Eco (Atlantic) Oil & Gas - Guyana and Namibia (ECO)

[Proselenes]

With regards to Orinduik and drilling the "light oil" Cretaceous targets......I think we will be moving forward soon.

Tullow has its merger but also hopefully will be selling some of its Kenyan assets, which will give them much needed cash to go exploring again, including offshore Guyana in the Orinduik license area, which is perfectly located between Liza and the Carapa-1 oil discovery. The Orinduik Cretaceous targets are very prospective.

This Indian deal goes ahead for Tullow, they will have cash to splash again.

https://www.businessdailyafrica.com/bd/ ... bn-3899736

Indian government to buy Sh356.5bn Tullow Oil stake in Turkana
Tuesday August 02 2022

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[Proselenes]

Snippets from Africa Oil results :


https://www.yahoo.com/now/africa-oil-an ... 00098.html

........Africa Oil President and CEO Keith Hill commented: "I am pleased to announce another robust quarter that has led to further strengthening of our now debt-free balance sheet with a cash balance of $191 million. Our shareholders can look forward to a busy second half of the year of catalysts including the expected license extension in Nigeria and refinancing of Prime's RBL debt facility; the two-well Venus appraisal program; the Gazania-1 exploration well; and the potential farm-out of Project Oil Kenya."............

..............The Venus discovery is a light oil and associated gas field, sitting approximately 290 kms off the Namibian coast. The Venus-1X discovery well was drilled by TotalEnergies on behalf of the joint venture group comprising TotalEnergies (40%), QatarEnergy (30%), Impact (20%) and state owned NAMCOR (10%).

An appraisal well and a re-entry into Venus-1X is being planned, with spud expected in Q3 2022. The operator plans to conduct flow tests on both wells.

Venus, together with the nearby Graff-1 discovery on the adjacent Block 2913A (the Company has no interest in this block), herald the opening of a major petroleum province in the Orange Basin with significant upside potential for the Company. As well as the immediate significance of Venus for the Company, both Venus and Graff discoveries also bode well for the Company's exploration efforts on Block 3B/4B, which it operates with a 20% WI and Impact's Orange Basin Deep Block, both located on trend in the Orange Basin, South Africa.

The Company has filed an application to extend Block 3B/4B license and to move into the first extension period. The Company is also continuing its technical studies on Block 3B/4B with the aim of maturing exploration prospects for possible future drilling. The Company and JV Partners are working together to collectively farmout up to 50% gross WI in Block 3B/4B.

The Company, through its shareholdings in Africa Energy and Eco, has indirect effective interest in the Gazania-1 exploration well on Block 2B, offshore South Africa, which is expected to spud in September 2022. The block has significant contingent and prospective resources in relatively shallow water and contains the A-J1 discovery that flowed light sweet crude oil to surface. Gazania-1 will target two large prospects seven kilometers up-dip from A-J1..........

[Proselenes]

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[Proselenes]

Will it be Total farming in ? or Chevon farming in ? to Block 3B/4B ?

ECO has offshore Namibia and South Africa - and its the new hot spot............news will happen before too long imo in terms of farms ins.....

For sure...........Many many eyes will be watching the Gazania-1 drill spudding September.........Orange Basin and on trend, does it extend all the way down ? Exciting times.


https://www.upstreamonline.com/exclusiv ... -1-1276469

Chevron set to enter coveted block offshore Namibia

Upstream understands the US supermajor close to farming in to high-potential Orange basin acreage

11 August 2022 11:24 GMT Updated 11 August 2022 12:16 GMT
By Iain Esau in London

US supermajor Chevron is set to take a majority stake in a highly coveted ultra-deepwater block offshore Namibia, just north of TotalEnergies’ huge Venus discovery, according to multiple sources.

Upstream understands that a farm-in deal covering what is probably one of the most sought-after licences in the Orange basin has almost been wrapped up and is due to be announced soon.

If confirmed, the transaction will mark Chevron’s first entry into southern Africa since its aborted foray into South Africa’s nascent onshore shale gas play some years ago.

The California-headquartered player’s current African portfolio is centred on its Angolan assets offshore Cabinda.

Three well-placed sources told Upstream that the upcoming deal covers Block 2813B, directly north of the multi-billion barrel Venus discovery.

