Eco Atlantic Oil & Gas Provides An Update On The Gazania-1 Well, Offshore South Africa
Eco Atlantic Oil & Gas Provides An Update On The Gazania-1 Well, Offshore South Africa. Oil and Gas company Eco Atlantic has announced that it will cease operations on the Gazania-1 well, offshore South Africa. The well reached target depth of 2,360m but did not show evidence of commercial hydrocarbons. It will now be plugged and abandoned.
Gil Holzman, Co-Founder and Chief Executive Officer of Eco Atlantic, added: “While it is naturally disappointing not having made a commercial discovery, the Gazania-1 well was only the first of four wells we have planned for the next 18-24 months across our wider portfolio. We now move on to executing our plans for more exploration wells; a two well campaign on Block 3B/4B offshore South Africa planned to begin in 2023, and at least one well into Cretaceous targets on the Orinduik Block offshore Guyana. A collaborative farm-out process on 3B/4B has been ongoing with the Operator and JV partners and we look forward to updating the market on this in due course.”
Eco Atlantic is a TSX-Venture Exchange and AIM quoted Atlantic margin focused Oil & Gas Exploration Company with offshore license interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon consuming oil and gas in stable emerging markets near to infrastructure.
“I want to thank our internal operations team and NRG Well Management for their excellent performance executing and operating the Gazania-1 well, the Government of South Africa and PASA for their professional support throughout, and all our JV Partners at Africa Energy, Panoro, and Crown Energy. We have established ourselves as a qualified and reliable Offshore Operator. This experience will be extremely useful for our future exploration campaigns, particularly upcoming on Block 3B/4B.” Holzman added.
