Oil and gas exploration company, Eco Atlantic Oil & Gas, has announced the approval and closing of its acquisition of additional interest in Block 3B/4B, offshore South Africa – now holding an increased participating interest of 26.25% – following the receipt of regulatory approval from the country’s Department of Mineral Resources and Energy and the Petroleum Agency of South Africa.
“We are extremely pleased to have received the South African authorities’ final approval and to be increasing our interest in Block 3B/4B to 26.25%. The Block looks to be a very exciting license for all the partners involved,” stated Gil Holzman, President and CEO of Eco Atlantic Oil & Gas, adding, “We are seeing growing industry interest in the entire Orange Basin, and in particular in Block 3B/4B, and as announced last month, a collaborative farm out process (of up to a 55% working interest) is underway. In the past six months, we have worked very closely with our partners to identify and determine the Block drilling prospects for a drilling campaign we are contemplating next year.”
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Located approximately 120-250km off South Africa’s western coast, Block 3B/4B covers an area of 17,581km2 in water depths ranging from 300-2,500m, and is situated directly south of Namibia’s Orange Basin wells – the Graff-1 and Venus-1 – whereby oil and gas supermajors Shell and TotalEnergies made sizeable discoveries just this year.
Eco Atlantic Oil & Gas, through its parent company, Azinam, will now close the acquisition with a participating interest of 26.25%, with Canadian oil and gas company and operator of the block, Africa Oil Corp., holding a 20% participating interest, while commercial shareholder, Ricocure, holds the remaining 53.75% participating interest.