This block is operated by Australian junior Harmattan Energy following Tullow Oil’s exit from the acreage just weeks before the results from the Venus-1 wildcat and Shell's Graff-1 probe were unveiled.

Commenting on Chevron’s proposed entry into the asset, one informed source said it is “pretty much a done deal”, adding that the US giant has looked at South African Orange basin acreage in the past “so a deal in Namibia is not surprising".........................article continues............

[Proselenes]

New August 22 presentation :

https://wp-ecooilandgas-2020.s3.eu-west ... tation.pdf

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[Proselenes]

https://www.alignresearch.co.uk/eco-atl ... scoveries/


Eco (Atlantic) Oil & Gas – Tremendous read across for Eco from the latest offshore Guyana discoveries

July 27, 2022

.........There was big news yesterday from leading global independent energy company Hess Corporation which was able to announce two new discoveries at the Seabob-1 and Kiru-Kiru-1 wells on the Stabroek Block offshore Guyana. We believe this has a tremendous read across for Eco (Atlantic) Oil & Gas.

Stabroek Block is the block tha..............


.........There is no doubt that Eco is exploring for oil and gas in some global hotspots of todays’ hydrocarbon world – offshore Namibia and offshore South Africa, along with offshore Guyana. In January 2022 we updated our research coverage on Eco with a Conviction Buy stance and a target price of 114.65p, when the stock was trading at 23.75p. ........

[Proselenes]

Gazania-1 is targeting around 350 million barrels of prospective resources via the two main targets.

Upper is the Namaqualand and below that the Gazania target.

If those targets have oil, they will then do a sidetrack into the Pelargonium target which would then take prospective resources up to around 500 million barrels.

At 60 dollars oil price, a commercial discovery is anything over 50 million barrels.

So all the targets of the Gazania-1 are commercial as a stand alone, either Namaqualand or Gazania or Pelargonium - or if they all come in, its a 500 million recoverbale barrel monster discovery.

[Proselenes]

Worth watching this video.....the Executive Chairman of the African Energy Chamber says ECO are being super conservative, he reckons Gazania-1 is not going for 300m barrels recoverble, he says 900 million to 1.4 billion.

From 4 minutes in for ECO/Gazania-1 comments.

https://www.youtube.com/watch?v=qU9i2tRfneo

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[Proselenes]

Shorting update - still loads of shorting of ECO Atlantic going on. Shorts built before the JHI deal was terminated.....and still are to be closed. :


Canada under EOG ticker as of 31st July 1.3m shares shorted.
https://ceo.ca/eog.v

USOTC under ECAOF ticker as of 31st July 2.3m shares shorted.
https://www.defenseworld.net/2022/08/18 ... erest.html

London under ECO ticker - CREST borrowing as of July 3.3m shares borrowed.
https://my.euroclear.com

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[Proselenes]

https://www.thebharatexpressnews.com/pl ... th-africa/

Plans for massive gas production off the coast of South Africa

South Africa expects TotalEnergies SE to submit a production plan within weeks to leverage a productive offshore gas discovery that will be a key part of the growing investment in the..........................

.......................The next oil and gas well in South Africa is expected to start in September. Eco Atlantic Oil & Gas Ltd and its partners have hired an oil rig scheduled to arrive off the coast of South Africa and start exploration in Block 2B. Processes leading up to the activity have been closely monitored, according to Masangane. “We are satisfied and do not anticipate a legal battle.”

[Proselenes]

Africa Energy's Update on the Gazania Prospect

https://www.youtube.com/watch?v=N3T9X2xSJcU

The Gazania prospect is located offshore South Africa on Block 2B within the prolific Orange Basin. Watch Africa Energy's (TSXV: AFE | Nasdaq First North: AEC) Principal Geophysicist, Tobias Tonsing’s update on the project.

[Proselenes]

All good. Will certainly watch the webinar on the 20th of September.


https://www.londonstockexchange.com/new ... 2/15599942

ECO (ATLANTIC) OIL & GAS LTD.

("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the "Group")

Unaudited Results for the three months ended 30 June 2022

Notification of Investor Presentations

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce its results for the three months ended 30 June 2022. In addition, the Company is notifying the market of an investor event to be held on 19 September 2022, details of which can be seen below. Today's announcement follows the recently published Full Year Results and Operational Update announced on 1 August 2022.

