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Might we be getting a Guyana Cretaceous well early in 2023 ?
https://oilnow.gy/featured/orinduik-partners-to-target-exploration-well-early-2023-eco-atlantic/
Orinduik partners to target exploration well early 2023 – Eco Atlantic
By OilNOW October 25, 2022
The partners in the Orinduik Block offshore Guyana are targeting an exploration well in early 2023, according to a report from 15% stakeholder, Eco Atlantic Oil & Gas.
This well is expected to be drilled in the second renewal period of the licence.
The partners are currently in the first phase which lasts for three years from January 14, 2020, to January 13, 2023. To enter the second phase, the partners will have to relinquish 20%, some 360 square kilometers (km2) of the 1,800 km2 acreage.
A recent report updated the gross estimate of resources in Orinduik to 8.1 billion barrels, to which Eco is entitled to 681 million barrels of oil and 544 billion cub..................
Photos from the recent rig visit.
https://www.linkedin.com/posts/lundingroupofcompanies_some-photos-from-africa-energys-recent-visit-activity-6989259051884822528-_w24/
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Meanwhile in Namibia.....
https://www.upstreamonline.com/exploration/shell-within-weeks-of-starting-critical-namibia-drilling-campaign/2-1-1339252
Shell within weeks of starting critical Namibia drilling campaign
Supermajor could drill up to three exploration and appraisal wells on and around its major Graff discovery
21 October 2022 11:04 GMT Updated 21 October 2022 13:59 GMT
By Iain Esau in Cape Town
Shell is within a few weeks of firing up what will be a closely watched drilling campaign offshore Namibia in the same block that hosts its large Graff oil discovery.
The supermajor hit oil with its deep-water Graff-1 probe in the Orange basin earlier this year and immediately drilled a follow-up well called La Rona.
While Shell unveiled the results of Graff-1, it has said nothing public on the outcome of its La Rona-1 well, with officials even declining to clarify whether it was an appraisal or an exploration well.
This has led to market talk that the discovery — albeit commercial — is significantly smaller than TotalEnergies’ Venus discovery to the west, with the supermajor needing to drill more wells to gain a better understanding of development parameters.
Multiple sources contacted by Upstream suggested that Graff holds hundreds of millions of barrels of oil, compared with the billions of barrels of oil and trillions of cubic feet of gas held in Venus.
According to Immanuel Mulunga, chief executive of state oil company Namcor, Shell plans to drill up to three wells in Petroleum Exploration Licence (PEL) 90, with the first probe due to spud in December.
Speaking at African Energy Week he .............article continues...........
Meanwhile in Guyana.......
https://www.upstreamonline.com/exploration/exxonmobil-to-appraise-step-out-discovery-offshore-guyana/2-1-1340200
ExxonMobil to appraise ‘step out’ discovery offshore Guyana
Maiden Fangtooth-1 find unlocked oil-bearing reservoirs in deeper plays in Stabroek block
24 October 2022 14:38 GMT Updated 24 October 2022 14:38 GMT
By Fabio Palmigiani in Rio de Janeiro
ExxonMobil has started an appraisal programme to a well originally labelled as a “step out” discovery in the Stabroek block offshore Guyana, as the US supermajor seeks to find additional oil volumes in the prolific play.
The operator has already unlocked nearly 11 billion barrels of oil equivalent in recoverable resources from more than 30 discoveries in Stabroek since mid-2015.
ExxonMobil began drilling the Fangtooth SE-1 well with the Stena Drilling drillship Stena Carron, according to updated information made available by Guyana’s Maritime Administration Department.
The goal is to appraise the Fangtooth-1 find made in early January by trying to confirm the presence of hydrocarbons further to the south-east.
Fangtooth-1 encountered about 50 metres of high-quality oil-bearing sandstones...........article continues............
Thanks for posting the update/progress report.
No news this week could be a potentially good sign, but you never ever know.
Should be 20 days drilling or less on a dry hole basis (so Monday 24th Oct) or 25 days with hydrocarbon reservoir intervals/detailed logging....... so would be (Saturday 29th Oct)....so they should be into Namaqualand and Gazania target zones during this week.
Fingers crossed........
https://www.investegate.co.uk/eco--atlantic--o--38-g--eco-/rns/investor-breakfast-briefing/202210141620019958C/
Investor Breakfast Briefing
Further to the announcement on 9 September 2022, Eco Atlantic (AIM: ECO, TSX - V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, would like to invite current and potential shareholders to a breakfast briefing and rescheduled presentation. The event will be hosted by management and will be followed by a Q&A session.
