Latest news with #EcoAtlanticOil&Gas
Yahoo
07-05-2025
- Business
- Yahoo
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.
Zawya
26-04-2025
- Business
- Zawya
Strategic Mergers and Acquisitions (M&As) Fuel Investment, Expansion in Namibia's Upstream Sector
Merger and acquisition (M&A) activity continues to emerge as a critical engine for growth in Namibia's upstream oil and gas sector, as emphasized during a high-level panel discussion at the Namibia International Energy Conference (NIEC) on Thursday. Industry leaders outlined how strategic M&A deals are not only reshaping the country's energy landscape, but also playing a key role in unlocking capital and accelerating exploration. Gil Holzman, CEO of Eco Atlantic Oil&Gas, highlighted how acquisitions have underpinned his company's expansion in Namibia since its entry into the market in 2009, stating: 'Most of our best blocks are the result of M&As. Our most recent acquisition was in 2021 when we bought Azinam, which gave us promising blocks in the Orange Basin.' According to Holzman, these acquisitions have fortified Eco Atlantic's asset portfolio while positioning Namibia as an increasingly attractive frontier for global exploration. He pointed to M&A transactions involving supermajors such as ExxonMobil, QatarEnergy, Chevron and TotalEnergies as instrumental in bringing in not just capital, but also the technical capabilities needed to advance exploration in Namibia's offshore and onshore basins. Discussing the company's operational strategy, Holzman emphasized a phased approach anchored in collaboration: 'We aim to secure promising prospects, de-risk them internally and then attract partners with the technical know-how and capital required to unlock new frontiers.' Echoing this sentiment, Adam Rubin, General Counsel at ReconAfrica, emphasized that M&As remain a strategic avenue to catalyze value creation, drive innovation and meet the substantial capital demands of upstream development. 'We have not yet produced onshore, but the oil is there. Be patient – we will find it and produce,' he said, reaffirming the company's commitment to moving from exploration toward full-scale production in the Kavango Basin. Robert Bose, CEO of Sintana Energy, added that M&A activity has played a central role in enabling Sintana to broaden its asset base and build relationships with complementary partners. 'M&As have helped us connect with the right partners and diversify our portfolio,' he said. 'Cost-effective investment remains a key motivator, and we are focused on disciplined growth.' From a financial perspective, Liz Williamson, Head of Energy at Rand Merchant Bank, outlined the opportunities that arise when IOCs divest from mature or late-life assets. She noted that such moves often create openings for mid-cap firms with fresh capital and a focused approach to step in. 'This trend is beneficial for African governments, as middle-tier companies are often better suited to fully commit to and invest in these projects,' she explained. Williamson also underscored the importance of establishing clear, investor-friendly deal frameworks and local content policies that build investor confidence. 'Not many African countries are currently securing significant foreign direct investment, and Namibia must maintain its appeal by offering clarity on local content laws,' she said. As Namibia emerges as a key exploration hotspot on the continent, discussions around capital flows, deal-making and upstream expansion are set to continue at African Energy Week 2025: Invest in African Energies, taking place from September 29-October 3, 2025 in Cape Town. The event will unite industry leaders, investors and government representatives to advance dialogue, showcase project opportunities and drive strategic partnerships across Africa's energy landscape. Namibia's rising profile and recent exploration success will be a focal point, drawing increased attention from global stakeholders seeking entry into one of the continent's most dynamic markets. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
25-02-2025
- Business
- Zawya
Eco Atlantic Chief Executive Officer (CEO) to Speak at Invest in African Energy (IAE) 2025 Amid Orange Basin Expansion
Gil Holzman, President&CEO, Eco Atlantic Oil&Gas, will speak at the Invest in African Energy (IAE) Forum 2025 in Paris this May as the company expands its presence in the Orange Basin, offshore South Africa. The Canada-headquartered Eco Atlantic has recently expanded its presence in Africa through strategic transactions and exploration initiatives. In June 2024, Eco Atlantic farmed into Block 1 in the Orange Basin, further strengthening its exploration portfolio in the region. The block has extensive 2D and 3D seismic data already completed, with no additional seismic acquisition or well drilling planned during the three-year carried period. During this time, Eco will focus on interpreting and analyzing the existing data to inform its planned Work Program, leveraging its in-house exploration team. The company also holds interests in Blocks 2B and 3B/4B in South Africa, along with four licenses in Namibia. IAE 2025 ( is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit To sponsor or participate as a delegate, please contact sales@ Eco Atlantic's approach centers on exploring low-carbon intensity oil and gas in stable emerging markets close to infrastructure, aiming to deliver material value for its stakeholders while contributing to the energy transition. The company prioritizes efficient exploration strategies that minimize environmental impact while maximizing resource potential. By focusing on proven basins with existing infrastructure, Eco Atlantic seeks to accelerate development timelines and enhance economic viability in its operating regions. The upcoming forum will highlight how oil and gas independents like Eco Atlantic are navigating Africa's evolving energy landscape, driving investment and sustainable resource development. Distributed by APO Group on behalf of Energy Capital&Power.
