Eco Atlantic nears operatorship of Block 1 in South Africa's Orange Basin
The company, through its subsidiary Azinam South Africa, is finalising Section 11 regulatory approval to complete the transfer of a 75% working interest in the block.
This positions Eco Atlantic as a significant player in the region, with the acquisition of extensive seismic data and well logs from the Petroleum Agency South Africa enhancing the block's prospectivity.
The acquired data includes two 3D seismic surveys covering a total of 3,500km² and more than 20,000 line kilometres of 2D seismic, along with logs from three key exploration wells: AF-1, AO-1 and AE-1.
These wells, drilled in the late 1980s, have provided valuable insights into the block's gas and oil potential.
AF-1 confirmed a gas discovery with tested flow rates of 32.4 million standard cubic feet per day, while AE-1 encountered gas shows and oil indications.
AO-1 contributed essential stratigraphic data and reservoir markers.
Spanning 19,929km², Block 1 extends from the shore to deep water, with water depths ranging from approximately 200m to 1,000m. This diverse range allows for exploration of multiple play types within the block.
Eco Atlantic co-founder and COO Colin Kinley said: 'The Orange Basin has rapidly emerged as one of the most compelling hydrocarbon fairways globally, with recent multi-billion-barrel discoveries adjacent in Namibia extending directly into the geological runway of Block 1.
"This asset provides Eco with material exposure across a full-margin basin play ranging from proven, gas-rich inboard sections to oil-prone targets in the deep-water and ultra-deep-water domain."
The geological features of Block 1 are considered similar to the nearby Kudu gas field and are in proximity to recent significant discoveries by industry peers such as Galp Energia, Shell, TotalEnergies and Rhino Resources.
Upon receiving the final regulatory nod, Eco Atlantic will not only gain operatorship but also the ability to proceed with the existing Exploration Right Budget and Work Plan.
This plan currently does not require field operations, meaning that the company can advance its interpretation and technical work without the immediate need for additional environmental permits.
Kinley added: 'This strategic acquisition of high-quality 2D and 3D seismic, along with historic well logs deliver massive value to the company. This acquisition is currently conservatively estimated to replace $50m–$60m in acquisition costs required for new exploration.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Wegovy maker Novo's profit warning triggers $70 billion share rout
By Jacob Gronholt-Pedersen, Stine Jacobsen and Maggie Fick COPENHAGEN (Reuters) -Investors wiped $70 billion off Novo Nordisk's market value on Tuesday after the maker of weight-loss drug Wegovy issued a profit warning and named a new CEO, as it battles rising competition in the obesity drug market. Novo named Maziar Mike Doustdar as its new chief executive, turning to a veteran insider to revive sales and reassure investors rattled by fears the Danish drugmaker is losing ground in the obesity drug race it started. Doustdar's appointment failed to stem a stock market rout sparked by Novo slashing its outlook for 2025 sales growth to between 8% and 14%, from between 13% and 21% previously. Its shares plunged nearly 30% before paring some losses to trade down over 20% by mid-afternoon. The shares are now down 44% this year. "The magnitude of the guidance cut is a shocker," Markus Manns, a portfolio manager at mutual fund firm Union Investment, a Novo shareholder, told Reuters, adding that Novo's issues went deeper than "compounded" copycats to Wegovy. Compounded drugs are custom-made medicines that are based on the same ingredients as branded drugs. Novo has been hit by copycats of its GLP-1 drugs Wegovy for weight-loss and Ozempic for diabetes. U.S. law bars pharmacies from replicating approved drugs, but has allowed 'compounding' for patients needing custom doses or formulations. The company said in a statement that it cut its 2025 sales outlook due to lower growth expectations in the second half in the U.S., both for Wegovy and Ozempic in the GLP-1 diabetes market. The drugmaker, which became Europe's most valuable listed company following the launch of Wegovy in 2021, is now facing a reckoning as it looks to turn things around after the abrupt removal in May of CEO Lars Fruergaard Jorgensen. At its peak in June 2024, Novo was worth as much as $615 billion, but its shares have plunged on investor concerns about the company's experimental drug pipeline and its ability to navigate challenges in the U.S. market. "The stock has gone from being a market darling to one of its biggest letdowns," said Angelo Meda, portfolio manager and head of equities at Banor SIM in Milan, which has a small Novo stake. "The biggest concern is the illegal channel siphoning away market share - something that's hard to quantify. Rebuilding trust will take time." NEW CEO AN INSIDER Doustdar, an Iranian-born, Austrian national, who grew up