Eco Atlantic have come up dry on the Gazania-1 nicely in Block 2B, offshore South Africa. The nicely which spudded on October 10, 2022, reached goal depth of seven,742 ft exhibiting no indicators of business hydrocarbons. The oil and fuel exploration firm with a serious give attention to the offshore Atlantic Margins, will now plug and abandon the nicely as deliberate.
The nicely logging is at present on-going and the JV companions will undertake an in depth evaluation of the outcomes, which is able to inform our future plans. The JV companions submitted a Manufacturing Proper Utility to the Petroleum Company of South Africa (PASA) on November 15, 2022, for Block 2B, primarily based on the prevailing oil discovery of AJ-1 and potential future operations. Subsequently, the JV Companions have time to conduct additional evaluation and integration of the Gazania-1 nicely information to permit them to find out the following steps on the Block.
The corporate, alongside its respective JV Companions, will now transfer on to executing our plans for extra exploration wells, together with a two-well marketing campaign on Block 3B/4B offshore South Africa deliberate to start in 2023, and a minimum of one nicely into Cretaceous targets on the Orinduik Block offshore Guyana.
As introduced by the operator of Block 3B/4B, a collaborative farm-out course of, as much as 55 % gross WI, has been ongoing and Eco Atlantic is now trying ahead to updating the market on this in the end.
“We very a lot respect the stakeholder and shareholder help on this nicely that was safely drilled with no environmental points. Early challenges with climate and repair logistics on this nicely price us a little bit of time to get began, nevertheless we’re proud of the general technical operation of the nicely,” Colin Kinley, Co-Founder and Chief Working Officer of Eco Atlantic, mentioned.
“Gases usually related to gentle oil had been encountered all through the drilling of the Gazania-1 nicely. This, in our view, confirms the lively hydrocarbon system, confirmed by the A-J1 discovery nicely in 1988, extends to the a part of the basin the place the Gazania-1 nicely is situated. Additional seismic interpretation will doubtless result in the definition of viable areas for trapping downdip of Gazania-1 nearer to the 1988 oil discovery A-J1,” he added.
“Whereas it’s naturally disappointing not having made a business discovery, the Gazania-1 nicely was solely the primary of 4 wells we now have deliberate for the following 18-24 months throughout our wider portfolio. We now transfer on to executing our plans for extra exploration wells; a two nicely marketing campaign on Block 3B/4B offshore South Africa deliberate to start in 2023, and a minimum of one nicely into Cretaceous targets on the Orinduik Block offshore Guyana. A collaborative farm-out course of on 3B/4B has been ongoing with the Operator and JV companions and we stay up for updating the market on this in the end,” famous Gil Holzman, Co-Founder and Chief Government Officer of Eco Atlantic.
“I wish to thank our inside operations crew and NRG Nicely Administration for his or her wonderful efficiency executing and working the Gazania-1 nicely, the Authorities of South Africa and PASA for his or her skilled help all through, and all our JV Companions at Africa Vitality, Panoro, and Crown Vitality. We’ve got established ourselves as a professional and dependable Offshore Operator. This expertise shall be extraordinarily helpful for our future exploration campaigns, notably upcoming on Block 3B/4B,” he concluded.
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