Eco Atlantic Takes Operatorship of Orange Basin Offshore Block
June 4, 2025
Eco (Atlantic) Oil & Gas, an Atlantic Margin-focused oil and gas exploration company, has completed the farm-in agreement in the Orange Basin block, securing the full operatorship and exploration rights offshore South Africa.
Eco has now secured a 75% working interest and full operatorship of Block 1, one of the most strategically positioned assets in the highly prospective Orange Basin.
The Section 11 approval was the final condition precedent to establishing full legal transfer of Eco's working interest in Block 1 from Tosaco Energy, and the associated milestone payment has been made by Eco.
The remaining 25% interest in the block is held by Tosaco.
The acquisition, completed through Eco's wholly owned subsidiary Azinam South Africa Limited, significantly expands the company's Southern African Orange Basin footprint and positions it as a key Operator at the forefront of one of the world's most active and hydrocarbon-rich basins.
Block 1, which spans a vast 19,929km², straddles the border between South Africa and Namibia - directly adjacent to recent world-class discoveries by Galp Energia (Mopane), Shell (Graff, La Rona), TotalEnergies (Venus), Rhino Resources (Capricornus-1X), and the legacy Kudu Gas Field.
The block offers full margin transect coverage from the shoreline to deepwater (shore to 263km offshore, in water depths up to 1,000m), encompassing both shallow and deepwater exploration potential.
As previously announced, Eco has already acquired and is analyzing an extensive and high-quality dataset, including both 2D and 3D seismic surveys and regional well logs.
The block includes the historic Soekor AF-1 gas discovery, which tested at 32.4 MMscfd, and Soekor AE-1, which encountered oil and gas shows which provides clear evidence of an active petroleum system.
The company anticipates launching a formal farm-out process in respect of its interest in Block 1 in August 2025, with respect to which further updates will be provided in due course.
“As the Orange Basin continues to demonstrate its world-class hydrocarbon proof and potential, Eco's executive team has worked relentlessly over the past 18 months to secure a premier asset on the South African side of the basin.
“With the successful approval and execution of the Exploration Right and 75% Working Interest award, we are proud to have secured one of the largest and prospective blocks in the entire basin with a known hydrocarbon footprint - Block 1 - located directly on the South Africa-Namibia maritime border. Block 1 adds to our portfolio in the Orange basin which also includes Block 3B/4B operated by TotalEnergies,” said Gil Holzman, Co-Founder and CEO of Eco Atlantic.
