Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margin in Guyana, Namibia and South Africa, is pleased to announce that the Joint Venture partnership of Block 2B, offshore South 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.
The Block 2B JV partners are Africa Energy, with a 27.5% Working Interest (“WI”), a subsidiary of Panoro Energy ASA holds a 12.5% WI and Crown Energy AB indirectly holds the remaining 10%WI. Eco Atlantic will become Operator and hold a 50% WI, subject to near completion of its 100% acquisition of Azinam Group Limited.
The Gazania-1 well is located in the Orange Basin in South Africa. The Orange Basin straddles the offshore waters of Namibia and South Africa, where major discoveries on both the Graff-1 well, drilled by Shell, and the Venus-1 well, drilled by TotalEnergies, have recently been announced.
Colin Kinley Co-Founder and COO of Eco Atlantic commented:
“We are pleased to be making progress in our exploration and drilling plans for 2022. We are planning for mobilization of the rig in late August and to spud shortly after arrival, with the experienced Island Drilling team and the Innovator Semi. We have good support from our partners at Africa Energy, Crown and Panoro and from the engineering advisors at NRG Group. We look forward to a successful, safe and environmentally conscious drilling program in Gazania-1.”