Block 1 spreads across 19,929 sq km offshore South Africa. (Image source: Eco Atlantic)
Eco (Atlantic) Oil & Gas Ltd has acquired from the Petroleum Agency South Africa (PASA) a substantial volume of 3D and 2D legacy data on Block 1 offshore South Africa
These high resolution and processing-ready data include two 3D seismic surveys totalling 3,500 sq km, 20,000+ line kms of 2D seismic, and logs for key exploration wells AF-1, AO-1, and AE-1. All these wells are drilled, with AF-1 confirming gas presence at flow rates of 32.4mn standard cu/ft per day, AE-1 indicating oil and gas shows, and AO-1 providing key stratigraphic data and reservoir markers.
The seismic surveys give a holistic understanding of key structural and stratigraphic targets, from inboard gas-prone zones to outboard oil-charged systems.
Eco is in the final stages of the formal acquisition of 75% working interest and operatorship in Block 1 through its wholly owned subsidiary Azinam South Africa Limited as per a farm-in agreement signed with Tosaco Energy.
Block 1 spreads across 19,929 sq km offshore South Africa, directly abutting the Namibian border. The block extends from the shore to the continental shelf, some 175 km offshore then to ~263 km out into deep water, encompassing a full margin transect from the shelf to deep water channel and fan complexes.
Water depths range from shallow shelf (~200 m) to deepwater (~1,000 m), enabling a full spectrum of play types. The acreage is considered geologically analogous to the Kudu gas field to the north and sits immediately south of recent discoveries made by Galp Energia (Mopane), Shell (Graff, La Rona), TotalEnergies (Venus), and Rhino Resources (Capricornus 1-X light oil discovery).
Potential partnership opportunities
Colin Kinley, co-founder and chief operating officer of Eco Atlantic, said, "The Orange Basin has rapidly emerged as one of the most compelling hydrocarbon fairways globally, with recent multi-billion-barrel discoveries adjacent in Namibia extending directly into the geological runway of Block 1. This asset provides Eco with material exposure across a full-margin basin play-ranging from proven, gas-rich inboard sections to oil-prone targets in the deepwater and ultra-deepwater domain.
"This strategic acquisition of high-quality 2D and 3D seismic, along with historic well logs deliver massive value to the company. This acquisition is currently conservatively estimated to replace US$50-60mn in acquisition costs required for new exploration. The data quality enables us to aggressively pursue subsurface interpretation and prospect ranking immediately. This dataset provides a robust foundation for accelerated prospect maturation and the opportunity to consider potential farm-out and partnership conversations.
"In parallel with our South African work programme, we are actively negotiating farm-out and drilling participation opportunities on our Orinduik Block in Guyana. We will update the market as those discussions progress. Our Walvis Basin acreage in Namibia, particularly the ultra-deepwater blocks, is also receiving strong interest as Orange Basin real estate becomes increasingly competitive. We continue to engage with industry and government stakeholders to advance partnerships across these core positions. Finally, our interest in Blocks 3B/4B in South Africa-now operated by TotalEnergies-offers unique upside potential, both on completion payment of farm down costs to Eco and importantly drilling the significant resource opportunity assessed on the block."
