Malcys comment on ECO...... https://www.malcysblog.com/2022/10/oil-price-union-jack-eco-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.