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Eco Atlantic begins farm-in into Orange basin block offshore South Africa
Eco Atlantic Oil & Gas has initiated a farm-in to acquire a 75% working interest in Block 1 in the Orange Basin off the South African coast. The company, through its wholly owned subsidiary Azinam South Africa, will become the operator of the new exploration venture after the acquisition from Tosaco Energy. Tosaco plans to hand over its remaining 25% stake to OrangeBasin Oil and Gas, a recently established company in South Africa. Concurrently, Eco Atlantic has decided to relinquish its 50% working interest in offshore Block 2B in South Africa. Block 1 spans 19,929km² area adjacent to the Namibian border and ... (full story)