The briefing will take place on Tuesday, 29 November 2022, at The Brewery 'Grubstreet Author', 52 Chiswell Street, London EC1Y 4SD. Breakfast served from 8.30am, with the presentation starting at 9.00am. Those wishing to attend are requested to register by emailing: ecoatlantic@celicourt.uk
Dr. Michael Green interviews Gil Holzman, CEO of Eco (Atlantic) Oil & Gas
October 12, 2022 | Posted by admin
Dr. Michael Green, resources analyst at Align Research, interviews Gil Holzman, CEO of Eco (Atlantic) Oil & Gas, about the Gazania-1 well in South Africa.
https://www.alignresearch.co.uk/eco-atlantic-oil-gas/dr-michael-green-interviews-gil-holzman-ceo-of-eco-atlantic-oil-gas-2/
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ECO Atlantic
Oct 9, 2022
[[
Thanks to Oilman's Jim's news letter
https://oilman.substack.com/p/sunday-blog-9-october-2022?utm_source=email
]]
Eco (Atlantic) Oil & Gas (ECO) announced the commencement of operations on the Gazania-1 well, Block 2B, offshore South Africa. Eco holds a 50% working interest in the block and is operator. Gazania-1 is being drilled to a depth of approximately 2,800 metres through a multizone pay section, up dip of the AJ-1 discovery well, which proved approximately 50 million barrels of contingent resources. The prospect is targeting over 300 million barrels of light oil and, pending discovery in the vertical section, the joint venture partners have the option to directionally drill a second sidetrack well from the main well bore. The initial well is expected to take approximately 25 days to drill.
Nice video Thanks for posting I would be interested in any word about their PEL37 in the Orange Basin also
From April 21, however, a good info refresher for the #ECO @EcoAtlantic_OG ongoing Gazania-1 prospect potential #oil #oilandgas #oott $EOG $ECAOF
https://ihsmarkit.com/research-analysis/the-gazania1-with-africa-energy.html
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Eco (Atlantic Oil & Gas)
Eco has announced the arrival of the Island Innovator Semi-Submersible Drilling Rig on Block 2B and the commencement of operations of the Gazania-1 Exploration Well.
October 4, 2022
[[ Thanks to Malcy' blog
https://www.malcysblog.com/2022/10/oil-price-union-jack-eco-atlantic/
]]
Eco holds a 50% Working Interest in Block 2B and is Operator of the block. The drilling location is located 25km offshore the Northern Cape in Orange Basin South Africa in approximately 150 meters of water. The Gazania-1 Exploration Well is being drilled to a depth of approximately 2,800 meters through a multizone pay section. The well is being drilled up dip of the AJ-1 Discovery Well on the block, which proved approximately 50 million barrels of contingent resources.
The Gazania-1 Prospect is targeting over 300 million barrels of light oil. Pending discovery in the vertical section the JV partners have the option to directionally drill a second sidetrack well from the main well bore. Both the vertical well and the sidetrack optional well will be logged and then plugged back to surface, the well will be sealed, plugged and the casing cut off below surface. No equipment will remain on the sea floor.
The JV partnership in respect of Block 2B comprises Eco Atlantic (50% WI and Operator), Africa Energy Corp (27.5% WI), Panoro 2B Limited, a subsidiary of Panoro Energy ASA (12.5% WI), and Crown Energy AB (10% WI).
Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, commented:
“Drilling Gazania-1 offers a significant opportunity to South Africa to open up the Orange Basin. A number of prior discoveries in the region are changing the understanding of this Basin both in South Africa and Namibia where recent multi-billion-barrel discoveries have opened the gate to a new era of economic and resource opportunity. The Discovery at AJ-1 is extremely helpful in creating the opportunity on the Gazania-1 well that we are confident that the decades of science will prove out.
“This well is being drilled to define the opportunity and the initial path in the Basin. We are drilling this strictly as an Exploration well. Once we have defined the resources here, South Africa and the JV partners will make its choices and we will determine the next stage of development. Eco appreciates all the support of the South African Government, the local industries and local communities in the communication, participation and planning of this well.
“We are entering an exciting and busy period of drilling and work programmes and we look forward to updating the market, our partners and all stakeholders in the coming weeks on our progress and the Gazania-1 exploration well results.”
This represents the culmination of Eco’s hard work and preparation in Southern Africa. I am lucky to be here on the ground in a region that is as excited as I’ve ever seen some of whom I met at a reception last night.
At an Eco hosted industry event yesterday I saw a number of the key people in the fast-moving hydrocarbon landscape, a tribute to them was that anyone who is anyone around here turned up. The South African Government is as keen as could be to support those companies exploring in the area and here and in Namibia companies from Eco through Africa Oil and of course the likes of Total, Shell and Exxon were represented as well as latest joiner in Chevron.
Chevron finally confirmed the secret that even made yesterday’s blog by announcing that it had acquired block 2813B in the hydrocarbons rich Orange Basin offshore Namibia adding to the excitement in this part of the world.
I was lucky to be given an exclusive interview with Gil Holzman, CEO of Eco Atlantic this morning after the announcement of the Gazania well spud and clearly he is very excited, as he should be as the well is targeting some 300m barrels of oil of which they have 50%.