Q1 Highlights:

Financials (as at 30 June 2022)

· The Company had cash and cash equivalents of US$38,753,695, and no debt.

· The Company had total assets of US$79.8 million, total liabilities of US$5.9 million and total equity of US$73.9 million.

Corporate:

· Two successful equity fundraises raising combined gross proceeds of US$37.8 million to fund its ongoing workstreams, including the upcoming drilling of the Gazania-1 well on Block 2B, offshore South Africa, and further G&G work across the entire portfolio.

· Completion of acquisition of 100% of Azinam Group Limited ("Azinam"), including Azinam's entire offshore asset portfolio in Orange Basin South Africa and Namibia, in return for a 16.5% equity stake in the enlarged Group.

· Acquisition, subject to completion, of an additional 6.25% Participating Interest in Block 3B/4B, Orange Basin offshore South Africa, for a consideration of US$10 million.


Operations:

South Africa

· Post period end, the Island Innovator rig, owned by Island Drilling Company AS, was mobilised ahead of the spud of the Gazania-1 well on Block 2B, in Orange Basin South Africa.

· The rig is currently offshore Spain heading to Las Palmas for refuelling and expected to arrive at the drilling location by the end of September 2022, subject to weather conditions. The Gazania-1 prospect is targeting a 300 million barrels light oil resource.

Namibia

· Following recent significant hydrocarbon discoveries offshore Namibia, Eco continues to assess options for progressing exploration and commercial activity on its acreage.

· Post period end, Eco announced Joint Operating Agreements with NAMCOR, the National Petroleum Corporation of Namibia, regarding to the Company's four operated offshore Petroleum Licence ("PEL") interests in Namibia, being PEL 97 (Cooper), PEL 98 (Sharon), PEL 99 (Guy), and PEL 100 (Tamar).

Guyana

· Eco and its JV partners remain committed to further drilling on the Orinduik Block and continue assessing opportunities to drill at least two exploration wells into the light oil cretaceous targets as soon as practical.


Investor Evening - London

Eco would like to invite current and potential shareholders to an early evening face-to-face presentation by management, followed by a Q&A session, on Monday, 19 September 2022. Drinks and refreshments will be served afterwards. The event will take place at The Brewery, 52 Chiswell Street, London EC1Y 4SD, at 5.30pm for a 6:00pm start. Those wishing to attend are requested to register by emailing: ecoatlantic@celicourt.uk

Investor Meet Company Presentation - Live Webinar

Eco is pleased to announce that Gil Holzman and Colin Kinley will provide a live presentation relating to Q1 Results and upcoming South Africa Exploration Activities via the Investor Meet Company platform on 20 September 2022 at 3:00pm BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet ECO (ATLANTIC) OIL & GAS LTD via:

https://www.investormeetcompany.com/eco ... r-investor

Investors who already follow ECO (ATLANTIC) OIL & GAS LTD on the Investor Meet Company platform will automatically be invited.


Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:

"Today's update follows the detailed corporate and operations update provided earlier this month. However, our Q1 results serve as an important opportunity to remind investors of the significant near-term catalysts that we see across our entire Atlantic Margin portfolio, with near-term high impact drilling offshore South Africa, significant interest in our Namibian portfolio and plans taking shape with regards to our strategy for value accretion offshore Guyana, the outlook has never been more positive.

"We are very pleased to invite current and potential investors to meet with our Board and management team at a shareholder event on 19 September 2022 in London and for those not able to attend in person we hope you can make the live webinar on 20 September 2022. We look forward to updating investors on our plans and answering any questions. We would encourage those who are able to do so to attend and learn more about our highly strategic acreage across the world's most attractive exploration hot spots."

[Proselenes]

As has been said, Supermajors want in, and ECO is prime position Orange Basin, Namibia and South Africa and also Guyana. Big things are going to be happening soon for ECO.

https://www.upstreamonline.com/explorat ... -1-1284744

Supermajors eye prime Orange basin block

Farm-out talks underway on South Africa licence ahead of 2023 exploration drilling

25 August 2022 12:57 GMT Updated 25 August 2022 13:25 GMT
By Iain Esau in London

The biggest stakeholder in a highly prospective Orange basin exploration block in South African waters is in farm-out talks with supermajors.

