Eco (Atlantic) Oil & Gas, an Atlantic Margin-focused oil and gas exploration company, has completed the farm-in agreement in the Orange Basin block, securing the…
Eco (Atlantic) Oil & Gas, an Atlantic Margin-focused oil and gas exploration company, has completed the farm-in agreement in the Orange Basin block, securing the full operatorship and exploration rights offshore South Africa.
Eco has now secured a 75% working interest and full operatorship of Block 1, one of the most strategically positioned assets in the highly prospective Orange Basin.
The Section 11 approval was the final condition precedent to establishing full legal transfer of Eco's working interest in Block 1 from Tosaco Energy, and the associated milestone payment has been made by Eco.
The remaining 25% interest in the block is held by Tosaco.
The acquisition, completed through Eco's wholly owned subsidiary Azinam South Africa Limited, significantly expands the company's Southern African Orange Basin footprint and positions it as a key Operator at the forefront of one of the world's most active and hydrocarbon-rich basins.
Block 1, which spans a vast 19,929km², straddles the border between South Africa and Namibia - directly adjacent to recent world-class discoveries by Galp Energia (Mopane), Shell (Graff, La Rona), TotalEnergies (Venus), Rhino Resources (Capricornus-1X), and the legacy Kudu Gas Field.
The block offers full margin transect coverage from the shoreline to deepwater (shore
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