{"id":13911,"date":"2023-08-31T11:51:07","date_gmt":"2023-08-31T11:51:07","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=13911"},"modified":"2023-08-31T11:52:23","modified_gmt":"2023-08-31T11:52:23","slug":"south-atrica-namibia-eco-atlantic-provides-operational-report","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/south-atrica-namibia-eco-atlantic-provides-operational-report\/","title":{"rendered":"SOUTH AFRICA\/ NAMIBIA: Eco (Atlantic) Provides Operational Report"},"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, on 17 July 2023, the Company issued 1,200,000 shares to the Lunn Family Trust in place of the US$500,000 cash consideration due in respect of the acquisition of the 6.25% interest in Block3B\/4B from the Lunn Family Trust as previously announced on 27 June 2022.<\/li>\n\n\n\n<li>On 11 July 2023, 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. On 14 August 2023, the parties signed the final Assignment and Transfer agreement. Additional US$2.5m cash consideration is expected to be received upon Government of SA approval of the transfer, with the initial consideration of US$2.5m already having been received.<\/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.&nbsp;<\/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>On 15 November 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>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&#8216;Our Q1 results serve as an important opportunity to remind investors of the strategic work which is happening across all areas of the portfolio.&nbsp; Recently announced deals in both South Africa and Guyana are examples of the team&#8217;s efforts to position the portfolio to continue creating high-impact catalysts for investors.&nbsp; I am excited for the future and look forward to progressing our work programmes across our entire Atlantic Margin portfolio.&#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:&nbsp; &#8216;Our Q1 results serve as an important opportunity to remind investors of &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/south-atrica-namibia-eco-atlantic-provides-operational-report\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":13912,"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":[274,9998,8397,1675,2371],"class_list":["post-13911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-block-2b","tag-block-3b-4b","tag-eco-atlantic-oil-gas","tag-namibia","tag-south-africa","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/08\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3Cn","jetpack-related-posts":[{"id":12376,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-acquires-additional-interest-in-block-3b-4b\/","url_meta":{"origin":13911,"position":0},"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":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":13911,"position":1},"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":14180,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-receives-government-approval-for-6-25-farm-out-of-block-3b-4b-to-africa-oil\/","url_meta":{"origin":13911,"position":2},"title":"SOUTH AFRICA: Eco Atlantic Receives Government Approval for 6.25% Farm Out of Block 3B\/4B to Africa Oil","author":"","date":"January 23, 2024","format":false,"excerpt":"Eco (Atlantic) Oil & Gas has announced that\u00a0its wholly owned subsidiary,\u00a0Azinam Limited,\u00a0has received final government approval for the farm out of its 6.25% Participating Interest in Block 3B\/4B to Africa Oil Corp. announced on\u00a011 July 2023. The\u00a0South Africa Department of Mineral Resources and Energy\u00a0(DMRE) and\u00a0the\u00a0Petroleum Agency South Africa (PASA) have\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\/01\/Africa_Oil_Corp__Africa_Oil_Announces_Farmin_to_Azinam_Block_3B_.jpg?fit=400%2C300&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":13911,"position":3},"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":14245,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-totalenergies-qatarenergy-acquire-participating-interest-in-block-3b-4b-assumes-operatorship\/","url_meta":{"origin":13911,"position":4},"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":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":13911,"position":5},"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":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13911","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=13911"}],"version-history":[{"count":2,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13911\/revisions"}],"predecessor-version":[{"id":13914,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13911\/revisions\/13914"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/13912"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=13911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=13911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=13911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}