Eco Atlantic Oil & Gas, together with its partners, is seeking Environmental Authorisation to start exploration activities in Block 3B/4B in the Orange Basin, offshore South Africa.
Block 3B/4B is located offshore South Africa. (Credit: Arvind Vallabh on Unsplash)
The joint venture (JV) partners in Block 3B/4B include the company’s wholly-owned subsidiary Azinam, which holds a 26.25% stake,
The other partners include Ricocure with a 53.75% stake, and Africa Oil, a wholly-owned subsidiary of Africa Oil, which holds a 20% interest and is also the operator of the block.
Eco Atlantic and its partners have contracted South Africa-based independent specialised environmental consulting firm Environmental Impact Management Services (EIMS).
EIMS will undertake the required Environmental Impact Assessment (EIA) and procure permits for drilling wells within an area of interest in the Block.
Eco Atlantic co-founder and COO Colin Kinley said: “We are excited about 3B/4B and the inventory prospective resource targets on the Block as recently announced in the Operator's Competent Persons Report.
“This creates an outstanding resource exploration and development opportunity for the Joint Venture partnership and South Africa.
“Understanding the latest research and information of changing natural patterns of the environment, and the use and effects that we have on the sea and its natural state is key to successful exploration.”
Block 3B/4B is located between 120-250km offshore western South Africa, covering an area of 17,581 km² and lies in water depths of up to 1,000m.
Earlier this month, Africa Oil completed an independent review of the prospective resources and exploration prospects within Block 3B/4B, through RISC Advisory (RISC).
RISC review reported total unrisked gross P50 prospective resources of about four billion barrels of oil equivalent (boe), and a probability of success from 11% to 39%.
According to its prospect inventory evaluation, reprocessing has been completed for 2,200km2 of 3D seismic data and knowledge of the regional geology.
Furthermore, Africa Oil and its partners plan to conduct a two-well campaign on Block 3B/4B and are looking to farm out up to a 55% gross working interest in the Block.
Kinley added: “The EIMS team and the JV partnership are working closely on seeking Environmental Authorisation to permit and drill these promising and significant opportunities for South Africa in the now proven Orange Basin.
“We successfully met with regional stakeholders, received their approval, and recently drilled a safe exploration well on Block 2B. During this project, we proved our capacity to protect the regional culture and the environment and safely steward exploration for South Africa's own much-needed energy.
“In parallel to the research related to our reports and the application for authorisation, we will again directly engage with regional stakeholders and communities as we look to do our part for the South African energy solution.”
