Eco Atlantic Oil & Gas is on the verge of becoming the newest operator in South Africa’s coveted Orange Basin, with regulatory approval for its acquisition of Block 1 expected “in the near term.” The Canadian company’s strategic move positions it directly in line with recent multi-billion-barrel discoveries in neighboring Namibia.
“The Orange Basin has rapidly emerged as one of the most compelling hydrocarbon fairways globally,” declared Colin Kinley, Co-Founder and COO of Eco Atlantic, highlighting how recent major discoveries “extend directly into the geological runway of Block 1.”
The massive 19,929 square kilometer block spans from shallow shelf waters to deepwater environments, offering what experts call “a full spectrum of play types” across multiple geological zones. Eco has already acquired an extensive data package including 3D seismic surveys and critical well logs from three historical exploration wells—one of which previously confirmed gas flows of 32.4 MMscfd.
“This strategic acquisition of high-quality data delivers massive value,” Kinley emphasized, noting it replaces an estimated $50-60 million in new acquisition costs and allows the company to “aggressively pursue subsurface interpretation and prospect ranking immediately.”
The acquisition follows Eco’s June 2024 farm-in agreement with Tosaco Energy for a 75% working interest in the block. Industry watchers note this move gives Eco significant exposure in a basin where TotalEnergies, Shell, Galp and others have made dramatic discoveries in recent years.
Source: offshore-energy.biz
