{"id":12838,"date":"2022-11-21T05:51:20","date_gmt":"2022-11-21T05:51:20","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12838"},"modified":"2022-11-21T05:51:20","modified_gmt":"2022-11-21T05:51:20","slug":"south-africa-offshore-gazania-1-well-disappoints","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-offshore-gazania-1-well-disappoints\/","title":{"rendered":"SOUTH AFRICA: Offshore Gazania-1 Well Disappoints"},"content":{"rendered":"<p class=\"br\"><span class=\"bg\">Eco Atlantic has <\/span><span class=\"bh\">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.<\/span><span class=\"bg\">\u00a0<\/span><\/p>\n<p class=\"br\"><span class=\"bg\">The well logging is currently on-going and the JV Partners will undertake a detailed analysis of the results, which will inform our future plans. The JV Partners submitted a Production Right Application to the Petroleum Agency of South Africa (PASA) on November 15, 2022, for Block 2B, based on the existing oil discovery of AJ-1 and potential future operations.\u00a0 Therefore, the JV Partners have time to conduct further analysis and integration of the Gazania-1 well data to allow them to determine the next steps on the Block.\u00a0<\/span><span class=\"bg\">\u00a0<\/span><\/p>\n<p class=\"bs\"><span class=\"ba\">The Company, alongside its respective JV Partners, will now move on to executing our plans for more exploration wells, including a two-well campaign on Block 3B\/4B offshore South Africa planned to begin in 2023.\u00a0 As announced by the Operator of Block 3B\/4B, a<\/span>\u00a0<span class=\"bm\">collaborative farm-out process, up to 55% gross WI, has been ongoing and we look forward to updating the market on this in due course.<\/span><span class=\"bg\">\u00a0<\/span><\/p>\n<p class=\"a\"><span class=\"ay\">Colin Kinley, Co-Founder and Chief Operating Officer of\u00a0Eco Atlantic, commented:<\/span><\/p>\n<p class=\"bs\"><span class=\"ba\">&#8220;We very much appreciate the stakeholder and shareholder support on this well that was safely drilled with no environmental issues. Early challenges with weather and service logistics on this well cost us a bit of time to get started, however we are happy with the overall technical operation of the well.<\/span><\/p>\n<p class=\"bs\"><span class=\"ba\">Gases normally associated with light oil were encountered throughout the drilling of the Gazania-1 well.\u00a0This, in our view, confirms the active hydrocarbon system, proven by the A-J1 discovery well in 1988, extends to the part of the basin where the Gazania-1 well is located. Further seismic interpretation will likely lead to the definition of viable areas for trapping downdip of Gazania-1 closer to the 1988 oil discovery A-J1.<\/span><\/p>\n<p class=\"bs\"><span class=\"ba\">&#8220;While the well results are obviously disappointing at this location, we remain optimistic for this basin and look forward to continuing our exploration efforts&#8221;.<\/span><\/p>\n<p class=\"a\"><span class=\"ay\">Gil Holzman, Co-Founder and Chief Executive Officer of\u00a0Eco Atlantic, added:<\/span><\/p>\n<p class=\"bt\"><span class=\"ay\">&#8220;<\/span><span class=\"bm\">While it is naturally disappointing not having made a commercial discovery, the Gazania-1 well was only the first of four wells we have planned for the next 18-24 months across our wider portfolio. \u00a0We now move on to executing our plans for more exploration wells; a two well campaign on Block 3B\/4B offshore South Africa planned to begin in 2023, .\u00a0 A collaborative farm-out process on 3B\/4B has been ongoing with the Operator and JV partners and we look forward to updating the market on this in due course.<\/span><span class=\"bm\">\u00a0<\/span><\/p>\n<p class=\"bt\"><span class=\"bm\">&#8220;I want to thank our internal operations team and NRG Well Management for their excellent performance executing and operating the Gazania-1 well, the Government of\u00a0South Africa\u00a0and PASA for their professional support throughout, and all our\u00a0JV Partners\u00a0at Africa Energy, Panoro, and Crown Energy. We have established ourselves as a qualified and reliable Offshore Operator. This experience will be extremely useful for our future exploration campaigns, particularly upcoming on Block 3B\/4B.&#8221;<\/span><span class=\"bm\">\u00a0<\/span><\/p>\n<p class=\"bt\"><span class=\"ba\">The JV partnership in respect of Block 2B comprises\u00a0Eco Atlantic\u00a0(50% WI and Operator), Africa Energy Corp (27.5% WI), Panoro 2B Limited, a subsidiary of Panoro Energy ASA (12.5% WI), and Crown Energy AB (10% WI).<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-offshore-gazania-1-well-disappoints\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":12562,"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":[2944,274,9104,8287,9749,9014,8624,2371],"class_list":["post-12838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-africa-energy","tag-block-2b","tag-crown-energy","tag-eco-atlantic","tag-gazania-1-well","tag-panoro","tag-petroleum-agency-of-south-africa","tag-south-africa","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/08\/SOUTH-AFRICA-AREA-2B-GAZANIA.webp?fit=745%2C422&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3l4","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":12838,"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":12699,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-announces-commencement-of-operations-on-the-gazania-1-well\/","url_meta":{"origin":12838,"position":1},"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":11949,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-signs-rig-contract-for-block-2b\/","url_meta":{"origin":12838,"position":2},"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":12363,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-to-spud-the-gazania-1-well-this-september\/","url_meta":{"origin":12838,"position":3},"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":12153,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-deposits-20m-as-capex-for-the-gazania-1-well-on-block-2b\/","url_meta":{"origin":12838,"position":4},"title":"SOUTH AFRICA: Eco Atlantic Deposits $20M as Capex for the Gazania-1 well on Block 2B","author":"","date":"April 21, 2022","format":false,"excerpt":"Africa Energy Corp. has reported that Eco (Atlantic) Oil & 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 Africa after closing the acquisition of Azinam Group Limited. Garrett Soden, Africa Energy's President and CEO, commented, \"We are excited\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":11552,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-south-africa-eco-atlantic-acquires-azinams-asset-base\/","url_meta":{"origin":12838,"position":5},"title":"Namibia\/South Africa: Eco Atlantic Acquires Azinam&#8217;s Asset Base","author":"","date":"January 10, 2022","format":false,"excerpt":"Highlights\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Acquisition of a material offshore petroleum exploration asset base in\u00a0Namibia\u00a0and\u00a0South Africa \u00b7\u00a0\u00a0\u00a0\u00a0Consideration in the form of new common shares to Azinam Holdings Limited who will own 16.65% of the enlarged Group \u00b7\u00a0\u00a0\u00a0\u00a0The Vendor will also be issued warrants in the Company, exercisable only upon a\u00a0producible commercial discovery \u00b7\u00a0\u00a0\u00a0\u00a0The transaction\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\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12838","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=12838"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12838\/revisions"}],"predecessor-version":[{"id":12839,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12838\/revisions\/12839"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/12562"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=12838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}