Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) has confirmed the receipt of regulatory approvals clearing the firm to acquire an additional interest in the Block 3B/4B asset, offshore South Africa.
The company, in a statement, told investors that it has the remaining approvals from the Department of Mineral Resources and Energy (DMRE) of South Africa and the Petroleum Agency of South Africa (PASA).
As it closes the transaction the company’s stake in the Block 3B/4B project increases to 26.25%.
It comes as operator Africa Oil Corp is moving the exploration forward, following the recent completion of fieldwork.
Gil Holzman, president and chief executive officer of Eco Atlantic, commented: "We are extremely pleased to have received the South African authorities' final approval and to be increasing our interest in Block 3B/4B to 26.25%.
The Block looks to be a very exciting licence for all the partners involved. Recently completing a full reprocessing of the 3D data on the Block, we are upbeat about the prospectivity of the licence and following the significant oil discoveries, Venus & Graff, made earlier in the year offshore Namibia Orange Basin, and we are pleased to be strengthening our working relationship with Ricocure and Africa Oil.”
Holzman added: "We are seeing growing industry interest in the entire Orange Basin, and in particular in Block 3B/4B, and as announced last month, a collaborative farm-out process (of up to a 55% working interest) is underway.
“In the past six months, we have worked very closely with our partners to identify and determine the Block drilling prospects for a drilling campaign we are contemplating for next year."