Eco (Atlantic) Oil and Gas Ltd. (ECAOF)

[pro_s2009]

https://www.proactiveinvestors.co.uk/companies/news/997804/eco-atlantic-share-rise-as-investors-await-gazania-1-well-news-997804.html

Eco Atlantic share rise as investors await Gazania-1 well news

Excitement is evidently rising for the explorer's well offshore South Africa.

Shares in Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) shot up 10% in Wednesday morning dealing as the market hotly anticipates news from drilling offshore South Africa.

The AIM-quoted explorer has a 50% working interest in in Block 2B, which contains the Gazania prospect, and is the operator for the drilling of the well.

Drilling kicked off just over a month ago and Eco shares are up 22% since then (and are up about 130% in 2022 to date).

Finfluencers and social media investors speculated online whether a drill report may soon arrive as Eco’s shares pushed higher in Wednesday’s early deals.

On AIM, Eco shares were up 3.25p or 8.2% by around 9:45am.

Meanwhile, in Canada, Eco’s Toronto quote saw the price rise some 18% to 73 cents per share last night.

Gazania-1, approximately 25km offshore the Northern Cape in Orange Basin South Africa and in approximately 150 metres of water, is targeting a prospect of 300mln barrels of light oil.

If there is a discovery in the vertical section there is an option to drill a sidetrack from the main well bore.