Eco Atlantic nears operatorship of Block 1 in South Africa's Orange Basin
Eco Atlantic Oil & Gas is on course to assume operatorship of Block 1 in the Orange Basin offshore South Africa following a farm-in agreement with Tosaco Energy.
The company, through its subsidiary Azinam South Africa, is finalising Section 11 regulatory approval to complete the transfer of a 75% working interest in the block.
This positions Eco Atlantic as a significant player in the region, with the acquisition of extensive seismic data and well logs from the Petroleum Agency South Africa enhancing the block's prospectivity.
The acquired data includes two 3D seismic surveys covering a total of 3,500km² and more than 20,000 line kilometres of 2D seismic, along with logs from three key exploration wells: AF-1, AO-1 and AE-1.
These wells, drilled in the late 1980s, have provided valuable insights into the block's gas and oil potential.
AF-1 confirmed a gas discovery with tested flow rates of 32.4 million standard cubic feet per day, while AE-1 encountered gas shows and oil indications.
AO-1 contributed essential stratigraphic data and reservoir markers.
Spanning 19,929km², Block 1 extends from the shore to deep water, with water depths ranging from approximately 200m to 1,000m. This diverse range allows for exploration of multiple play types within the block.
Eco Atlantic co-founder and COO Colin Kinley said: 'The Orange Basin has rapidly emerged as one of the most compelling hydrocarbon fairways globally, with recent multi-billion-barrel discoveries adjacent in Namibia extending directly into the geological runway of Block 1.
"This asset provides Eco with material exposure across a full-margin basin play ranging from proven, gas-rich inboard sections to oil-prone targets in the deep-water and ultra-deep-water domain."
The geological features of Block 1 are considered similar to the nearby Kudu gas field and are in proximity to recent significant discoveries by industry peers such as Galp Energia, Shell, TotalEnergies and Rhino Resources.
Upon receiving the final regulatory nod, Eco Atlantic will not only gain operatorship but also the ability to proceed with the existing Exploration Right Budget and Work Plan.
This plan currently does not require field operations, meaning that the company can advance its interpretation and technical work without the immediate need for additional environmental permits.
Kinley added: 'This strategic acquisition of high-quality 2D and 3D seismic, along with historic well logs deliver massive value to the company. This acquisition is currently conservatively estimated to replace $50m–$60m in acquisition costs required for new exploration.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Associated Press
4 minutes ago
- Associated Press
Ategrity Specialty Holdings LLC Announces Launch of Initial Public Offering
NEW YORK--(BUSINESS WIRE)--Jun 3, 2025-- Ategrity Specialty Holdings LLC (together with its successors, the 'Company', 'Ategrity Specialty', 'we' or 'our') announced today the launch of its initial public offering of 6,666,667 shares of common stock pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission (the 'SEC'). The Company will be converted to a Nevada corporation named Ategrity Specialty Insurance Company Holdings prior to the consummation of this offering. The initial public offering price is expected to be between $14.00 and $16.00 per share. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 1,000,000 shares of its common stock at the initial offering price, less underwriting discounts and commissions. The Company has applied to have its common stock approved for listing, subject to official notice of issuance, on the New York Stock Exchange under the symbol 'ASIC.' The principal purposes of this offering are to increase the Company's capitalization and financial flexibility and to create a public market for its common stock. The Company intends to use the net proceeds received from this offering to grow its business and for other general corporate purposes. The Company initially intends to invest such net proceeds in fixed income securities. J.P. Morgan and Barclays are acting as joint lead bookrunning managers of the proposed offering and as representatives of the underwriters. Citigroup, TD Securities, and Wells Fargo Securities are acting as joint bookrunning managers. The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the proposed offering may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at [email protected] and [email protected]; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-888-603-5847, or by email at [email protected]. A registration statement relating to the proposed offering has been filed with the SEC but has not yet been declared effective. Securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement is declared effective by the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Ategrity Specialty Ategrity Specialty is a profitable and growing specialty insurance company dedicated to providing excess and surplus products to small to medium-sized businesses across the United States. We have built a proprietary underwriting platform that combines sophisticated data analytics with automated and streamlined processes to efficiently serve our clients and deliver long-term value to our stockholders. The small to medium-sized businesses market is characterized by large volumes of small-sized policies, and we believe our competitive edge lies in our ability to offer consistent, high-speed, and low-touch interactions that our distribution partners value. This advantage stems from our technology-driven method of standardizing, simplifying, and automating our transaction process, which we call productionized underwriting. Forward-Looking StatementsView source version on CONTACT: Investor Relations Contact [email protected] KEYWORD: UNITED STATES NORTH AMERICA NEW YORK INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES SOURCE: Ategrity Specialty Insurance Company Copyright Business Wire 2025. PUB: 06/03/2025 07:52 AM/DISC: 06/03/2025 07:50 AM
