Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) told investors a rig contract has now been signed for the planned Gazania-1 well offshore South Africa.
The Island Innovator semi-submersible rig has been contracted for the drill programme in the Orange basin, which straddles South Africa and Namibia – and is host to the recent discoveries by Shell (Graff-1) and Total (Venus-1).
"We are pleased to be making progress in our exploration and drilling plans for 2022,” said Eco chief operating officer Colin Kinley.
“We are planning for mobilization of the rig in late August and to spud shortly after arrival, with the experienced Island Drilling team and the Innovator Semi.
“We have good support from our partners at Africa Energy, Crown and Panoro and from the engineering advisors at NRG Group. We look forward to a successful, safe and environmentally conscious drilling program in Gazania-1."
Eco is set to become the operator of the project (with a 50% interest), as it completes the acquisition of Azinam Group, and it is partners with Africa Energy ( 27.5%), Panoro Energy (12.5%) and Crown Energy (10%).