Eco (Atlantic) Oil & Gas Ltd V.EOG

RE:RE:RE:Moving higher on LSE

[zerbo]

Found this post on LSE Message Board : Very interesting....
PEL is next to PEL from ECO
27 Feb 2019 11:58 GMT Updated 27 Feb 2019 14:53 GMT
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Azinam is set to embark on a major drilling campaign off Namibia and South Africa starting later this year following the play-opening Brulpadda discovery by Total where discovered resources have been pegged by a partner at as much as 1 billion barrels of oil equivalent.

The find, made at the recent Brulpadda-1AX re-entry well using semi-submersible Deepsea Stavanger, has “overturned conventional geological wisdom” that Aptian source rock stretching south from Angola was not oil-bearing, Azinam chief executive Daniel McKeown told an Oslo energy conference hosted by Sparebank1 Markets on Wednesday.

“This is an important step change for the region that turns on its head common geological perceptions. Brulpadda could potentially hold billions and billions of barrels of commercial reserves,” he said.

“This area has historically been overlooked due to external factors - perception of source rocks and oil generation.

“Brulpadda confirms source rock is extensive in the region and capable of filling world-class reservoirs.”

Azinam, backed by private-equity fund Seacrest Capital, is now planning to sink a wildcat at the Wolf prospect in Block 3B/4B off western South Africa in the second half of next year targeting a pre-drill resource of 1.2 billion barrels.

A further probe at the Marula prospect in the same block, in which Azinam holds a 40% stake alongside operator Ricocure with 60%, that is targeting estimated resources of 810 million barrels is lined up in the first half of 2021.

These probes will follow a three-well drilling campaign to be carried out by the explorer off Namibia starting in the second half of this year, with a wildcat at 1.2 billion-barrel prospect Channel 2 in Maurel & Prom-operated PEL44, in which Azinam is a 42.5% partner.

A further probe at the Fan 7 prospect in the same licence, targeting 520 million barrels, is lined up for the first half of 2020 when the explorer also intends to drill a well at the 410 million-barrel Osprey prospect in PEL30, operated by Eco Atlantic Oil & Gas with Azinam as a partner with 32.5%.

HTTP://www.upstreamonline.com/incoming/1714547/brulpadda-pegged-at-1bn-boe

Doesn't say above but Azinam's other partner in PEL44 is 30% Exxon

Hmmm, that Aptian source rock has been over looked as they thought it was not oil generating