Eco Atlantic hikes stake in Block 3B/4B off South Africa
The UK and Canada-listed Eco Atlantic Oil & Gas has signed an agreement to acquire an additional 6.25% stake in Block 3B/4B, offshore South Africa from the Lunn Family Trust, it said on June 27. Lunn Family Trust is one of the shareholders of Ricocure, a partner in the project.
On completion of the acquisition, Eco Atlantic will, through its subsidiary Azinam, hold a 26.25% interest in Block 3B/4B, with partners, Africa Oil Corp., the operator of the block, holding a 20% interest, and Ricocure holding the remaining 53.75%.
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Block 3B/4B, is located between 120-250 km offshore South Africa in the Orange basin. The block covers an area of about 17,58 1 km² and lies in water depths ranging from 300-2500 m. The block partners are currently reprocessing a 3D seismic survey that will be used to high-grade leads towards identifying drilling targets and preparing for a potential drilling campaign next year.
“We are seeing growing industry interest in the entire Orange basin and in particular in Block 3B/4B, and are therefore very happy to have managed to increase our working interest on the block," Gil Holzman, CEO of Eco Atlantic, said. "We are working closely with our partners to progress the technical work required, which includes reprocessing the 3D seismic we have for the Block, in order to evaluate and identify drilling prospects and high-grade leads for a drilling campaign we are contemplating for next year."