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Eco (Atlantic) Oil and Gas Ltd. Announces Update on Block 1, Orange Basin, South Africa
Strategic acquisition of high-quality 2D and 3D seismic and well logs, accelerating prospect matu...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd. Announces Update on Block 1, Orange Basin, South AfricaStrategic acquisition of high-quality 2D and 3D seismic and well logs, accelerating prospect maturation in one of the most compelling hydrocarbon fairways globally TORONTO, ON / ACCESS Newswire / May 6, 2025 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX‐V:EOG), an Atlantic Margin-focused oil and gas exploration company, is pleased to update stakeholders on activities in its entry into Block 1 offshore South Africa, located in the proven and highly prospective Orange Basin.As previously announced, Eco, through its wholly owned subsidiary Azinam South Africa Limited (\"Azinam\"), has entered into a Farm-In Agreement with Tosaco Energy (Proprietary) Limited to acquire a 75% Working Interest and Operatorship in Block 1 offshore South Africa. The Company is now in the final stages of securing the requisite Section 11 regulatory approval to complete the transfer of the interest and formalize operatorship, which is expected in the near term.Data Acquisition and Subsurface IntelligenceEco has now completed the acquisition of Block 1's substantial volume of 3D and 2D legacy data from the Petroleum Agency South Africa (\"PASA\") This purchase includes:Two 3D seismic surveys totalling 3,500 km² (2,000 km² and 1,500 km²)20,000+ line kilometres of 2D seismicThree key exploration well logs: AF-1, AO-1, and AE-1 (All drilled on the block)All data is of high-resolution quality and is processing-ready, with no reprocessing or reconditioning required. The seismic surveys offer full coverage across key structural and stratigraphic targets, from inboard gas-prone zones to outboard oil-charged systems.Historical Well Data and Hydrocarbon ShowsThe block benefits from three legacy exploration wells drilled in the late 1980s by Soekor, South Africa's former state oil company. These include:AF-1: Confirmed gas discovery with tested flow rates of 32.4 MMscfdAE-1: Encountered gas shows and oil indicationsAO-1: Provided key stratigraphic data and reservoir markersAll three wells were part of Soekor's regional Orange Basin program and offer critical calibration for seismic interpretation and future prospect de-risking.Strategic Asset OverviewBlock 1 spans 19,929 km² offshore South Africa, directly abutting the Namibian border. The block exte...