Success here would indeed be a company maker, I don’t need to do the maths for you but you just need to know that for a straight up exploration well this has some significant appeal, especially to the hydrocarbon short countries down here where upstream projects have been few and far between but which recently have had kicked in. This well is in shallow water and close to the shore, any discovery here would be able to be brought onstream very quickly and be the first upstream project in Southern Africa for some time.
Finally, the well is near an existing, modest discovery, the AJ-1 Discovery Well on the block, which proved approximately 50 million barrels of contingent resources, another find here would justify all the hard work and faith exhibited by such leading industry players.
As I said this is a game changing well which shareholders will receive a magnificent reward should it come in, what is for certain is that with other prospects such as with Africa Oil there are many other plays for Eco and its partners in this vibrant, excited part of the world.
So, be excited, think of 50% of 300m bbls and compare it with the current market cap of £150m, if this well comes in that will be dwarfed.
https://www.upstreamonline.com/exploration/flag-day-exploration-probe-spuds-in-south-africas-orange-basin/2-1-1326674
Flag day: Exploration probe spuds in South Africa's Orange basin
Eco Atlantic's Gazania-1 well is drilling ahead offshore Northern Cape province
4 October 2022 8:34 GMT Updated 4 October 2022 8:34 GMT
By Iain Esau in London
Eco Atlantic has spudded what will be a highly watched exploration well in South Africa’s Orange basin, chasing some 300 million barrels of potential oil resources.
Located in shallow water in Block 2B, the Gazania-1 probe is targeting at least two oil prospects that could house over 300 million barrels of oil in a rift play, close to a legacy oil discovery called A-J1 that was drilled in the late 1980s.
Semi-submersible Island Innovator in now drilling ahead in 150 metres of water, with the well aiming for a total depth of about 2800 metres subsea.
The probe will target two prospects in a syn-rift basin, a geological setting similar to plays in Kenya and Uganda where major oil accumulations were discovered by Africa Energy's technical team when they worked for Tullow Oil.
In the event of success at Gazania-1, the partners have the option to drill a sidetrack to target a third prospect.
Both the Gazania-1 well and its potential sidetrack will be logged and then plugged back to surface, with the well to be sealed and the casing cut off below the seabed. No equipment will remain on the sea floor.
Colin Kinley, co-founder and chief operating officer of Eco Atlantic, said drilling Gazania-1 "offers a significant opportunity to South Africa to open up the Orange basin” which, across the border in Namibia, is home to the TotalEnergies huge Venus discovery and Shell’s major Graff find.
“A number of prior discoveries in the region are changing the understanding of this basin both in South Africa and Namibia where recent multi-billion-barrel discoveries have opened the gate to a new era of economic and resource opportunity,” noted Kinley.
He added that “the discovery at A-J1 is extremely helpful in creating the opportunity on the Gazania-1 well that we are confident that decades of science will prove out.”
Kinley said Eco “appreciates all the support of the South African government, the local industries and local communities in the communication, participation and planning of this well.”
Jan Maier, head of exploration at partner Africa EnergyCorp, said: “The block has significant resource potential in shallow water and contains the A-J1 discovery that flowed light sweet crude oil to surface.
A-J1 is estimated to house about 50 million barrels of contingent resources, according to Eco Atlantic.
“Gazania-1 is a relatively low-risk exploration well that will target two large oil prospects seven kilometres up-dip from A-J1," according to Maier.
Block 2B covers on area of more than 3000 square kilometres and is located about 25 kilometres off South Africa’s Northern Cape province in water depths ranging from 50 to 200 metres.
Soekor, South Africa’s former state oil company, discovered and tested oil on the block in 1988 with the A-J1 borehole, which hit thick reservoir sands between 2985 metres and 3350 metres.
That well flowed 191 barrels per day of 36-degree API oil from a 10-metre sandstone interval at a depth of some 3250 metres.
Eco Atlantic has a 50% stake in Block 2B and is partnered by Africa Energy on 27.5%, with Panoro Energy on 12.5% and Crown Energy with an indirect interest of 10%.
https://www.londonstockexchange.com/news-article/ECO/commencement-of-operations-on-the-gazania-1-well/15656223
04 October 2022
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the "Group")
Eco Atlantic announces Commencement of Operations on the Gazania-1 well, offshore South Africa
Eco Atlantic (AIM: ECO, TSX - V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce the arrival of the Island Innovator Semi-Submersible Drilling Rig on Block 2B and the commencement of operations of the Gazania-1 Exploration Well.
Eco holds a 50% Working Interest ("WI") in Block 2B and is Operator of the block. The drilling location is located 25km offshore the Northern Cape in Orange Basin South Africa in approximately 150 meters of water. The Gazania-1 Exploration Well is being drilled to a depth of approximately 2,800 meters through a multizone pay section. The well is being drilled up dip of the AJ-1 Discovery Well on the block, which proved approximately 50 million barrels of contingent resources.
