Eco closing in on Orange Basin block operatorship

On May 6, 2025, Eco (Atlantic) Oil & Gas, a company listed on the AIM and based in Canada, is nearing the finalization of acquiring a stake that would enable it to operate an exploration block in the Orange Basin off the coast of South Africa. The Canadian company stated that it is in the last stages of obtaining the necessary regulatory approval to complete the transfer of the interest and officially take on the role of operator in Block 1 offshore South Africa, which is anticipated to happen soon. Colin Kinley, the Co-Founder and COO of Eco Atlantic, highlighted the significance of the Orange Basin as a promising hydrocarbon area globally, with substantial discoveries nearby in Namibia extending into Block 1’s geological structure.

In June 2024, Eco’s subsidiary, Azinam South Africa, entered into an agreement with Tosaco Energy to acquire a 75% working interest and operatorship in Block 1, which spans 19,929 square kilometers offshore South Africa along the Namibian border. This block ranges from the shore to the continental shelf, around 175 kilometers offshore, and extends approximately 263 kilometers into deep water. The water depths in Block 1 vary from shallow to deepwater, enabling a wide range of play types. The company will take over as the operator of the block upon securing final regulatory approval.

Eco has completed the acquisition of a significant amount of 3D and 2D legacy data for Block 1 from the Petroleum Agency South Africa, which includes seismic surveys and exploration well logs from the late 1980s. This data is described as high-resolution and ready for processing, providing valuable insights for future prospect de-risking and exploration activities. The company sees this data acquisition as a strategic move that will support accelerated prospect development and potential partnership discussions.

Eco is also engaged in negotiations for farm-out and drilling participation opportunities in the Orinduik Block in Guyana and is exploring the Whale Basin acreage in Namibia. The company remains focused on delivering long-term value to its shareholders through disciplined exploration and strategic partnerships. Additionally, its interest in Blocks 3B/4B in South Africa presents significant upside potential, with TotalEnergies as the block operator. The Orange Basin has attracted attention from major global players in the oil and gas industry, with notable discoveries made in recent years.

In summary, Eco (Atlantic) Oil & Gas is making significant strides in solidifying its position as an operator in the Orange Basin offshore South Africa, leveraging data acquisition and strategic partnerships to drive exploration and value creation opportunities.