Yahoo
an hour ago
- Yahoo
Kraig Biocraft Laboratories Issues a Letter to Shareholders on Recent Advancements and Potential Recombinant Spider Silk Deliveries in 2025
ANN ARBOR, Mich., June 03, 2025 (GLOBE NEWSWIRE) -- Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) ("Company" or "Kraig Labs"), a world leader in spider silk technology*, issues a letter to Shareholders, We recently received inquiries from several of our shareholders. In preparing those responses, we realized that we should share the contents with the broader Kraig Labs community. Many had questions related to last week's announcement of the development of the new production strain and the potential for commercial deliveries in 2025. The development of a new spider silk production transgenic has been a key part of our production roadmap since 2023 and a primary objective of our genetics team during the last 18 months. Our longstanding plans were to field a new strain of silkworm for our double hybrid production system in the Summer of 2025. To be frank, we were unsure whether we could meet that ambitious schedule. We were, therefore, ecstatic to announce that we created another world's first development on schedule. This and many of our other laboratory announcements are not only significant; they're foundational technology building blocks to our success. Our current single hybrid system, utilizing BAM-1, has already shown massive improvement in robustness and silk production output. The newly announced strain is another significant improvement in our production, moving us a significant step closer to a more powerful double hybrid. The double hybrid model is designed to significantly improve our silk production rate; we expect by as much as 25+% per month, so this is something that we were very excited to share with our shareholders. We are no longer experiencing the robustness challenges we faced with single-strain rearing. Before the rollout of the BAM-1 hybrid in 2024, our silkworms lacked the robustness to deal with the silkworm diseases and environmental stress that are frequently present in the field. In terms of robustness and disease tolerance, the BAM-1 appears to be on par with the Chinese commercial silk hybrid, which is the gold standard in that region for the production of mundane silk. Now, this doesn't mean that we are invincible. Globally, between 10% to 30% of all silk production with robust double hybrids is lost due to a handful of diseases and adverse weather conditions. This is just a part of working with these living production systems. It is a fact that is reflected in global silk economics. Since rolling out the BAM-1, we have dealt with these routine challenges and have weathered these events with similar or identical effects as mundane silk producers utilizing the Chinese hybrid. Right now, the region's sericulture operators are in their rainy season, which is typically the worst time for silkworm rearing. Production of our BAM-1 strains and production of mundane silk producers utilizing Chinese hybrids are negatively impacted during this cycle. That is a normal part of silkworm rearing and is something that all silkworm producers encounter as a normal part of the business. In the past, before we introduced BAM-1, the effects on our silkworms were significantly magnified and effectively stymied our growth. In short, there has been a revolution in our spider silk production technology over the past 14 months due to the introduction of BAM-1 and other improvements in the field and laboratory. As we meet our marks toward the initiation of the double hybrid, we anticipate our gains to accelerate further. Regarding inventory calculation, our current inventory figures track finished raw reeled silk. In the first quarter of this year, we stockpiled several hundred kilograms of cocoon that are now waiting to be processed into finished silk. The reason inventory did not increase in our financial report was because that report tracked finished silk or material form. After considering these questions, and in light of the fact that we are moving from nominal inventory to larger scale production, we will expand the scope of our work-in-progress (WIP) material inventory to include recombinant spider silk cocoon that has been completed but not reeled. You can expect us to begin adding completed recombinant spider silk cocoon to our WIP to all future inventory balances. We are 100% focused on the production of spider silk for commercial delivery. Over the last year, we've been able to move faster to deliver on that commitment. As a great example, we are in regular communication with three major Global brands that are standing by to receive their first shipments of materials. The first is an internationally renowned high-end luxury fashion brand that has already accepted a quote from Kraig Labs. The second is a world leader in high-end performance sportswear with an approved budget to buy silk from us. The third is one of the world's top 5 performance athletic equipment producers, looking for spider silk to integrate into their top-performing products. Supplying products to these three entities is the focus of our current production. Currently, we expect to begin deliveries to these customers in the second half of this year. That will be a significant milestone for Kraig Labs, our shareholders, and material science. I believe the future for Kraig Labs and spider silk has never been brighter, and we thank you for your continued support. Kim Thompson, CEO For the latest updates on Kraig Labs and its pioneering spider silk technologies, visit For details about other recent Kraig Labs advancements, please watch the Company's investor conference at or on the Company's YouTube Channel To view the most