Eco (Atlantic) O&G PLC said the drill rig for its new exploration well offshore South Africa is expected to arrive at location at the end of September, subject to the weather
The Gazania-1 well is targeting a 300mln barrels light crude resource in the Orange Basin, currently one of the hottest areas for exploration drilling for oil and gas.
Eco is assessing its options for exploration of its four licences In the Nambia-controlled section of the Orange Basin, where Gazania operator Africa Energy is also its partner.
In Guyana, Eco said both itself and its partners remain committed to further drilling on the Orinduik Block and continue assessing opportunities to drill at least two exploration wells into the light oil cretaceous targets as soon as practical.
The comments came as the oil and gas explorer reported a net loss in the three months to the end of June of US$2.7mln (US$825,000). Eco had cash of US$38.7mln and no debt.
“Our Q1 results serve as an important opportunity to remind investors of the significant near-term catalysts that we see across our entire Atlantic Margin portfolio, with near-term high impact drilling offshore South Africa, significant interest in our Namibian portfolio and plans taking shape with regards to our strategy for value accretion offshore Guyana, the outlook has never been more positive,” Gil Holzman, chief executive, said.