Eco Atlantic Oil and Gas - The Island Innovator rig.
The Island Innovator rig.
Source: Island Drilling Company.
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  • Eco Atlantic (EOG) is confirming that the Island Innovator rig has been released and mobilized
  • The rig, owned by Island Drilling Company, is under contract to Eco and its JV partners
  • Exploration will focus on the Gazania-1 Prospect’s 300 million barrel light oil resource
  • Eco has also signed joint operating agreements with NAMCOR pertaining to the company’s offshore petroleum license interests in Namibia
  • Eco Atlantic is a low carbon-intensity oil and gas exploration company with offshore license interests in Guyana, Namibia and South Africa
  • Eco Atlantic Oil & Gas (EOG) is up by 2.11 per cent trading at $0.485 per share

Eco Atlantic (EOG) is confirming that the Island Innovator rig has been released and mobilized.

The rig, owned by Island Drilling Company, is under contract to Eco and its JV partners and will move to the Gazania-1 well on Block 2B approximately 25 km offshore from the Northern Cape in Orange Basin, South Africa.

The company expects the rig to arrive and spud by the end of September.

The well will take approximately 25 days to drill.

The Gazania-1 Prospect is targeting a 300 million barrel light oil resource.

The partners have approved the drilling of a sidetrack well contingent on a discovery in the main target.

The JV partnership regarding Block 2B comprises:

  • Eco Atlantic (50 per cent)
  • Africa Energy (27.5 per cent)
  • Panoro 2B Limited, a subsidiary of Panoro Energy (12.5 per cent)
  • Crown Energy (10 per cent)

Update on Namibia

Eco has signed joint operating agreements with NAMCOR, the National Petroleum Corporation of Namibia, pertaining to the company’s four operated offshore petroleum license interests in Namibia: PEL 97 (Cooper), PEL 98 (Sharon), PEL 99 (Guy) and PEL 100 (Tamar).

“A successful outcome at the Gazania-1 well has the potential to be transformational for Eco and our JV partners,” stated Colin Kinley, Eco’s Co-Founder and COO.

“With all of the recent operational success we have seen in Namibia, we are excited to be one of the largest offshore licence holders in the region and look forward to working with NAMCOR to generate value for the benefit of all,” he added.

Eco Atlantic is a low carbon-intensity oil and gas exploration company with offshore license interests in Guyana, Namibia and South Africa.

Eco Atlantic Oil & Gas (EOG) is up by 2.11 per cent trading at $0.485 per share as of 11:35 am EST.


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