Eco (Atlantic) Oil & Gasoline Ltd., the oil and fuel exploration firm targeted on the offshore Atlantic Margins, offered an replace on the operations for its deliberate Gazania-1 Nicely, offshore South Africa.
Eco, via its wholly owned subsidiary Azinam South Africa Restricted, operates and holds a 50% working curiosity (WI) in Block 2B, plans to spud the Gazania-1 properly, 25 km (15 mi) offshore the Northern Cape in South Africa in September. The properly will take roughly 25 days to drill.
Eco Atlantic acquired 100% of Azinam Group as initially introduced on January 10, which elevated WI in its all current Namibian licences PELs 97, 98, 99 and 100 to 85%, and led to a brand new nation entry with two blocks offshore within the Orange Basin, South Africa; a 50% WI and Operatorship in Block 2B, which incorporates the earlier AJ-1 oil discovery with 56 million barrels of oil equal (MMbbl) Imply Contingent Assets of sunshine oil, and a 20% WI in Block 3B/4B. Block 3B/4B immediately offsets the prolific multibillion barrels discoveries offshore Namibia introduced earlier this 12 months by Shell (Graff-1) and TotalEnergies (Venus-1).
Eco, as Operator of Block 2B is main the JV partnership comprised of Africa Power Corp (27.5% WI), Panoro 2B Restricted, a subsidiary of Panoro Power ASA (12.5% WI) and Crown Power AB (10% WI) in drilling the Gazania-1 Exploration Nicely in Q3’22. The properly is being drilled 25km offshore in 150 meters of water and might be drilled to a depth of roughly 2,800 meters to focus on a stacked pay part up dip of the AJ-1 discovery and within the confirmed oil horizon.
As introduced March 3, Eco contracted the Island Innovator rig with Island Drilling Firm AS, the rig is to be mobilized from Bergen, Norway within the second half of July. The semi-submersible drilling rig was chosen for its trendy protected working methods, its stationary anchoring and its system particularly engineered for the engineering necessities and depth vary for this properly.
The properly anticipated to be low stress and low temperature based mostly on the analysis of all regional wells. It will likely be cased with three telescoped and cemented casings and might be drilled with environmentally pleasant water-based drilling fluids. The corporate plans to seal and plug the properly after the check with no remaining gear left on the ocean ground. The ocean ground properly space was surveyed in 2021 to substantiate there are not any environmental or culturally delicate issues.
Eco just lately met face-to-face with members of the native communities and organizations via focus teams and ongoing open assembly boards to supply info sharing periods, to have interaction with them to tell on the upcoming operations and to reply any questions.
“The acquisition of Azinam created a chance to work with the JV companions, the Authorities of South Africa and importantly the folks of South Africa to drill this important properly in Q3 this 12 months,” stated Colin Kinley, co-founder and COO of Eco Atlantic. “We now have labored diligently with our drilling crew and companions to outline a protected and environment friendly drilling technique for Gazania, to outline drilling engineering to satisfy world requirements of environmental safety and hopefully give South Africa entry to its personal oil sources.”
South Africa’s power transition have to be thought out from all views, Kinley stated. Though the required permits are in place at this level, the corporate thought it essential to voluntarily meet with the regional native communities and events to listen to out issues and pursuits.
“We’re at the moment on schedule to mobilize out of Norway within the third week of July and spud early in September,” he stated. “We anticipate roughly three to 4 weeks on web site to drill the check properly after which no matter our findings we are going to seal off the properly, guarantee the positioning is totally restored and transfer off.”
Eco has chosen a majority of obtainable South African providers and can base its operations from Cape City. That is an thrilling alternative and holds the potential of creating a brand new over 300 million barrels gentle oil useful resource.