Crown Energy releases update on South Africa Block 2B

Crown 23 MarchBlock 2B licence Operator Azinam, a wholly owned subsidiary of Eco (Atlantic) Oil and Gas Limited, has released a Competent Person’s Report (CPR), which included an update on the gross prospective resource estimate for Block 2B offshore South Africa

South Africa’s Block 2B licence operator Azinam, a wholly owned subsidiary of Eco (Atlantic) Oil and Gas Limited, has updated on the gross prospective resource estimate for Block 2B offshore South Africa. Please see the table:

In the previous most recent CPR commissioned by then operator Africa Energy in 2016, the gross mid case was 184 mmbbl, which means that the net best estimate attributable to Crown Energy has increased from 18 to 49 mmbbl.

“This is another positive step forward for Block 2B, where we look forward to the Gazania-1 well being drilled by the contracted Island Innovator semi-submersible drilling rig by the end of the third quarter of 2022,” said Yoav Ben-Eli, CEO of Crown Energy AB.

Crown Energy AB holds a 10% interest in Block 2B offshore South Africa, fully carried for this well. Africa Energy has a 27.5% participating interest in the Block. The Block is operated by Azinam, which holds a 50% participating interest. A subsidiary of Panoro Energy ASA holds a 12.5% participating interest.

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