{"id":12376,"date":"2022-06-27T13:43:05","date_gmt":"2022-06-27T13:43:05","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12376"},"modified":"2022-06-27T13:43:05","modified_gmt":"2022-06-27T13:43:05","slug":"south-africa-eco-atlantic-acquires-additional-interest-in-block-3b-4b","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-acquires-additional-interest-in-block-3b-4b\/","title":{"rendered":"SOUTH AFRICA: Eco Atlantic Acquires Additional Interest in Block 3B\/4B"},"content":{"rendered":"<p class=\"dk\"><span class=\"dl\">Eco (Atlantic) Oil &amp; Gas <\/span><span class=\"dn\">has signed a farm-out agreement <\/span><span class=\"do\">pursuant to which its wholly-owned subsidiary<\/span><span class=\"dp\">, Azinam Limited<\/span><span class=\"dq\">,<\/span>\u00a0<span class=\"do\">will acquire an additional 6.25% Participating Interest in Block 3B\/4B, offshore South Africa from the Lunn Family Trust, one of the shareholders of Ricocure (Proprietary) Limited, subject to the satisfaction of customary conditions precedent including, but not limited to, the receipt of requisite regulatory approvals from the government of South Africa and the TSX Venture Exchange<\/span><span class=\"dn\">.\u00a0<\/span><\/p>\n<p class=\"dk\"><span class=\"dp\">\u00a0<\/span><span class=\"cl\">On completion of the Acquisition, Eco Atlantic will, through Azinam, hold<\/span>\u00a0<span class=\"ck\">a<\/span>\u00a0<span class=\"cq\">26.25%<\/span>\u00a0<span class=\"dq\">Participating Interest <\/span><span class=\"cj\">in Block 3B\/4B, with strategic alliance partners, Africa Oil Corp., the Operator of the block, holding a 20%<\/span>\u00a0<span class=\"do\">Participating Interest,<\/span>\u00a0<span class=\"cq\">and Ricocure, which holds the remaining 53.75%<\/span>\u00a0<span class=\"do\">Participating Interest<\/span><span class=\"cq\">.\u00a0\u00a0<\/span><span class=\"cl\">\u00a0<\/span><\/p>\n<p class=\"dk\"><span class=\"ci\">Block 3B\/4B, is located between 120-250kms offshore\u00a0South Africa<\/span>\u00a0<span class=\"ds\">in\u00a0the\u00a0Orange Basin\u00a0directly south of the<\/span>\u00a0<span class=\"cq\">prolific multibillion barrels discoveries offshore\u00a0Namibia\u00a0announced earlier this year by Shell (Graff-1) and TotalEnergies (Venus-1). The 3B\/4B Block<\/span>\u00a0<span class=\"ci\">covers an area of ~17,581km\u00b2 and lies in water depths ranging from 300-2500m. The block p<\/span><span class=\"dt\">artners are currently reprocessing a large 3D seismic survey that will be used to high-grade leads towards identifying drilling targets and preparing for a potential drilling campaign next year.\u00a0<\/span><\/p>\n<p class=\"dv\"><span class=\"dx\">Gil Holzman, Co-Founder and CEO of\u00a0Eco Atlantic,\u00a0commented:<\/span><\/p>\n<p class=\"dv\"><span class=\"dy\">\u00a0<\/span><span class=\"dd\">&#8220;We are extremely pleased to be increasing our interest in Block 3B\/4B, which looks to be a very exciting licence for all the partners involved.\u00a0We are upbeat about the prospectivity of the licence following the significant oil discoveries made earlier in the year offshore\u00a0Namibia Orange Basin\u00a0and we are pleased to be strengthening our working relationship with\u00a0Ricocure\u00a0and Africa Oil Corp. \u00a0We are seeing growing industry interest in the entire\u00a0Orange Basin\u00a0and in particular in Block 3B\/4B, and are therefore very happy to have managed to increase our WI on the Block. We are working closely with our partners to progress the technical work required, which includes reprocessing the 3D seismic we have for the Block, in order to evaluate and identify drilling prospects and high grade leads for a drilling campaign we are contemplating for next year. We are set for an exciting couple of months and we look forward to keeping our stakeholders updated as we look to spud the Gazania-1 well on Block 2B, offshore\u00a0South Africa, in early\u00a0September 2022.&#8221;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Eco (Atlantic) Oil &amp; Gas has signed a farm-out agreement pursuant to which its wholly-owned subsidiary, Azinam Limited,\u00a0will acquire an additional 6.25% Participating Interest in Block 3B\/4B, offshore South Africa &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-acquires-additional-interest-in-block-3b-4b\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":9364,"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":[74,8285,8287,10556,9513,10146,2371],"class_list":["post-12376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-africa-oil-corp","tag-azinam","tag-eco-atlantic","tag-lunn-family-trust","tag-orange-basin","tag-ricocure","tag-south-africa","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/11\/Africa-Oil-S.A-Portfolio.jpg?fit=400%2C275&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3dC","jetpack-related-posts":[{"id":13004,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-receives-government-approval-closing-of-the-acquisition-of-additional-interest-in-block-3b-4b\/","url_meta":{"origin":12376,"position":0},"title":"SOUTH AFRICA: Eco Atlantic Receives Government Approval &#038; Closing of the Acquisition of Additional Interest in Block 3B\/4B","author":"","date":"December 19, 2022","format":false,"excerpt":"Eco Atlantic \u00a0announces an update,\u00a0further to its announcement of\u00a027 June 2022, in relation to the acquisition by\u00a0its wholly owned subsidiary\u00a0Azinam Limited\u00a0(\"Azinam\")\u00a0of\u00a0an additional 6.25% Participating Interest in Block 3B\/4B, offshore South Africa from the Lunn Family Trust, one of the shareholders of Ricocure Limited .