recent news from Kraig Labs and/or to sign up for Company alerts, please go to * For a description of our historical leadership in this technology, please follow this link About Kraig Biocraft Laboratories, Inc. Kraig Biocraft Laboratories, Inc. ( a reporting biotechnology company is the leading developer of genetically engineered spider silk-based fiber technologies. The Company has achieved a series of scientific breakthroughs in the area of spider silk technology with implications for the global textile industry. Cautionary Statement Regarding Forward Looking Information Statements in this press release about the Company's future and expectations other than historical facts are "forward-looking statements." These statements are made on the basis of management's current views and assumptions. As a result, there can be no assurance that management's expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as "believes," "plans," "expects," "anticipates," "foresees," "estimated," "hopes," "if," "develops," "researching," "research," "pilot," "potential," "could" or other words or phrases of similar import. Forward looking statements include descriptions of the Company's business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security. Ben Hansel, Hansel Capital, Inc.(720) 288-8495ir@ A photo accompanying this announcement is available at
Business Wire
5 hours ago
- Business Wire
LanzaJet and ATOBA Energy Sign Memorandum of Understanding to Expand Access to Sustainable Aviation Fuel Market
CHICAGO--(BUSINESS WIRE)--LanzaJet, a leading next-generation fuels technology company and producer of sustainable fuels, and ATOBA Energy, a sustainable aviation fuel (SAF) aggregator committed to solving the financial challenges between producers and offtakers, have signed a memorandum of understanding (MoU) to collaborate on accelerating SAF deployment and creating new commercial models for the market. 'This collaboration with ATOBA Energy is about building the kind of aligned ecosystem we need to drive innovation, catalyze investment, and accelerate SAF deployment globally" said Jimmy Samartzis, Chief Executive Officer of LanzaJet Share The two companies will partner to enable greater access to SAF through new pricing and offtake structures that balance the needs of both SAF producers and buyers. The agreement outlines a shared intent to evaluate commercial models that support SAF procurement in ways that reflect the value of the Alcohol-to-Jet (ATJ) fuel pathway pioneered by LanzaJet. 'Scaling SAF requires flexible, forward-thinking commercial models that work for both producers and consumers,' said Jimmy Samartzis, Chief Executive Officer of LanzaJet. 'This collaboration with ATOBA Energy is about building the kind of aligned ecosystem we need to drive innovation, catalyze investment, and accelerate SAF deployment globally. It's another step forward in ensuring that the value of next-generation technologies like ours can be realized at scale because the future growth and sustainability of aviation depends on it.' ATOBA uniquely facilitates the development of SAF production through its upstream and downstream SAF offtake portfolio management. By offtaking from diversified producers that use production technologies like HEFA, Alcohol to Jet, Gas-Fischer Tropsch, or Power to Liquids, ATOBA mitigates technological and pricing risks associated with the various SAF production pathways and facilitates the closing of long-term offtake agreements among airlines, jet-fuel distributors, SAF producers, and financial institutions, which are essential for scaling the industry. For LanzaJet's ATJ technology, such models help preserve the integrity of its value proposition and support more sustainable growth pathways. 'We are delighted to develop long term offtake agreement models with LanzaJet, a company that is leading the alcohol-to-jet (ATJ) pathway. ATJ plays a key technological role in scaling the SAF industry as it contributes to using the best production route and feedstock depending on the specific regional characteristics. Developing LanzaJet in our portfolio of SAF producers is an essential brick in our aggregation strategy, reinforcing our ability to provide diversified, reliable, and scalable SAF solutions to the market,' highlighted ATOBA Energy co-founder and CEO Arnaud Namer. Both companies recognize the urgency of decarbonizing aviation and the need for commercial frameworks that support scale, diversification, and long-term market viability. By working together, LanzaJet and ATOBA aim to contribute to the development of a more stable, transparent, and innovation-supportive SAF market. ABOUT LANZAJET LanzaJet is a leading alternative fuels technology provider with patented ethanol-based alcohol-to-jet (ATJ) technology. LanzaJet is creating an opportunity for future generations by accelerating the production and deployment of SAF and other alternative fuel technologies critical to transform the global economy. LanzaJet was recently named TIME100 Most Influential Companies for 2024 and a Rising Star Company of the Year by S&P Global. Further information is available at ABOUT ATOBA ENERGY ATOBA is the midstream Sustainable Aviation Fuel (SAF) aggregator focused on accelerating the aviation industry's energy transition through solving the financial dilemma between airlines and producers. ATOBA provides long-term SAF contracts to airlines and jet-fuel resellers at optimized market SAF pricing indexes. The company brings high security and competitiveness to the SAF supply chain for its airline partners via offtake from diversified producers and technologies, as well as best-in-class sector expertise. Simultaneously, ATOBA's aggregation strategy allows the SAF industry to scale by providing producers with long-term offtake agreements that support their Final Investment Decisions for their SAF production plants. Further information is available at