The Gazania-1 Prospect is targeting over 300 million barrels of light oil. Pending discovery in the vertical section the JV partners have the option to directionally drill a second sidetrack well from the main well bore. Both the vertical well and the sidetrack optional well will be logged and then plugged back to surface, the well will be sealed, plugged and the casing cut off below surface. No equipment will remain on the sea floor.
The JV partnership in respect of Block 2B comprises Eco Atlantic (50% WI and Operator), Africa Energy Corp (27.5% WI), Panoro 2B Limited, a subsidiary of Panoro Energy ASA (12.5% WI), and Crown Energy AB (10% WI).
Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, commented:
"Drilling Gazania-1 offers a significant opportunity to South Africa to open up the Orange Basin. A number of prior discoveries in the region are changing the understanding of this Basin both in South Africa and Namibia where recent multi-billion-barrel discoveries have opened the gate to a new era of economic and resource opportunity. The Discovery at AJ-1 is extremely helpful in creating the opportunity on the Gazaina-1 well that we are confident that the decades of science will prove out.
"This well is being drilled to define the opportunity and the initial path in the Basin. We are drilling this strictly as an Exploration well. Once we have defined the resources here, South Africa and the JV partners will make its choices and we will determine the next stage of development. Eco appreciates all the support of the South African Government, the local industries and local communities in the communication, participation and planning of this well.
"We are entering an exciting and busy period of drilling and work programmes and we look forward to updating the market, our partners and all stakeholders in the coming weeks on our progress and the Gazania-1 exploration well results."
Just a reminder........as we should be spudded by Monday/Tuesday next week.
The vertical well will target the main Gazania prospect, but also a secondary shallower target that is called Namaqualand.
If this vertical hits oil, they will then carry out a sidetrack into the Pelargonium target to see if that too has oil in it.
To be economically viable the discovery needs to be over 50m recoverable barrels. The potential here is up to 500m recoverable barrels from all three targets
I3E is ITE in Canada
ECO is EOG in Canada
https://www.hydracapital.ca/2022/09/23/crosscurrents/
...........but there are two other junior exploration stories that I like given that both are imminently drilling on material oil prospects.
They are i3 Energy (ITE.TO, last at $0.35) and Eco Atlantic Resources (EOG.V, last at $0.49).
ITE is in the North Sea and its Serenity well (currently drilling, 75% ITE working interest) is fairly low-risk as far as exploration wells go. ITE is looking to prove a theory that a thin oil column encountered in a previous nearby well is in fact connected to a thicker oil column up dip. The company’s interpretation makes the drill target look pretty straightforward and, if successful, Serenity would represent a major discovery and growth wedge for the company. ITE even pays around a 5% yield from its existing ~20,000 boepd of North American production, so Serenity is a bit of a free call option.
The other one, EOG, has no production, but it has a lot of exposure to emerging hydrocarbon fairways in offshore West Africa. In the near-term, EOG’s most relevant asset is its Block 2B exploration target in the nearshore of South Africa’s northwest coast. The company is about to spud the Gazania-1 well in order to test its theory that a down dip oil discovery extends substantially up dip, potentially holding some 300 million barrels of oil. EOG has a 50% interest in the well and it’s the kind of well that will attract attention if it hits, maybe even before. On success, I think either stock could see a step change in valuation, so I own them both in moderation. And yes, I still own some Africa Oil (AOI.TO, last at $2.53) as I think it’s just too cheap not to own.
Amazing the lengths brokers go to manipulate-
https://www.barrons.com/articles/eco-atlantic-oil-and-gas-ltd-announces-director-pdmr-shareholding-01663763769?mod=md_stockoverview_news
futr
Bidding process ongoing for 3B/4B......soon to complete - so news on that soon.
The rumours months ago was that the Supermajor coming in will pay 100% of costs for 2 exploration wells........lets hope that rumour is true and we get that news very soon.
Zak Mir interview with Gil from ECO
https://embeds.audioboom.com/posts/8161841/embed/v4
Zak Mir Trader's Cafe 22nd Sep 2022
Zak Mir talks to Gil Holzman, CEO Eco (Atlantic) Oil and Gas regarding the group's unique position in the market and forthcoming newsflow prospects.
You can watch the 13th Sept Town Hall meeting from Africa Oil at the link below.
South Africa from 28 minutes........
https://africaoilcorp.com/investors/videos/
He says 6 Major Oil companies in the Data Room looking to farm into 3B/4B license area.
This was the 13th of Sept.....he says "hope rig is on site and drilling in 10 days".............
https://www.energyvoice.com/oilandgas/africa/ep-africa/444274/africa-oil-hill-nigeria/
Africa Oil sees progress looming in Nigeria, Kenya
14/09/2022, 11:36 am
Africa Oil (TSX:AOI) expects a number of developments in the next month or so, including the spud of the Gazania well, an extension to its licence in Nigeria and the signing of a Kenya deal.