in the United States, joined Novo in 1992 and will take on the new role on August 7. He currently serves as vice president for international operations, a role he took after leading the company's businesses first in the Middle East and then in Southeast Asia, Novo said. "We need to increase the sense of urgency and execute differently," Doustdar told investors and analysts on a call. "The fact that my announcement comes right after the guidance update, just makes the mandate ahead even more clear." Some analysts and investors had argued that Novo should select an American, or a person with extensive experience working in the United States as its next CEO. Novo has lost its first-mover advantage in the United States this year to U.S. rival Eli Lilly. The new chief executive's most urgent challenge, according to investors and analysts, is to revive Novo's performance in the United States, the largest market by far for weight-loss drugs and where they are most profitable. Novo launched its weight-loss drug Wegovy nearly two and a half years before Eli Lilly's Zepbound. But Zepbound prescriptions surpassed those of Wegovy this year by more than 100,000 a week. In May, Novo said it expected many of the roughly one million U.S. patients using compounded GLP-1 drugs to switch to branded treatments after a U.S. Food and Drug Administration ban on compounded copies of Wegovy took effect on May 22. "Unfortunately, our latest market research indicates that has not happened," Chief Financial Officer Karsten Munk Knudsen said on a call with analysts on Tuesday. One million or more U.S. patients are still using compounded GLP-1s, he said. Novo has stepped up its dialogue with the U.S. FDA to limit unlawful compounding of its drugs, the head of U.S. operations David Moore added on the call. "Compounding continues to be an issue that we have to address," Moore said. ($1 = 0.8672 euros) Sign in to access your portfolio
Yahoo
2 hours ago
- Yahoo
Halliburton Company (HAL)'s Having A Hard Time, Says Jim Cramer
We recently published . Halliburton Company (NYSE:HAL) is one of the stocks Jim Cramer recently discussed. Halliburton Company (NYSE:HAL) is a mega oil and gas production equipment provider. The shares have lost 18% year-to-date, as, like its peer Schlumberger, the firm has yet to recover losses after President Trump's April Liberation Day tariff announcements, which sent Halliburton Company (NYSE:HAL) down by 25%. In his earlier remarks about the firm, Cramer speculated that the stock could bottom at a 3.25% yield. The current yield is 2.99%. In this appearance, the CNBC TV host discussed Halliburton Company (NYSE:HAL) in the context of oil prices: 'But not as many as you would think. I mean, look, oil and gas, you would think that would be terrible with oil in the 60s, they're doing pretty well. Well . .Halliburton [has had] a hard time. . . But then, out of nowhere, you get this LNG deal. And you say, wow, I mean there's an industry that's got customers for the rest of its duration.' Copyright: 1971yes / 123RF Stock Photo Here are Cramer's earlier remarks about Halliburton Company (NYSE:HAL): 'No, I think Halliburton, look, it's probably going to bottom at 3 and a quarter yield, but I can't recommend it because it's got, it's domestic drilling, and oil's come down so much in our country that I think that the president, as much as he went 'drill, baby drill', it's not happening. It's not happening. So I can't encourage you there. I'm sorry, I feel terrible about that, but I can't.' While we acknowledge the potential of HAL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
Schlumberger Limited (SLB)'s Having A Hard Time, Says Jim Cramer
We recently published . Schlumberger Limited (NYSE:SLB) is one of the stocks Jim Cramer recently discussed. Schlumberger Limited (NYSE:SLB) is one of the biggest oil and gas equipment providers in the world. Its shares have lost 8% year-to-date as they have yet to recover from the devastating 24% dip in April after President Trump announced his Liberation Day tariffs. However, Schlumberger Limited (NYSE:SLB)'s shares have gained 4.5% over the past month as the firm has benefited from a robust second-quarter earnings report, which saw its $8.6 billion in revenue and $0.74 in earnings beat analyst estimates of $7.3 billion and $ discussed Schlumberger Limited (NYSE:SLB) in the context of the oil industry and oil prices: 'But not as many as you would think. I mean, look, oil and gas, you would think that would be terrible with oil in the 60s, they're doing pretty well. Well, Schlumberger [has] a hard time. . .But then, out of nowhere, you get this LNG deal. And you say, wow, I mean there's an industry that's got customers for the rest of its duration.' Previously, Cramer was quite bearish on Schlumberger Limited (NYSE:SLB) as he advised a viewer to simply keep watching the stock: 'Keep watching, no pull trigger. Why? Because I do not like the oil stocks. I don't need them, don't want them.' While we acknowledge the potential of SLB as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
