Eco (Atlantic) Oil and Gas is making steady progress in its expansion in sub-Saharan Africa, after confirming the final regulatory approval process to formally take over the operation of Block 1, located in the Orange Basin, off the southwest coast of South Africa.
The strategic area of the Orange Basin block
The company, through its subsidiary Azinam South Africa, has reached a definitive agreement with Tosaco Energy to acquire a 75% working interest in this offshore license. The area covers about 20,000 km² and has a geology analogous to recent discoveries in Namibia, such as those made by Shell, TotalEnergies and Galp.
[post_relacionado]One of the strengths of the project is the recent acquisition of high-resolution 2D and 3D seismic data from the Petroleum Agency of South Africa(PASA). In total, 3,500 km² of 3D surveys, 20,000 line km of 2D seismic and historical logs from three exploration wells drilled in the 1980s by Soekor: AF-1, AO-1 and AE-1 were incorporated. Among them, AF-1 stands out for having confirmed a gas flow of 32.4 million cubic feet per day.
Since the current program does not contemplate immediate drilling, Eco will be able to move directly to data interpretation without the need for additional environmental studies. This situation optimizes resourcesand accelerates the maturation of prospects with commercial potential, considering that the value of the legacy data is equivalent to $50 to $60 million in avoided costs.
Block 1 extends from shallow water of 200 meters to deep zones reaching 1,000 meters. This range allows for a diversity of reservoir types and strengthens Eco in a geological pathway of global relevance.
The company also holds interests in offshore licenses in Guyana and Namibia, including its control in the Orinduik block and ultra-deepwater blocks in the Whale Basin.
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Source and photo: Eco Atlantic Oil & Gas