Proactive Investors - Eco (Atlantic) Oil & Gas Ltd is excited to be advancing exploration offshore South Africa, chief operating officer Colin Kinley said in a statement, as the Block 3B/4B venture partners applied for environmental authorisation.
Alongside operating Africa Oil and its other partners, Eco is seeking to drill at least one well with another "contingent" well also pencilled in (albeit, they say potentially up to five further wells could be drilled) within the exploration block.
The partners have hired consultant Environmental Impact Management Services (EIMS) to apply for the permit for the project, which is located 180 kilometres from the coast in about 1,000 metres of water.
EIMS has also been commissioned to conduct an environmental impact assessment (EIA).
"We are excited about 3B/4B and the inventory prospective resource targets on the block as recently announced in the operator's competent person's report,” Kinley said.
“This creates an outstanding resource exploration and development opportunity for the joint venture partnership and South Africa.”
Eco has a 26% participating interest in the exploration venture whilst Africa Oil, the operator, has a 20% stake and Ricocure holds a 53.75% interest.
Together, the existing partners are undertaking a farm-out to divest a 55% stake in the project to a new partner to fund the next steps, with "various potential parties" said to be involved in the process.
Focussing on the latest milestone, Kinley meanwhile commented: “Understanding the latest research and information of changing natural patterns of the environment, and the use and effects that we have on the sea and its natural state is key to successful exploration.
“The EIMS team and the JV partnership are working closely on seeking Environmental Authorisation to permit and drill these promising and significant opportunities for South Africa in the now proven Orange Basin.
“We successfully met with regional stakeholders, received their approval, and recently drilled a safe exploration well on Block 2B.
“During this project we proved our capacity to protect regional culture and the environment and safely steward exploration for South Africa's own much needed energy. In parallel to the research related to our reports and the application for authorisation, we will again directly engage with regional stakeholders and communities as we look to do our part for the South African energy solution."