the Northern Cape in Orange Basin, South Africa
- The Gazania-1 prospect is targeting over 300 million barrels of light oil
- Eco Atlantic is a low carbon-intensity oil and gas exploration company with offshore license interests in Guyana, Namibia and South Africa
- Eco Atlantic Oil & Gas (EOG) is up by 5.88 per cent, trading at $0.54 per share
Eco Atlantic (EOG) has commenced operations on its Gazania-1 exploration well.
The news follows the arrival of the Island Innovator semi-submersible drilling rig on Block 2B.
The drilling will occur 25 km offshore from the Northern Cape in Orange Basin, South Africa. The company is aiming for a depth of 2,800 m through a multizone pay section up-dip of the AJ-1 Discovery well, which proved approximately 50 million barrels of contingent resources.
The Gazania-1 prospect is targeting over 300 million barrels of light oil with an option for a second sidetrack well pending a discovery.
Eco Atlantic holds a 50-per-cent working interest in Block 2B and serves as the operator of the block. Block 2B’s JV partnership also includes Africa Energy (27.5 per cent), Panoro Energy (12.5 per cent) and Crown Energy AB (10 per cent).
“A number of prior discoveries in the region are changing the understanding of the Orange 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,” stated Colin Kinley, Eco Atlantic’s Co-Founder and COO.
“We look forward to updating the market, our partners and all stakeholders in the coming weeks on our progress,” he added.
Eco Atlantic is a low carbon-intensity oil and gas exploration company with offshore license interests in Guyana, Namibia and South Africa.
Eco Atlantic Oil & Gas (EOG) is up by 5.88 per cent, trading at $0.54 per share as of 11:44 am EST.
