6 Jun 2025
Regulatory approval grants Eco Atlantic 75% stake in Block 1, expanding its Orange Basin portfolio and positioning it near major oil discoveries by Shell, TotalEnergies, and Galp.
Eco (Atlantic) Oil & Gas Ltd. has secured a 75% working interest and full operatorship of Block 1 in South Africa’s Orange Basin, following regulatory approval of a farm-in agreement with Tosaco Energy.
South Africa’s Department of Mineral and Petroleum Resources approved the transaction, granting Eco Atlantic exploration rights over a 20,000-square-kilometer area along the maritime border between South Africa and Namibia. Tosaco Energy will retain the remaining 25% interest in the block.
Eco Atlantic Co-Founder and CEO Gil Holzman described Block 1 as “one of the largest and prospective blocks in the entire basin with a known hydrocarbon footprint.”
The acquisition expands Eco Atlantic’s existing Orange Basin portfolio, which includes Block 3B/4B operated by TotalEnergies.
“As the Orange Basin continues to demonstrate its world-class hydrocarbon proof and potential, Eco’s executive team has worked relentlessly over the past 18 months to secure a premier asset on the South African side of the basin,” Holzman said. “Block 1… lies directly on the South Africa-Namibia maritime border.”
The block features both shallow and deepwater prospects, with depths reaching up to 1,000 meters. It is located near recent major discoveries by Galp Energia, Shell and TotalEnergies, underscoring the region’s strategic importance.
Holzman confirmed the transaction was executed through Eco’s wholly owned subsidiary, Azinam South Africa Limited, and includes the formal transfer of exploration rights under Section 11.
Block 1 contains several historical discoveries, including the Soekor AF-1 gas well, which tested at 32.4 million standard cubic feet per day, and the AE-1 well, which encountered both oil and gas shows—indicating an active petroleum system.
Eco Atlantic’s technical team has begun analyzing seismic and well log data to fast-track exploration.
“Our technical team has already begun analysing the extensive, high-quality 2D and 3D seismic, and well logs data, which materially accelerates our path to drilling while reducing early-stage exploration costs and timelines,” Holzman said.
The company plans to launch a formal farm-out process for Block 1 in August 2025 as part of its broader strategy to expand its footprint in the Orange Basin and attract global exploration partners.
Eco Atlantic, listed on the TSX-V and AIM, holds oil and gas interests across the Atlantic Margin, including assets in Guyana, Namibia and South Africa. In Namibia, the company operates four offshore petroleum licenses—PEL 97, 98, 99 and 100—covering 28,593 square kilometers in the Walvis Basin.