Africa Oil (TSX:AOI) expects a number of developments in the next month or so, including the spud of the Gazania well, an extension to its licence in Nigeria and the signing of a Kenya deal.
The company’s famously bullish CEO and president Keith Hill said the Island Innovator rig was 10 days out from arriving on location in South Africa.
Block 2B, the site of the Gazania well, is in a rift basin where a previous well has found oil. “It’s only in 150 metres of water and the contract terms are very good, so if we do find something we can bring it on quickly, it really has a lot of value,” Hill said.
“The value per barrel is probably double or triple that of deeper water barrels,” he continued, speaking at an investor meeting on September 13.
Eco Atlantic Oil & Gas and Africa Energy are both working on the block, with Africa Oil invested in each of those companies.
Hill discussed some of the challenges of the company’s portfolio approach. Africa Oil has a 16.7% stake in Eco Atlantic and 19.9% in Africa Energy. It is also has a 30.9% stake in the private Impact Oil and Gas.
While the move provides Africa Oil with exposure to a range of opportunities, the exit route is not settled. “How do we realise that value? We sell the interest, absorb the company or sell the whole company. We can’t keep doing what we’re doing, we need to divest them or give shares to our shareholders.”
Gazania could be a catalyst for a potential sale in Eco Atlantic and Africa Energy, Hill said.......................
Presentations postponed due to the Queens funeral. Likely now October.
https://www.investegate.co.uk/eco--atlantic--o-g/eco/postponement-of-investor-presentations/202209091730060034Z/
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Dont forget ECO has presentation meetings lined up, 19th in person and 20th online.
Investor Evening - London
Eco would like to invite current and potential shareholders to an early evening face-to-face presentation by management, followed by a Q&A session, on Monday, 19 September 2022. Drinks and refreshments will be served afterwards. The event will take place at The Brewery, 52 Chiswell Street, London EC1Y 4SD, at 5.30pm for a 6:00pm start. Those wishing to attend are requested to register by emailing: ecoatlantic@celicourt.uk
Investor Meet Company Presentation - Live Webinar
Eco is pleased to announce that Gil Holzman and Colin Kinley will provide a live presentation relating to Q1 Results and upcoming South Africa Exploration Activities via the Investor Meet Company platform on 20 September 2022 at 3:00pm BST.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet ECO (ATLANTIC) OIL & GAS LTD via:
https://www.investormeetcompany.com/eco-atlantic-oil-gas-ltd/register-investor
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London shorting update for August.
The figures are the average amount of stock borrowed from CREST.
ECO a reduction of around 600K shares - current loaned amount now 2.79 million.
(Canada=EOG USOTC=ECAOF)
PANR increase of around 2.2 million shares - current loaned amount now 26.48 million
(USOTC=PTHRF)
I3E a reduction of around 2 million shares - current loaned amount now 3.83 million
(Canada=ITE USOTC=ITEEF)
Drilling Rig has ETA Gazania-1 drilling location on 27th September.
https://www.marinetraffic.com/en/ais/home/shipid:313453/zoom:10
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Rig has left Las Palmas and now on its way to Gazania-1 location.
https://oilnow.gy/featured/tullow-expected-to-relinquish-20-of-orinduik-acreage-enter-new-license-phase/
Tullow expected to relinquish 20% of Orinduik acreage, enter new license phase
By OilNOW August 26, 2022
The Orinduik Block partners are expected to relinquish 20% of the acreage as the first renewal period of the license draws to a close, taking approximately 360 square kilometers (km2) off the 1,800 km2 block.
Eco (Atlantic), a partner in the license, said in a Thursday report, that the partners will enter the second exploration phase of the petroleum prospecting license, before which, they are required to conclude the relinquishment.
The first phase commenced on January 14, 2020, and will conclude on January 13, 2023, Eco indicated. The second will last three years until 2026, during which the terms of the license require one exploration well to be drilled. Eco estimated, on a preliminary basis, that the lone well will cost US$30 million.
According to Dr. Michael Green of Align Research, who interviewed Eco-Atlantic’s Gil Holzman, the Orinduik Block partners are preparing to submit drilling commitments to the Government of Guyana before the year ends.
Eco said the partners are currently further defining the Orinduik geological modeling, 3D reprocessing, prospects maturation and upgrading of the drilling targets inventory selection in an ongoing process.
Dr. Green said the two latest discoveries made at the Seabob-1 and Kiru-Kiru-1 at the neighbouring Stabroek Block, operated by ExxonMobil, are on trend with the contractor group’s light oil targets in the southeastern corner of the Orinduik Block.
The analyst said, “Each discovery made in the Stabroek Block is extremely positive and helps Eco better target its next drilling campaign.”
