{"id":12153,"date":"2022-04-21T12:43:19","date_gmt":"2022-04-21T12:43:19","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12153"},"modified":"2022-04-21T12:43:19","modified_gmt":"2022-04-21T12:43:19","slug":"south-africa-eco-atlantic-deposits-20m-as-capex-for-the-gazania-1-well-on-block-2b","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-deposits-20m-as-capex-for-the-gazania-1-well-on-block-2b\/","title":{"rendered":"SOUTH AFRICA: Eco Atlantic Deposits $20M as Capex for the Gazania-1 well on Block 2B"},"content":{"rendered":"<p>Africa Energy Corp. has reported that Eco (Atlantic) Oil &amp; Gas Ltd. has deposited approximately <span class=\"xn-money\">US$20 million<\/span>\u00a0in escrow to support its capital expenditure requirements for the Gazania-1 well on Block\u00a0<span class=\"xn-money\">2B<\/span>\u00a0offshore\u00a0<span class=\"xn-location\">South Africa<\/span> after closing the acquisition of Azinam Group Limited.<\/p>\n<p><span class=\"xn-person\">Garrett Soden<\/span>, Africa Energy&#8217;s President and CEO, commented, &#8220;We are excited to move forward on Block\u00a0<span class=\"xn-money\">2B<\/span>\u00a0and drill the Gazania-1 oil exploration well this year. The rig has been contracted and is expected to mobilize from the North Sea in August for the 45-day journey to\u00a0<span class=\"xn-location\">South Africa<\/span>. The Block\u00a0<span class=\"xn-money\">2B<\/span>\u00a0joint venture plans to spud the well by October with drilling expected to last 30 days, including a full set of logs in the success case. The block has significant contingent and prospective resources in relatively shallow water and contains the A-J1 discovery that flowed light sweet crude oil to surface. Gazania-1 will target two large prospects seven kilometers up-dip from A-J1 in the same region as the recent Venus and Graff discoveries.&#8221;<\/p>\n<p>Block\u00a0<span class=\"xn-money\">2B<\/span>\u00a0is located offshore\u00a0<span class=\"xn-location\">South Africa<\/span>\u00a0in the Orange Basin where both TotalEnergies and Shell recently announced significant oil and gas discoveries offshore\u00a0<span class=\"xn-location\">Namibia<\/span>. The block covers 3,062 square kilometers approximately 25 kilometers off the west coast of\u00a0<span class=\"xn-location\">South Africa<\/span>\u00a0near the border with\u00a0<span class=\"xn-location\">Namibia<\/span>\u00a0in water depths ranging from 50 to 200 meters. Soekor discovered and tested oil on Block\u00a0<span class=\"xn-money\">2B<\/span>\u00a0in 1988 with the A-J1 borehole, which intersected thick reservoir sandstones between 2,985 meters and 3,350 meters. The well flowed 191 barrels of oil per day of 36-degree API oil from a 10-meter sandstone interval at approximately 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.<\/p>\n<p>Africa Energy has a 27.5% participating interest in Block\u00a0<span class=\"xn-money\">2B<\/span>\u00a0offshore\u00a0<span class=\"xn-location\">South Africa<\/span>. The block is operated by a subsidiary of Eco Atlantic, which holds a 50% participating interest. A subsidiary of Panoro Energy ASA holds a 12.5% participating interest, and Crown Energy AB indirectly holds the remaining 10%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa Energy Corp. has reported that Eco (Atlantic) Oil &amp; Gas Ltd. has deposited approximately US$20 million\u00a0in escrow to support its capital expenditure requirements for the Gazania-1 well on Block\u00a02B\u00a0offshore\u00a0South &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-deposits-20m-as-capex-for-the-gazania-1-well-on-block-2b\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":10337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7445,11],"tags":[10384,2944,274,9104,8287,9749,9513,8316,10383,2371],"class_list":["post-12153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-a-j1","tag-africa-energy","tag-block-2b","tag-crown-energy","tag-eco-atlantic","tag-gazania-1-well","tag-orange-basin","tag-panoro-energy","tag-soekor","tag-south-africa","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/SOUTH-AFRICA-AREA-2.jpg?fit=745%2C422&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3a1","jetpack-related-posts":[{"id":12561,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-commences-rig-mobilisation-for-gazania-1\/","url_meta":{"origin":12153,"position":0},"title":"SOUTH AFRICA: Eco Atlantic Commences Rig Mobilisation for Gazania-1","author":"","date":"August 13, 2022","format":false,"excerpt":"Eco (Atlantic) Oil & Gas\u00a0 has confirmed that the Island Innovator rig, owned by Island Drilling Company AS, was released and mobilised on Friday 12th August 2022.\u00a0 The rig is now under contract to Eco and its JV partners and will move on to\u00a0the Gazania-1 well on Block 2B, 25km\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/South-AfricaTranskei-Algoa.jpg?fit=602%2C320&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/South-AfricaTranskei-Algoa.jpg?fit=602%2C320&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/South-AfricaTranskei-Algoa.jpg?fit=602%2C320&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11949,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-signs-rig-contract-for-block-2b\/","url_meta":{"origin":12153,"position":1},"title":"SOUTH AFRICA: Eco Atlantic Signs Rig Contract for Block 2B","author":"","date":"March 3, 2022","format":false,"excerpt":"Eco (Atlantic) Oil & Gas has announced that the Joint Venture partnership of Block 2B, offshore\u00a0South 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.