{"id":14344,"date":"2024-06-05T10:05:49","date_gmt":"2024-06-05T10:05:49","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=14344"},"modified":"2024-06-05T10:07:21","modified_gmt":"2024-06-05T10:07:21","slug":"south-africa-eco-atlantic-farms-into-20000km2-offshore-block-1-relinquishes-block-2b","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-farms-into-20000km2-offshore-block-1-relinquishes-block-2b\/","title":{"rendered":"SOUTH AFRICA: Eco Atlantic Farms\u00a0into 20,000km2\u00a0Offshore Block 1 Relinquishes Block 2B"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Eco (Atlantic) Oil &amp; 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 remaining 25% Interest to\u00a0OrangeBasin Oil and Gas (Proprietary) Limited\u00a0&#8211; a newly formed South African entity with a\u00a0<em>Broad-Based Black Economic Empowerment<\/em>rating.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>About Block 1 Acquisition:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Block 1 is 19,929km<sup>2<\/sup>&nbsp;in area and is located on the Namibian Border in&nbsp;South Africa. The triangular shaped block is located offshore in the&nbsp;Orange Basin. The Eastern side of the block is approximately 174km off the South African shoreline, and the block reaches out some 263km West into deep water in the&nbsp;Orange Basin.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Terms of the 75%&nbsp;WI Farm-in Acquisition are as follows:&nbsp;US$150k&nbsp;payable upon signing,&nbsp;US$225k&nbsp;payable upon issuance of Section 11 (Government title transfer) and&nbsp;US$375k&nbsp;payable upon a TSX-V\/AIM compliant Resource Report to be commissioned by Eco. The Company will carry the remaining 25% Interest through the Budget and Work Program for the first three years up to an agreed sum of&nbsp;US$2.3 million&nbsp;of a total work program.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The block has significant 2D and 3D seismic data already completed and no additional seismic acquisition or drilling of wells is planned in the three-year carried period. During this period, Eco will complete the interpretation and analysis required for its planned Work Program with its in-house exploration team. The Farm-in is subject, inter alia, to normal Governmental approvals and no field activity is currently planned that requires environmental permitting.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Block 2B Relinquishment:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Further, the Company confirms that it is relinquishing its 50% WI Operated offshore Block 2B in\u00a0South Africa\u00a0where it drilled its 2022 Gazania-1 well offsetting the AJ-1 oil discovery. The Company has completed all necessary documentation, and environmental audits, and has informed the\u00a0Petroleum Agency of South Africa\u00a0(<strong>PASA<\/strong>), being the regulator for the Government of\u00a0South Africa. Eco&#8217;s board considers Block 2B a non-core asset in the portfolio given the Company&#8217;s interests in\u00a0Namibia, Block 3B\/4B and Block 1 in SA and in\u00a0Guyana.\u00a0 Following acceptance by the PASA of this relinquishment, the Company will have no further liability in respect of Block 2B.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Colin Kinley, Co-founder and Chief Operating Officer of&nbsp;Eco Atlantic, commented:&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;The Orange Basin&nbsp;continues to prove to be one of the newest and most prolific plays in the world and is running similar statistics to our&nbsp;Guyana&nbsp;play. Following completion of this Farm-in, Eco will have one of the largest blocks in the entire&nbsp;Orange Basin. This is a strategic play for Eco that we have worked on over the past year, focussing on both Oil and Gas potential, and where we believe there are significant near shore prospective gas resources. There are inboard gas discoveries on the block, Kudu to the North, and multiple discoveries in the Ibhubesi field to the South. With the reach of the block some 250km out into the&nbsp;Atlantic, this puts the&nbsp;West end&nbsp;of the Block into highly prospective opportunities for oil being just South and on trend with Shell&#8217;s Graff discovery and Galp&#8217;s Mopane discoveries, and North of our 3B\/4B Block oil targets recently farmed out to TotalEnergies and QatarEnergy.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Eco (Atlantic) Oil &amp; 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 &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-farms-into-20000km2-offshore-block-1-relinquishes-block-2b\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":14345,"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":[11560,8285,253,11471,9266,9513,11559,2371,11558],"class_list":["post-14344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-aj-1","tag-azinam","tag-block-1","tag-eco-atlantic-oil-gas-2","tag-gazania-1","tag-orange-basin","tag-orangebasin-oil-and-gas","tag-south-africa","tag-tosaco-energy","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/South-Africa-Block-1.jpg?fit=472%2C472&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3Jm","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":14344,"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":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":14344,"position":1},"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":14344,"position":2},"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":14344,"position":3},"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":[]},{"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":14344,"position":4},"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":15074,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-secures-exploration-right-and-transfer-of-75-interest-in-block-1\/","url_meta":{"origin":14344,"position":5},"title":"SOUTH AFRICA: Eco Atlantic Secures Exploration Right and Transfer of 75% Interest in Block 1\u00a0","author":"","date":"June 9, 2025","format":false,"excerpt":"Eco (Atlantic) Oil & Gas announce that, further to the Farm-In Agreement announced on 5 June 2024, formal approval has been received from the South Africa Department of Mineral and Petroleum Resources for both the Exploration Right and Section 11 transfer. Accordingly, Eco has now secured a 75% Working 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\/2025\/06\/South-Africa-Eco-Atlantic_Orange-Basin-Block-1-Prospect-Location-Map-1024x657-1.png?fit=1024%2C657&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/South-Africa-Eco-Atlantic_Orange-Basin-Block-1-Prospect-Location-Map-1024x657-1.png?fit=1024%2C657&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/South-Africa-Eco-Atlantic_Orange-Basin-Block-1-Prospect-Location-Map-1024x657-1.png?fit=1024%2C657&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/South-Africa-Eco-Atlantic_Orange-Basin-Block-1-Prospect-Location-Map-1024x657-1.png?fit=1024%2C657&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\/14344","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=14344"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14344\/revisions"}],"predecessor-version":[{"id":14346,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14344\/revisions\/14346"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/14345"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=14344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=14344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=14344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}