A recent report updated the gross estimate of resources in Orinduik to 8.1 billion barrels, to which Eco is entitled to 681 million barrels of oil and 544 billion cubic feet of gas.
Two tertiary discoveries were made at Orinduik in 2019 at the Jethro and Joe wells. Eco had said the finds indicated the presence of heavy oil, but were undeterred by the results which were not as the partners had anticipated.
Due to the high oil price situation caused by the fallout from Russia’s invasion of Ukraine, the Orinduik partners are revisiting the commercialisation potential of the Jethro discovery, which holds more than an estimated 100 million barrels.
The Guyana government intends to pursue more favourable terms for contracts outside of the Stabroek Block, should operators apply for a production license. Vice President Dr. Bharrat Jagdeo said last Friday, to his knowledge, that the partners have not approached the government as yet on this matter.
The Orinduik Block lies 170 kilometers (km) offshore. Tullow owns 60% operating interest, while Eco-Atlantic has 15% working interest and TotalEnergies/Qatar Energy JV has 25%.
As has been said, Supermajors want in, and ECO is prime position Orange Basin, Namibia and South Africa and also Guyana. Big things are going to be happening soon for ECO.
https://www.upstreamonline.com/exploration/supermajors-eye-prime-orange-basin-block/2-1-1284744
Supermajors eye prime Orange basin block
Farm-out talks underway on South Africa licence ahead of 2023 exploration drilling
25 August 2022 12:57 GMT Updated 25 August 2022 13:25 GMT
By Iain Esau in London
The biggest stakeholder in a highly prospective Orange basin exploration block in South African waters is in farm-out talks with supermajors.
Ever since TotalEnergies and Shell made their huge play opening Venus and Graff oil and gas discoveries offshore Namibia earlier this year, the Orange basin has become the world’s hottest new exploration play and is firmly in the sights of the big international oil companies.
One of the most attractive tracts in the basin is deep-water Block 3B/4B where Africa Oil and its partners, Eco Atlantic and Ricocure, aim to start an exploration campaign in 2023.
Canada-headquartered Africa Oil and Eco Atlantic each have 20% stakes in the block, while Ricoc...................................
For me, the Rockhopper news of yesterday was also something good for ECO. As was mentioned in the Irish papers.......companies may use the same legal case against the government of Ireland.
https://www.irishtimes.com/business/2022/08/25/frustrated-irish-exploration-investors-could-tap-190m-italian-precedent
This is for me where the shorting is coming in, some people are betting that the green wokey brigage will stop the Gazania-1 drill before it spuds. So I dont expect the shorts to close until spud is about to happen.....so there might not be a run up in the share price until right before spud.....once its confirmed and no way it can be stopped, then the shorts will close out imo.
This will be the likely buyer of the Block with Gazania-1, in the success case. Total I believe will come straight in with interest if Gazania-1 hits oil.
https://www.upstreamonline.com/exploration/totalenergies-readies-wildcat-campaign-for-southern-africa/2-1-1283754
TotalEnergies readies wildcat campaign for southern Africa
French supermajor could potentially spud up to five wells in acreage offshore South Africa that is almost untouched by the drillbit
24 August 2022 10:46 GMT Updated 24 August 2022 15:33 GMT
................TotalEnergies could potentially drill up to five deepwater wells in Block 5/6/7 which overlays what has previously been identified as the southern limit of the Orange basin.
Drilling could start either in the fourth quarter of 2023 or in the first half of 2024, according to environmental documentation filed with South Africa’s government.........................
All good. Will certainly watch the webinar on the 20th of September.
https://www.londonstockexchange.com/news-article/ECO/unaudited-results-for-3-months-ended-30-june-2022/15599942
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the "Group")
Unaudited Results for the three months ended 30 June 2022
Notification of Investor Presentations
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX - V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce its results for the three months ended 30 June 2022. In addition, the Company is notifying the market of an investor event to be held on 19 September 2022, details of which can be seen below. Today's announcement follows the recently published Full Year Results and Operational Update announced on 1 August 2022.
Q1 Highlights:
Financials (as at 30 June 2022)
· The Company had cash and cash equivalents of US$38,753,695, and no debt.
· The Company had total assets of US$79.8 million, total liabilities of US$5.9 million and total equity of US$73.9 million.
Corporate:
· Two successful equity fundraises raising combined gross proceeds of US$37.8 million to fund its ongoing workstreams, including the upcoming drilling of the Gazania-1 well on Block 2B, offshore South Africa, and further G&G work across the entire portfolio.
· Completion of acquisition of 100% of Azinam Group Limited ("Azinam"), including Azinam's entire offshore asset portfolio in Orange Basin South Africa and Namibia, in return for a 16.5% equity stake in the enlarged Group.
· Acquisition, subject to completion, of an additional 6.25% Participating Interest in Block 3B/4B, Orange Basin offshore South Africa, for a consideration of US$10 million.
