Eco (Atlantic) Oil & Gas Expands Portfolio with Operator Role in Orange Basin

With formal approval in hand, AIM-listed and Canada-headquartered oil and gas company Eco (Atlantic) Oil & Gas has expanded its portfolio with a stake in an asset that enables it to assume the operator role at an exploration block in the Orange Basin off the coast of South Africa.

Following a deal signed in June 2024 with Tosaco Energy to get a 75% working interest and operatorship of Block 1, Eco’s wholly owned subsidiary, Azinam South Africa, has received formal approval from the South African Department of Mineral and Petroleum Resources for both, with Tosaco retaining the remaining 25% interest.

After taking over the operator helm at the block, described as one of the most strategically positioned assets in the highly prospective basin, the company claims the acquisition significantly expands its Southern African Orange Basin footprint. Spanning 19,929 square kilometers, Block 1 straddles the border between South Africa and Namibia.

Commenting on this, Gil Holzman, Co-Founder and CEO of Eco Atlantic, highlighted: “As the Orange Basin continues to demonstrate its world-class hydrocarbon proof and potential, Eco’s executive team has worked relentlessly over the past 18 months to secure a premier asset on the South African side of the basin.

“With the successful approval and execution of the exploration right and 75% working interest award, we are proud to have secured one of the largest and prospective blocks in the entire basin with a known hydrocarbon footprint – Block 1 – located directly on the South Africa-Namibia maritime border. Block 1 adds to our portfolio in the Orange basin which also includes Block 3B/4B operated by TotalEnergies.”

According to the new operator, the block, which offers full margin transect coverage from the shoreline to deepwater, is directly adjacent to recent discoveries made by Galp (Mopane), Shell (Graff-1, La Rona, and Jonker-1X), TotalEnergies (Venus), Rhino Resources (Capricornus-1X), and the Kudu gas field.

Eco has acquired and is analyzing data, seen as an extensive and high-quality dataset, including both 2D and 3D seismic surveys and regional well logs. The block encompasses the Soekor AF-1 gas discovery, tested at 32.4 million standard cubic feet per day, and Soekor AE-1, which encountered oil and gas shows, providing clear evidence of an active petroleum system.

Furthermore, the operator anticipates launching a formal farm-out process for its interest in Block 1 in August 2025. Eco Atlantic remains committed to value-driven exploration, with four blocks in Namibia currently being reviewed by international players, and a near-term drilling opportunity in Guyana for which negotiations are underway as the firm wants to secure participation.

Holzman emphasized: “Our technical team has already begun analysing the extensive, high-quality 2D and 3D seismic, and well logs data, which materially accelerates our path to drilling while reducing early-stage exploration costs and timelines. The block’s prior discoveries, including tested gas flows and oil shows, confirm the presence of an active petroleum system.

“Initial interpretation is underway, and we are in the process of delineating early leads to develop the exploration strategy. We are already seeing significant inbound interests from international oil companies and mid-tier partners. As a result, we anticipate launching a formal farm-out process in August.”