TIDMECO
RNS Number : 7113P
Eco (Atlantic) Oil and Gas Ltd.
22 June 2022
22 June 2022
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Operations Update - Gazania-1 Well Block 2B, South Africa
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX -- V: EOG), the
oil and gas exploration company focused on the offshore Atlantic
Margins, provides an update on the operations for its planned
Gazania-1 Well, offshore South Africa. Eco through its wholly owned
subsidiary Azinam South Africa Limited Operates and holds a 50%
working interest ("WI") in Block 2B, plans to spud the Gazania-1
well, 25km offshore the Northern Cape in South Africa in September
2022. The well will take approximately 25 days to drill.
Eco Atlantic acquired 100% of Azinam Group as initially
announced on 10 January 2022, which increased WI in its all
existing Namibian licences PELs 97, 98, 99 and 100 to 85%, and led
to a new country entry with two blocks offshore in the Orange
Basin, South Africa; a 50% WI and Operatorship in Block 2B, which
contains the previous AJ-1 oil discovery with 56 million barrels of
oil equivalent ("mmbbl") Mean Contingent Resources of light oil,
and a 20% WI in Block 3B/4B. Block 3B/4B directly offsets the
prolific multibillion barrels discoveries offshore Namibia
announced earlier this year by Shell (Graff-1) and TotalEnergies
(Venus-1).
Eco, as Operator of Block 2B is leading the JV partnership
comprised of Africa Energy Corp (27.5% WI), Panoro 2B Limited, a
subsidiary of Panoro Energy ASA (12.5% WI) and Crown Energy AB (10%
WI) in drilling the Gazania-1 Exploration Well in Q3'22. The well
is being drilled 25km offshore in 150 meters of water and will be
drilled to a depth of approximately 2,800 meters to target a
stacked pay section up dip of the AJ-1 discovery and in the proven
oil horizon.
As announced on 3 March 2022, Eco contracted the Island
Innovator rig with Island Drilling Company AS, the rig is to be
mobilised from Bergen, Norway in the second half of July. The state
of the art semi-submersible drilling rig was selected for its
modern safe operating systems, its stationary anchoring and its
system specifically engineered for the engineering requirements and
depth range for this well. The well anticipated to be low pressure
and low temperature based on the evaluation of all regional wells.
It will be cased with three telescoped and cemented casings and
will be drilled with environmentally friendly water based drilling
fluids. The Company plans to seal and plug the well after the test
with no remaining equipment left on the sea floor. The sea floor
well area was surveyed in 2021 to confirm there are no
environmental or culturally sensitive concerns.
Eco recently met face-to-face with members of the local
communities and interested organizations through both focus groups
and ongoing open meeting forums, to provide information sharing
sessions, to engage with them to inform on the upcoming operations
and to answer any questions.
Colin Kinley, Co-Founder and COO of Eco Atlantic commented:
" The acquisition of Azinam created an opportunity to work with
the JV partners, the Government of South Africa and importantly the
people of South Africa to drill this significant well in Q3 this
year. We have worked diligently with our drilling team and partners
to define a safe and efficient drilling strategy for Gazania, to
define drilling engineering to meet world standards of
environmental protection and hopefully give South Africa access to
its own oil resources."
"We acknowledge that South Africa's energy transition must be
thought out from all perspectives. Although the required permits
are in place at this point we thought it necessary to voluntarily
meet with the regional local communities and interested parties to
hear out concerns and interests. The Company met with community
representatives at public information sessions and we have had, and
will continue to have, face-to-face discussions in the coming
weeks. We are currently on schedule to mobilize out of Norway in
the third week of July and spud early in September. We anticipate
approximately three to four weeks on site to drill the test well
and then regardless of our findings we will seal off the well,
ensure the site is completely restored and move off. Eco has chosen
a majority of available South African services and will base its
operations from Cape Town. This is an exciting opportunity and
holds the potential of establishing a new over 300 million barrels
light oil resource."
**ENDS**
For more information, please visit www.ecooilandgas.com or
contact the following :
Eco Atlantic Oil and Gas c/o Celicourt +44 (0) 20
8434 2754
Gil Holzman, CEO
Colin Kinley, COO +44(0)781 729 5070 | +1 (416)
Alice Carroll, Head of C orporate Sustainability 318 8272
Strand Hanson Limited (Financial &
Nominated Adviser) +44 (0) 20 7409 3494
James Harris
James Bellman
Berenberg (Broker) +44 (0) 20 3207 7800
Emily Morris
Detlir Elezi
Celicourt (PR) +44 (0) 20 8434 2754
Mark Antelme
Jimmy Lea
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018 (as amended).
About Eco Atlantic:
Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused
oil & gas exploration company with offshore license interests
in Guyana, Namibia, and South Africa. Eco aims to deliver material
value for its stakeholders through its role in the energy
transition to explore for low carbon intensity oil and gas in
stable emerging markets close to infrastructure.
Offshore Guyana in the proven Guyana-Suriname Basin, the Company
holds a 15% Working Interest in the 1,800 km(2) Orinduik Block
Operated by Tullow Oil. In Namibia, the Company holds Operatorship
and an 85% Working Interest in four offshore Petroleum Licences:
PELs: 97, 98, 99, and 100, representing a combined area of 28,593
km(2) in the Walvis Basin.
Offshore South Africa, Eco is Operator and holds a 50% working
interest in Block 2B and a 20% Working Interest in Blocks 3B/4B
operated by Africa Oil Corp., totalling some 20,643 km (2) .
Cautionary Notes:
This news release contains certain "forward-looking statements",
including, without limitation, statements containing the words
"will", "may", "expects", "intends", "anticipates" and other
similar expressions which constitute "forward-looking information"
within the meaning of applicable securities laws. Forward-looking
statements reflect the Company's current expectations, assumptions,
and beliefs, and are subject to a number of risks and uncertainties
that could cause actual results to differ materially from those
anticipated. These forward-looking statements are qualified in
their entirety by the inherent risks and uncertainties surrounding
future expectations.
Important factors that could cause actual results to differ
materially from expectations include, but are not limited to,
general economic and market factors, competition, the effect of the
global pandemic and consequent economic disruption, and the factors
detailed in the Company's ongoing filings with the securities
regulatory authorities, available at www.sedar.com . Although
forward-looking statements contained herein are based on what
management considers to be reasonable assumptions based on
currently available information, there can be no assurance that
actual events, performance or results will be consistent with these
forward-looking statements, and our assumptions may prove to be
incorrect. Readers are cautioned not to place undue reliance on
these forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements either as a result of new information, future events or
otherwise, except as required by applicable laws.
The TSX-V has neither approved nor disapproved the contents of
this news release. Neither the TSX-V nor its Regulation Services
Provider (as that term is defined in the policies of the TSX-V)
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END
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June 22, 2022 02:00 ET (06:00 GMT)
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