Eco (Atlantic) Oil & Gas Ltd. signed a farmout agreement to acquire an additional 6.25% participating Interest in Block 3B/4B, offshore South Africa, from the Lunn Family Trust, one of the shareholders of Ricocure (Proprietary) Ltd.
Upon completion of the deal, subject to regulatory approvals, Eco Atlantic, through subsidiary Azinam Ltd., will hold a 26.25% participating Interest in the block.
Block 3B/4B, lies 120-250 km offshore South Africa in the Orange basin directly south of discoveries made offshore Namibia earlier this year by Shell (Graff-1) and TotalEnergies (Venus-1).
The block covers 17,581-sq km in water depths of 300-2,500 m.
Currently, a large 3D seismic survey is being reprocessed to help high-grade leads aimed at identifying drilling targets. A potential drilling campaign is being prepared for 2023.
Operator Africa Oil Corp. holds a 20% interest, and Ricocure holds the remaining 53.75% interest.