Eco (Atlantic) Oil & Gas Ltd V.EOG

Farmout before end of Q1 - Upstream

[gunnar]

Part of the article:

"“We have had significant discussions with one major already on that block,” Tucker told investors on 16 November, and had hoped to wrap up a deal — which would likely involve drilling two exploration wells — sooner rather than later.

However, he pointed out that now, because “three other majors have asked to come into” the data room, finalisation of a farm out agreement will take a bit more time”.

“The (deal) is going to take a little bit longer. But I think it’s worth standing on the sidelines and not leaping at the first opportunity, because there has been this sudden uptick in the level of interest in the block,” he said.

Tucker said he wants to give these late arriving majors the time needed to study what is on offer in the data room, before a decision is made and a deal wrapped up.

He reckons an agreement could be clinched “towards the end of the first quarter” of 2024.

Tucker did not name the interested parties, but it is thought they include Shell and TotalEnergies – who already operate acreage elsewhere in South Africa’s Orange basin – would be keen to assess the potential of Block 3B/4B."

https://www.upstreamonline.com/exploration/three-majors-in-last-minute-dash-to-enter-race-for-slice-of-orange-basin-hot-spot/2-1-1561042?fbclid=IwAR0VhZYbuxi5xpUF8zMosuWEcly8lxzC-5VQGklfbgIkpTVFO66gA3sjhDc