Eco Atlantic Oil and Gas, which owns four offshore PELs in the Walvis Basin in Namibia, is assessing farm-out opportunities for its acreage in Namibia and will update the market as appropriate.
Eco Atlantic holds operatorship and an 85% working interest in four offshore PELs 97, 98, 99, and 100, representing a combined area of 28,593 km2 in the Walvis Basin.
In South Africa, Eco holds direct working interests in two offshore Blocks, Block 2B and Block 3B/4B, in the Orange Basin.
Eco Atlantic CEO Gil Holzman says each asset within the company’s exploration portfolio yields exciting opportunities.
“Eco continues to benefit from its position in Namibia, which sits close to some of the largest oil discoveries in 2023, an area that we expect will see further excitement and activity over this year, which will aid our farm-out process,” Holzman says.
The South African government has approved Eco Atlantic’s 6.25% farm-out agreement in Block 3B/4B to Africa Oil.
Holzman says the Africa Oil deal has strengthened Eco Atlantic’s cash position and that the company was preparing for a two-well drilling campaign on the 3B/4B Block.
The Walvis Basin has not had any news of recent oil discoveries since 2013, when the Brazilian company HRT announced encountering rich oil-bearing source rocks and recovered light crude oil at the Wingat-1 discovery well.
Despite this, Holzman says, the recent oil discoveries in the Orange Basin will help the company’s farm-out process.
He says that with continued drilling success in the area, Eco Atlantic continues to receive significant interest in its strategic acreage position in Namibia.
“Eco continues to benefit from its position in Namibia, which sits close to some of the largest oil discoveries in 2023, an area that we expect will see further excitement and activity over this year, aiding our farm-out process,” he says.
Eco Atlantic owns 85% interest in the Cooper Block (PEL 97) in Namibia, situated in shallow water (100-500m) within the Walvis Basin offshore Namibia and covers approximately 5,788 km2.
Eco Atlantic’s partners are Namcor (10%) and Tangi Trading Enterprise cc (5%).
Currently, Eco Atlantic is defining the Osprey Lead, an 882 million barrel Aptian/Albian source-fed oil target within a sand-filled channel system in the cretaceous sequence, with the mature oil window located in approximately 300 m of water.
The second is PEL 98, named the Sharon Block, in shallow waters (100-500 m) covering approximately 5,700 km2. Eco Atlantic has 85% interest, Namcor (10%) and Titan Oil & Gas (5%).
The third is the Guy Block, under PEL 99 in deep waters (1,500-3,000 m), which covers approximately 11,457 km2. Eco Atlantic has 85%, Namcor 19% and Lotus Exploration 5%.
The last is the Tamar Block, under PEL 100, within (2,500-3,000 m) under water, covering approximately 5,648 km2. Eco Atlantic’s partners are Namcor 10% and Moonshade Investment 5%.