Operations:
South Africa
· Post period end, the Island Innovator rig, owned by Island Drilling Company AS, was mobilised ahead of the spud of the Gazania-1 well on Block 2B, in Orange Basin South Africa.
· The rig is currently offshore Spain heading to Las Palmas for refuelling and expected to arrive at the drilling location by the end of September 2022, subject to weather conditions. The Gazania-1 prospect is targeting a 300 million barrels light oil resource.
Namibia
· Following recent significant hydrocarbon discoveries offshore Namibia, Eco continues to assess options for progressing exploration and commercial activity on its acreage.
· Post period end, Eco announced Joint Operating Agreements with NAMCOR, the National Petroleum Corporation of Namibia, regarding to the Company's four operated offshore Petroleum Licence ("PEL") interests in Namibia, being PEL 97 (Cooper), PEL 98 (Sharon), PEL 99 (Guy), and PEL 100 (Tamar).
Guyana
· Eco and its JV partners remain committed to further drilling on the Orinduik Block and continue assessing opportunities to drill at least two exploration wells into the light oil cretaceous targets as soon as practical.
Investor Evening - London
Eco would like to invite current and potential shareholders to an early evening face-to-face presentation by management, followed by a Q&A session, on Monday, 19 September 2022. Drinks and refreshments will be served afterwards. The event will take place at The Brewery, 52 Chiswell Street, London EC1Y 4SD, at 5.30pm for a 6:00pm start. Those wishing to attend are requested to register by emailing: ecoatlantic@celicourt.uk
Investor Meet Company Presentation - Live Webinar
Eco is pleased to announce that Gil Holzman and Colin Kinley will provide a live presentation relating to Q1 Results and upcoming South Africa Exploration Activities via the Investor Meet Company platform on 20 September 2022 at 3:00pm BST.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet ECO (ATLANTIC) OIL & GAS LTD via:
https://www.investormeetcompany.com/eco-atlantic-oil-gas-ltd/register-investor
Investors who already follow ECO (ATLANTIC) OIL & GAS LTD on the Investor Meet Company platform will automatically be invited.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
"Today's update follows the detailed corporate and operations update provided earlier this month. However, our Q1 results serve as an important opportunity to remind investors of the significant near-term catalysts that we see across our entire Atlantic Margin portfolio, with near-term high impact drilling offshore South Africa, significant interest in our Namibian portfolio and plans taking shape with regards to our strategy for value accretion offshore Guyana, the outlook has never been more positive.
"We are very pleased to invite current and potential investors to meet with our Board and management team at a shareholder event on 19 September 2022 in London and for those not able to attend in person we hope you can make the live webinar on 20 September 2022. We look forward to updating investors on our plans and answering any questions. We would encourage those who are able to do so to attend and learn more about our highly strategic acreage across the world's most attractive exploration hot spots."
Africa Energy's Update on the Gazania Prospect
https://www.thebharatexpressnews.com/plans-for-massive-gas-production-off-the-coast-of-south-africa/
Plans for massive gas production off the coast of South Africa
South Africa expects TotalEnergies SE to submit a production plan within weeks to leverage a productive offshore gas discovery that will be a key part of the growing investment in the sector.
Petroleum Agency South Africa is “very confident” that the French major will complete talks with state-owned PetroSA and complete the required production plan to keep the license, which would otherwise expire on Sept. 6, chief executive officer Phindile Masangane said in an interview . A spokeswoman for TotalEnergies declined to comment.
The most industrialized country in Africa has no commercial oil and gas production, making it dependent on imports of the fuel. The search for domestic resources has met unprecedented opposition in recent months from communities and activists who have successfully blocked the exploration activities of companies, including Shell Plc.
“As the Petroleum Agency, we recognize that South Africa’s upstream oil and gas industry has become contentious,” Masangane said. Steps are being taken to improve guidelines around local consultations, which have been criticized by groups in court, as the regulator aims to increase activity, she said.
Production of the newly discovered Block 11B/12B could breathe new life into PetroSA’s 45,000-barrel-a-day gas-to-liquids plant in Mossel Bay, which has run out of raw material. South Africa also plans to use the fuel to move away from coal, which is used to generate nearly all of the country’s electricity.
If TotalEnergies meets the requirements, obtains environmental permits and starts development — located in an area considered one of the most difficult ocean environments due to the Agulhas Current — production could begin as early as 2026, Masangane said.
South Africa has also turned its attention back to the Karoo, a gas-rich, semi-desert region of the country where dozens of wells were planned by Shell and other explorers nearly a decade ago before environmental problems and legal uncertainty curbed activity.
The environment minister last month issued regulations for public comment on hydraulic fracking, a drilling technique that has raised concerns about water use in the Karoo.
According to Masangane, the government will conduct seismic activity by the end of the year to determine which blocks should be licensed after the rules are finalized. Groundwater and geological studies are also being conducted in the areas rich in biodiversity, she said.