\u00a0 The Block 2B JV partners are Africa Energy,\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/SOUTH-AFRICA-AREA-2.jpg?fit=745%2C422&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/SOUTH-AFRICA-AREA-2.jpg?fit=745%2C422&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/SOUTH-AFRICA-AREA-2.jpg?fit=745%2C422&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/SOUTH-AFRICA-AREA-2.jpg?fit=745%2C422&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":12699,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-announces-commencement-of-operations-on-the-gazania-1-well\/","url_meta":{"origin":12153,"position":2},"title":"SOUTH AFRICA: Eco Atlantic announces Commencement of Operations on the Gazania-1 well","author":"","date":"October 4, 2022","format":false,"excerpt":"Eco Atlantic has announced the arrival of the Island Innovator Semi-Submersible Drilling Rig on Block 2B and the commencement of operations of the Gazania-1 Exploration Well.\u00a0 Eco holds a 50% Working Interest in Block 2B and is Operator of the block. The drilling location is located 25km offshore the Northern\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/08\/SOUTH-AFRICA-AREA-2B-GAZANIA.webp?fit=745%2C422&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/08\/SOUTH-AFRICA-AREA-2B-GAZANIA.webp?fit=745%2C422&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/08\/SOUTH-AFRICA-AREA-2B-GAZANIA.webp?fit=745%2C422&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/08\/SOUTH-AFRICA-AREA-2B-GAZANIA.webp?fit=745%2C422&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":12838,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-offshore-gazania-1-well-disappoints\/","url_meta":{"origin":12153,"position":3},"title":"SOUTH AFRICA: Offshore Gazania-1 Well Disappoints","author":"","date":"November 21, 2022","format":false,"excerpt":"Eco Atlantic has announced that the Gazania-1 well on Block 2B, offshore South Africa, which spudded on October 10, 2022, reached target depth of 2,360m but did not show evidence of commercial hydrocarbons. The well will now be plugged and abandoned as planned.\u00a0 The well logging is currently on-going and\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/08\/SOUTH-AFRICA-AREA-2B-GAZANIA.webp?fit=745%2C422&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/08\/SOUTH-AFRICA-AREA-2B-GAZANIA.webp?fit=745%2C422&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/08\/SOUTH-AFRICA-AREA-2B-GAZANIA.webp?fit=745%2C422&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/08\/SOUTH-AFRICA-AREA-2B-GAZANIA.webp?fit=745%2C422&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":12363,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-to-spud-the-gazania-1-well-this-september\/","url_meta":{"origin":12153,"position":4},"title":"SOUTH AFRICA: Eco Atlantic to spud the Gazania-1 well this September","author":"","date":"June 22, 2022","format":false,"excerpt":"Eco (Atlantic) Oil & Gas through its wholly owned subsidiary Azinam South Africa Limited plans to spud the Gazania-1 well, 25km offshore the Northern Cape in\u00a0South Africa\u00a0in \u00a0September 2022. The well will take approximately 25 days to drill.\u00a0\u00a0 Eco Atlantic\u00a0acquired 100% of\u00a0Azinam Group\u00a0as initially announced on\u00a010 January 2022, which increased\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/SOUTH-AFRICA-AREA-2.jpg?fit=745%2C422&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/SOUTH-AFRICA-AREA-2.jpg?fit=745%2C422&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/SOUTH-AFRICA-AREA-2.jpg?fit=745%2C422&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/SOUTH-AFRICA-AREA-2.jpg?fit=745%2C422&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":14344,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-farms-into-20000km2-offshore-block-1-relinquishes-block-2b\/","url_meta":{"origin":12153,"position":5},"title":"SOUTH AFRICA: Eco Atlantic Farms\u00a0into 20,000km2\u00a0Offshore Block 1 Relinquishes Block 2B","author":"","date":"June 5, 2024","format":false,"excerpt":"Eco (Atlantic) Oil & Gas announces the Farm-In into Block 1\u00a0Offshore South Africa Orange Basin. Through its 100% owned subsidiary\u00a0Azinam South Africa Limited, the Company will farm-in and acquire a 75% Working Interest from\u00a0Tosaco Energy (Proprietary) Limited\u00a0and will become Operator of a new Exploration Right. Tosaco intends to transfer its\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/South-Africa-Block-1.jpg?fit=472%2C472&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=12153"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12153\/revisions"}],"predecessor-version":[{"id":12155,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12153\/revisions\/12155"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/10337"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=12153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}