\u00a0\u00a0 Eco has confirmed that it has\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\/03\/Africa-Oil-S.A-Portfolio.jpg?fit=400%2C275&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":14488,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-completes-farm-down-in-block-3b-4b-to-totalenergies-qatarenergy\/","url_meta":{"origin":12376,"position":1},"title":"SOUTH AFRICA: Eco Atlantic Completes Farm Down in Block 3B\/4B to TotalEnergies &amp; QatarEnergy","author":"","date":"August 29, 2024","format":false,"excerpt":"Eco (Atlantic) Oil & Gas has announced completion of a farm down of a 13.75% Participating Interest in Block 3B\/4B\u00a0offshore the\u00a0Republic of South Africa\u00a0and Transfer of Operatorship of the Block after receipt of the\u00a0requisite regulatory approvals (Section 11) from the government of\u00a0South Africa.\u00a0Eco now holds a 6.25% interest in Block\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\/2023\/03\/South-Africa-Block-3B-4B-1.png?fit=852%2C454&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B-1.png?fit=852%2C454&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B-1.png?fit=852%2C454&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B-1.png?fit=852%2C454&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":14245,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-totalenergies-qatarenergy-acquire-participating-interest-in-block-3b-4b-assumes-operatorship\/","url_meta":{"origin":12376,"position":2},"title":"SOUTH AFRICA: TotalEnergies , QatarEnergy Acquire Participating Interest in Block 3B\/4B Assumes Operatorship","author":"","date":"March 6, 2024","format":false,"excerpt":"TotalEnergies has signed, together with its partner QatarEnergy, an agreement to acquire participating interests in Block 3B\/4B, offshore South Africa, from Africa Oil South Africa, Azinam (a wholly owned subsidiary of Eco Atlantic Oil and Gas) and Ricocure. Following completion of the transaction, TotalEnergies will hold a 33% participating interest\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\/03\/South-Africa-TotalEnergies-Blocks.png?fit=661%2C659&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/03\/South-Africa-TotalEnergies-Blocks.png?fit=661%2C659&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/03\/South-Africa-TotalEnergies-Blocks.png?fit=661%2C659&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":13466,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-awards-eia-contract-ahead-of-proposed-offshore-exploration-in-block-3b-4b-orange-basin\/","url_meta":{"origin":12376,"position":3},"title":"SOUTH AFRICA: Eco Atlantic Awards EIA Contract Ahead of Proposed Offshore Exploration in Block 3B\/4B\u00a0Orange Basin","author":"","date":"March 22, 2023","format":false,"excerpt":"Eco (Atlantic) Oil & Gas and its partners are applying\u00a0for Environmental Authorisation to undertake exploration activities in Block 3B\/4B in the\u00a0Orange Basin\u00a0off the\u00a0Northern Cape\/South-West Coast\u00a0of\u00a0South Africa\u00a0.\u00a0 The Joint Venture (JV) Partners have contracted\u00a0Environmental Impact Management Services (Pty) Ltd\u00a0(EIMS) of\u00a0South Africa\u00a0to apply for a permit to drill one well and one\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\/2023\/03\/South-Africa-Block-3B-4B-1.png?fit=852%2C454&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B-1.png?fit=852%2C454&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B-1.png?fit=852%2C454&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B-1.png?fit=852%2C454&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13788,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-africa-oil-increases-interest-in-block-3b-4b\/","url_meta":{"origin":12376,"position":4},"title":"SOUTH AFRICA: Africa Oil Increases Interest in Block 3B\/4B","author":"","date":"July 11, 2023","format":false,"excerpt":"Africa Oil has announced that it has entered an agreement to increase its operated working interest in Block\u00a03B\/4B, located in the Orange Basin offshore\u00a0South Africa\u00a0and on trend with the Venus, Graff, La Rona and Jonker oil discoveries, for an additional 6.25% interest.\u00a0 An independent review of the prospective resources 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\/2023\/07\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11787,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-signs-definitive-share-purchase-agreement-with-azinam\/","url_meta":{"origin":12376,"position":5},"title":"SOUTH AFRICA: Eco Atlantic Signs Definitive Share Purchase Agreement with Azinam","author":"","date":"February 8, 2022","format":false,"excerpt":"Further to the announcement on 10 January 2022, Eco (Atlantic) Oil & Gas Ltd. has confirmed that it has signed a definitive Share Purchase Agreement (SPA) to acquire 100% of Azinam Group Limited in return for a 16.5% equity stake in the Company.\u00a0 The Acquisition is expected to complete in\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\/03\/Africa-Oil-S.A-Portfolio.jpg?fit=400%2C275&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\/12376","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=12376"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12376\/revisions"}],"predecessor-version":[{"id":12377,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12376\/revisions\/12377"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/9364"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=12376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}