The next oil and gas well in South Africa is expected to start in September. Eco Atlantic Oil & Gas Ltd and its partners have hired an oil rig scheduled to arrive off the coast of South Africa and start exploration in Block 2B. Processes leading up to the activity have been closely monitored, according to Masangane. “We are satisfied and do not anticipate a legal battle.”
Shorting update - still loads of shorting of ECO Atlantic going on. Shorts built before the JHI deal was terminated.....and still are to be closed. :
Canada under EOG ticker as of 31st July 1.3m shares shorted.
https://ceo.ca/eog.v
USOTC under ECAOF ticker as of 31st July 2.3m shares shorted.
https://www.defenseworld.net/2022/08/18/eco-atlantic-oil-gas-ltd-otcmktsecaof-sees-large-decline-in-short-interest.html
London under ECO ticker - CREST borrowing as of July 3.3m shares borrowed.
https://my.euroclear.com
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Africa Oil Corp are a major shareholder in ECO Atlantic (London: ECO, Canada:EOG, USOTC:ECAOF). They have 16.7% of the total shares in issue of ECO. ECO spud the Gazania-1 well in late September this year, anything from 300 to 500 million recoverable barrels. ECO own 50% of the South Africa 2B license area where Gazania-1 is being drilled - prime Orange Basin. It could well be that if Gazania-1 strikes oil that Africa Oil will decide to farm into this, or indeed they might take the whole 50% from ECO. With the refinery coming on line in South Africa in Q4 this year, this would be a perfect quick development. So expect some action potentially if Gazania-1 strikes oil because this would be a perfect development for Africa Oil Corp.
Worth watching this video.....the Executive Chairman of the African Energy Chamber says ECO are being super conservative, he reckons Gazania-1 is not going for 300m barrels recoverble, he says 900 million to 1.4 billion. 500 million recoverable easy in the success case ?!?!?!?!
From 4 minutes in for ECO/Gazania-1 comments.
Rig will be in Las Palmas on 30th August, and then to location to drill. So spud last week of September should be correct.
https://www.marinetraffic.com/en/ais/details/ships/shipid:313453/mmsi:259081000/imo:8769731/vessel:ISLAND_INNOVATOR
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Gazania-1 is target around 350 million barrels of prospective resources via the two main targets.
Upper is the Namaqualand and below that the Gazania target.
If those targets have oil, they will then do a sidetrack into the Pelargonium target which would then take prospective resources up to around 500 million barrels.
At 60 dollars oil price, a commercial discovery is anything over 50 million barrels.
So all the targets of the Gazania-1 are commercial as a stand alone, either Namaqualand or Gazania or Pelargonium - or if they all come in, its a 500 million recoverbale barrel monster discovery.
As from the March 2022 CPR (link below)
EVO has over 8 billion barrels of Net (yes net to ECO) Prospective Resources.
Kind of blows other companies billion or two of prospective resources out of the water......... All in the worlds leading play areas that are super hot with interest (Orange Basin and Guyana) with all the Majors piling in and spending a fortune there.
ECO really has the potential for one massive ride upwards. Just need Gazania-1 drill to come in good and also the 3B/4B farm out and ECO will be nearing 300p, not 30p..........
https://wp-ecooilandgas-2020.s3.eu-west-2.amazonaws.com/media/2022/03/AIM2022CP-ECO-Report-final-3-22-2022.pdf
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https://www.alignresearch.co.uk/eco-atlantic-oil-gas/eco-atlantic-oil-gas-tremendous-read-across-for-eco-from-offshore-guyana-discoveries/
Eco (Atlantic) Oil & Gas – Tremendous read across for Eco from the latest offshore Guyana discoveries
July 27, 2022
.........There was big news yesterday from leading global independent energy company Hess Corporation which was able to announce two new discoveries at the Seabob-1 and Kiru-Kiru-1 wells on the Stabroek Block offshore Guyana. We believe this has a tremendous read across for Eco (Atlantic) Oil & Gas.
Stabroek Block is the block tha..............
.........There is no doubt that Eco is exploring for oil and gas in some global hotspots of todays’ hydrocarbon world – offshore Namibia and offshore South Africa, along with offshore Guyana. In January 2022 we updated our research coverage on Eco with a Conviction Buy stance and a target price of 114.65p, when the stock was trading at 23.75p. ........
Gazania-1 comes in good - ECO goes to a billion pound market cap.
Thats just a nice 10 bagger........... from 1 well.
Even the CEO says its a 10 bagger well.... listen to the interview... link below.
https://www.alignresearch.co.uk/eco-atlantic-oil-gas/dr-michael-green-interviews-gil-holzman-ceo-of-eco-atlantic-oil-gas/
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30 Jun 2022
Eco Atlantic Oil & Gas says portfolio has several "company maker" wells
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