{"id":13849,"date":"2023-08-01T13:26:03","date_gmt":"2023-08-01T13:26:03","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=13849"},"modified":"2023-08-01T13:26:03","modified_gmt":"2023-08-01T13:26:03","slug":"south-africa-eco-atlantic-provides-operational-update","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-provides-operational-update\/","title":{"rendered":"SOUTH AFRICA: Eco Atlantic Provides Operational Update"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>South Africa<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Block 3B\/4B<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Post period end, the Company signed a legally binding Letter of Intent with Africa Oil to farm out a 6.25% Participating Interest in Block 3B\/4B, offshore South Africa for up to US$10.5 million in cash.<\/li>\n\n\n\n<li>In March 2023, Africa Oil released a New Competent Person&#8217;s Resource Report confirming that the Block contains an estimated P50 Prospective Resources of approximately four billion barrels of oil equivalent (&#8220;BOE&#8221;), one Billion BOE net to Eco Atlantic prior to the sale of the aforementioned Participating Interest which is expected to complete shortly.<\/li>\n\n\n\n<li>Eco, alongside its JV Partners, applied for Environmental Authorisation to undertake exploration activities in Block 3B\/4B in the Orange Basin. An application was made to drill one well and one contingent well with an area of interest in the north of the Block. A comprehensive Environmental and Social Impact Assessment (ESIA) process commenced in March 2023, in preparation for drilling activity on the Block.<\/li>\n\n\n\n<li>The JV partners continue to progress plans to conduct a two-well campaign on the Block in conjunction with progressing the collaborative farm out process, up to 55% gross working interest, with various potential parties.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Block 2B<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>&nbsp;<\/strong>On November 15, 2022, a Production Right Application to the Petroleum Agency of South Africa, for Block 2B, based on the existing oil discovery of AJ-1 and potential future operations was submitted by the JV Partners.&nbsp;<\/li>\n\n\n\n<li>Eco continues to believe that Block 2B contains considerable hydrocarbon resources and looks forward to providing further updates as the Company looks to deliver value from the licence for all stakeholders.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Namibia<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Following the significant drilling success in the area, Eco continues to receive third party interest in its strategic acreage position offshore Namibia.<\/li>\n\n\n\n<li>The Company continues to assess farm out opportunities with its four licences in the region as it considers options for progressing exploration and commercial activity on its acreage.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:<\/strong>\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&#8216;As a business we continue to make significant strides across our strategic portfolio of hydrocarbon assets, in some of the world&#8217;s most prolific exploration areas. Following the stabilizing of commodity prices during the first half of this year, alongside a number of discoveries being made in and around the regions we operate in, we continue to see strong industry interest in our unique acreage positions in Orange Basin SA, Walvis Basin Namibia, and the Guyana Suriname Basin.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&nbsp;&#8216;The agreed transfer of a portion of our WI on Block 3B\/4B to our strategic alliance partner Africa Oil will strengthen the JV position amid our continued negotiations with third parties to farm into the Block and execute a drilling campaign targeted for 2024. The proceeds from this agreement give us the opportunity to fund other growth opportunities elsewhere in the portfolio with no shareholder dilution. Also, at 3B\/4B, we applied for Environmental Authorisation to undertake further drilling exploration activities as we believe that the licence holds significant potential to be explored by the Joint Venture partnership in South Africa.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&#8216;Namibia continues to produce globally significant hydrocarbon discoveries, and as a sizeable licence holder in the region, Eco continues to benefit from heightened levels of industry interest in the area.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&#8216;As a Board and Management team, we continue to assess and progress value accretive opportunities across our portfolio, with the goal of delivering substantial shareholder returns over the medium to long term.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&nbsp;&#8216;We remain excited about our prospects, and I look forward to providing further updates to the markets during the remainder of the year.&#8217;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Africa Block 3B\/4B Block 2B Namibia Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:\u00a0 &#8216;As a business we continue to make significant strides across our strategic &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-provides-operational-update\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":13850,"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":false,"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":[70,274,9998,8397,1675,9513],"class_list":["post-13849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-africa-oil","tag-block-2b","tag-block-3b-4b","tag-eco-atlantic-oil-gas","tag-namibia","tag-orange-basin","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/08\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3Bn","jetpack-related-posts":[{"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":13849,"position":0},"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":12376,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-acquires-additional-interest-in-block-3b-4b\/","url_meta":{"origin":13849,"position":1},"title":"SOUTH AFRICA: Eco Atlantic Acquires Additional Interest in Block 3B\/4B","author":"","date":"June 27, 2022","format":false,"excerpt":"Eco (Atlantic) Oil & 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 from the Lunn Family Trust, one of the shareholders of Ricocure (Proprietary) Limited, subject to the satisfaction of customary conditions\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\/2020\/11\/Africa-Oil-S.A-Portfolio.jpg?fit=400%2C275&ssl=1&resize=350%2C200","width":350,"height":200},"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":13849,"position":2},"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":14618,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-africa-oil-announces-increase-in-its-interest-in-the-core-orange-basin-block-3b-4b\/","url_meta":{"origin":13849,"position":3},"title":"SOUTH AFRICA: Africa Oil Announces Increase in its Interest in the Core Orange Basin Block 3B\/4B","author":"","date":"January 13, 2025","format":false,"excerpt":"Africa Oil announces an increase in the group\u2019s direct interest in Block 3B\/4B, offshore South Africa, to 18.0%. This block lies to the southeast and on trend with a number of Orange Basin oil discoveries including Venus, and is operated by TotalEnergies.\u00a0\u00a0 The Company and its wholly-owned subsidiary, Africa Oil\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":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":13849,"position":4},"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":13788,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-africa-oil-increases-interest-in-block-3b-4b\/","url_meta":{"origin":13849,"position":5},"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":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13849","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=13849"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13849\/revisions"}],"predecessor-version":[{"id":13851,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13849\/revisions\/13851"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/13850"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=13849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=13849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=13849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}