Ever since TotalEnergies and Shell made their huge play opening Venus and Graff oil and gas discoveries offshore Namibia earlier this year, the Orange basin has become the world’s hottest new exploration play and is firmly in the sights of the big international oil companies.

One of the most attractive tracts in the basin is deep-water Block 3B/4B where Africa Oil and its partners, Eco Atlantic and Ricocure, aim to start an exploration campaign in 2023.

Canada-headquartered Africa Oil and Eco Atlantic each have 20% stakes in the block, while Ricoc...................................

[Proselenes]

Drilling Rig has ETA Gazania-1 drilling location on 27th September.

https://www.marinetraffic.com/en/ais/ho ... 53/zoom:10

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[Proselenes]

Presentations postponed due to the Queens funeral. Likely now October.

https://www.investegate.co.uk/eco--atla ... 30060034Z/


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[Proselenes]

https://www.energyvoice.com/oilandgas/a ... l-nigeria/

Africa Oil sees progress looming in Nigeria, Kenya

14/09/2022, 11:36 am

Africa Oil (TSX:AOI) expects a number of developments in the next month or so, including the spud of the Gazania well, an extension to its licence in Nigeria and the signing of a Kenya deal.

Africa Oil (TSX:AOI) expects a number of developments in the next month or so, including the spud of the Gazania well, an extension to its licence in Nigeria and the signing of a Kenya deal.

The company’s famously bullish CEO and president Keith Hill said the Island Innovator rig was 10 days out from arriving on location in South Africa.

Block 2B, the site of the Gazania well, is in a rift basin where a previous well has found oil. “It’s only in 150 metres of water and the contract terms are very good, so if we do find something we can bring it on quickly, it really has a lot of value,” Hill said.

“The value per barrel is probably double or triple that of deeper water barrels,” he continued, speaking at an investor meeting on September 13.

Eco Atlantic Oil & Gas and Africa Energy are both working on the block, with Africa Oil invested in each of those companies.

Hill discussed some of the challenges of the company’s portfolio approach. Africa Oil has a 16.7% stake in Eco Atlantic and 19.9% in Africa Energy. It is also has a 30.9% stake in the private Impact Oil and Gas.

While the move provides Africa Oil with exposure to a range of opportunities, the exit route is not settled. “How do we realise that value? We sell the interest, absorb the company or sell the whole company. We can’t keep doing what we’re doing, we need to divest them or give shares to our shareholders.”

Gazania could be a catalyst for a potential sale in Eco Atlantic and Africa Energy, Hill said.......................

[Proselenes]

Zak Mir interview with Gil from ECO



https://embeds.audioboom.com/posts/8161841/embed/v4



Zak Mir Trader's Cafe 22nd Sep 2022

Zak Mir talks to Gil Holzman, CEO Eco (Atlantic) Oil and Gas regarding the group's unique position in the market and forthcoming newsflow prospects.

[Proselenes]

I3E is ITE in Canada
ECO is EOG in Canada

https://www.hydracapital.ca/2022/09/23/crosscurrents/

...........but there are two other junior exploration stories that I like given that both are imminently drilling on material oil prospects.

They are i3 Energy (ITE.TO, last at $0.35) and Eco Atlantic Resources (EOG.V, last at $0.49).

ITE is in the North Sea and its Serenity well (currently drilling, 75% ITE working interest) is fairly low-risk as far as exploration wells go. ITE is looking to prove a theory that a thin oil column encountered in a previous nearby well is in fact connected to a thicker oil column up dip. The company’s interpretation makes the drill target look pretty straightforward and, if successful, Serenity would represent a major discovery and growth wedge for the company. ITE even pays around a 5% yield from its existing ~20,000 boepd of North American production, so Serenity is a bit of a free call option.

The other one, EOG, has no production, but it has a lot of exposure to emerging hydrocarbon fairways in offshore West Africa. In the near-term, EOG’s most relevant asset is its Block 2B exploration target in the nearshore of South Africa’s northwest coast. The company is about to spud the Gazania-1 well in order to test its theory that a down dip oil discovery extends substantially up dip, potentially holding some 300 million barrels of oil. EOG has a 50% interest in the well and it’s the kind of well that will attract attention if it hits, maybe even before. On success, I think either stock could see a step change in valuation, so I own them both in moderation. And yes, I still own some Africa Oil (AOI.TO, last at $2.53) as I think it’s just too cheap not to own.

