Newswire — Eco (Atlantic) Oil & Gas has completed a farm down of a 13.75% participating interest in Block 3B/4B offshore South Africa to TotalEnergies and QatarEnergy.
TotalEnergies is now the operatorship of the block. Eco now holds a 6.25% interest in block 3B/4B. The transaction is part of an aggregate 57% farm down transaction along Africa Oil and Ricocure to TotalEnergies and QatarEnergy.
Block 3B/4B covers an area of 17,581 km2 within the prolific Orange basin offshore South Africa in water depths ranging between 300 m and 2,500 m. The block is near a number of highly anticipated oil discoveries, including the Venus discovery.
TotalEnergies is now the operator of the block, holding a 33% Participating Interest; QatarEnergy International E&P LLC, holds a 24% Participating Interest; Africa Oil SA Corp, a wholly owned subsidiary of Africa Oil Corp. retains a 17% Participating Interest; Azinam Limited, a wholly owned subsidiary of Eco Atlantic, retains a Participating Interest of 6.25%; and Ricocure (Proprietary) Limited, retains a 19.75% Participating Interest.
Gil Holzman, Co-founder and Chief Executive Officer of Eco Atlantic, said, “I am grateful to the Eco team and our advisors for their support in completing this transaction. We look forward to continuing our strong working relationship with all the JV partners, the South African Government, and the new Operator TotalEnergies. Block 3B/4B sits in a prolific hydrocarbon jurisdiction and we are excited to continue preparations for first drilling on the block under the leadership of TotalEnergies.”
“Completion of the transaction further strengthens Eco’s balance sheet and enables us to focus and continue progressing our wider work programs and farm out processes in Eco’s asset portfolio in Guyana and Namibia, with no shareholder dilution.”
