Eco (Atlantic) Oil & Gas Receives Approval for South African Block Acquisition

Independent exploration company Eco (Atlantic) Oil & Gas has received approval from South Africa’s Department of Mineral and Petroleum Resources to secure operatorship of Block 1 in the Orange Basin. With the approval of Section 11, Eco (Atlantic) Oil & Gas will receive a 75% working interest in the block, while privately owned energy company Tosaco Energy will retain its 15% interest.

Eco (Atlantic) Oil & Gas) acquired a high-quality 2D and 3D dataset for the block, which includes the 32.4-million-standard-cubic-feet-per-day Soekor AF-1 gas discovery and Soekor AE-1 discovery. The company anticipates a formal farm-out process for its interest in Block 1 by August 2025.

“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,” stated Gil Holzman, Co-Founder and CEO, Eco (Atlantic) Oil & Gas). “Block 1 adds to our portfolio in the Orange basin which also includes Block 3B/4B operated by TotalEnergies.”

The acquisition was completed through Eco (Atlantic) Oil & Gas’ wholly owned South African subsidiary Azinam. Encompassing both shallow and deepwater exploration potential, Block 1 spans 19,929km², and is situated in proximity to recent world-class discoveries by Galp Energia, Shell, TotalEnergies and Rhino Resources.