[Proselenes]

https://www.londonstockexchange.com/new ... l/15656223

04 October 2022

ECO (ATLANTIC) OIL & GAS LTD.

("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the "Group")

Eco Atlantic announces Commencement of Operations on the Gazania-1 well, offshore South Africa

Eco Atlantic (AIM: ECO, TSX ‐ V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce the arrival of the Island Innovator Semi-Submersible Drilling Rig on Block 2B and the commencement of operations of the Gazania-1 Exploration Well.

Eco holds a 50% Working Interest ("WI") in Block 2B and is Operator of the block. The drilling location is located 25km offshore the Northern Cape in Orange Basin South Africa in approximately 150 meters of water. The Gazania-1 Exploration Well is being drilled to a depth of approximately 2,800 meters through a multizone pay section. The well is being drilled up dip of the AJ-1 Discovery Well on the block, which proved approximately 50 million barrels of contingent resources.

The Gazania-1 Prospect is targeting over 300 million barrels of light oil. Pending discovery in the vertical section the JV partners have the option to directionally drill a second sidetrack well from the main well bore. Both the vertical well and the sidetrack optional well will be logged and then plugged back to surface, the well will be sealed, plugged and the casing cut off below surface. No equipment will remain on the sea floor.

The JV partnership in respect of Block 2B comprises Eco Atlantic (50% WI and Operator), Africa Energy Corp (27.5% WI), Panoro 2B Limited, a subsidiary of Panoro Energy ASA (12.5% WI), and Crown Energy AB (10% WI).

Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, commented:

"Drilling Gazania-1 offers a significant opportunity to South Africa to open up the Orange Basin. A number of prior discoveries in the region are changing the understanding of this Basin both in South Africa and Namibia where recent multi-billion-barrel discoveries have opened the gate to a new era of economic and resource opportunity. The Discovery at AJ-1 is extremely helpful in creating the opportunity on the Gazaina-1 well that we are confident that the decades of science will prove out.

"This well is being drilled to define the opportunity and the initial path in the Basin. We are drilling this strictly as an Exploration well. Once we have defined the resources here, South Africa and the JV partners will make its choices and we will determine the next stage of development. Eco appreciates all the support of the South African Government, the local industries and local communities in the communication, participation and planning of this well.

"We are entering an exciting and busy period of drilling and work programmes and we look forward to updating the market, our partners and all stakeholders in the coming weeks on our progress and the Gazania-1 exploration well results."

[Proselenes]

https://www.malcysblog.com/2022/10/oil- ... -atlantic/

......Eco (Atlantic Oil & Gas)

At an Eco hosted industry event yesterday I saw a number of the key people in the fast-moving hydrocarbon landscape, a tribute to them was that anyone who is anyone around here turned up. The South African Government is as keen as could be to support those companies exploring in the area and here and in Namibia companies from Eco through Africa Oil and of course the likes of Total, Shell and Exxon were represented as well as latest joiner in Chevron.

Chevron finally confirmed the secret that even made yesterday’s blog by announcing that it had acquired block 2813B in the hydrocarbons rich Orange Basin offshore Namibia adding to the excitement in this part of the world.

I was lucky to be given an exclusive interview with Gil Holzman, CEO of Eco Atlantic this morning after the announcement of the Gazania well spud and clearly he is very excited, as he should be as the well is targeting some 300m barrels of oil of which they have 50%.

Success here would indeed be a company maker, I don’t need to do the maths for you but you just need to know that for a straight up exploration well this has some significant appeal, especially to the hydrocarbon short countries down here where upstream projects have been few and far between but which recently have had kicked in. This well is in shallow water and close to the shore, any discovery here would be able to be brought onstream very quickly and be the first upstream project in Southern Africa for some time.

Finally, the well is near an existing, modest discovery, the AJ-1 Discovery Well on the block, which proved approximately 50 million barrels of contingent resources, another find here would justify all the hard work and faith exhibited by such leading industry players.

As I said this is a game changing well which shareholders will receive a magnificent reward should it come in, what is for certain is that with other prospects such as with Africa Oil there are many other plays for Eco and its partners in this vibrant, excited part of the world.