Eco Atlantic Oil & Gas, an exploration company focused on the Atlantic Margin, has finalized its farm-in deal for a South African offshore block in the Orange Basin, securing full control and operatorship.
The company now holds a 75% working interest and has taken over operations of Block 1, one of the most strategically located assets in the promising Orange Basin.
This move followed the necessary Section 11 regulatory approval, which confirmed the legal transfer of the working interest from Tosaco Energy. Eco has also made the required milestone payment.
Tosaco retains the remaining 25% stake in the block.
The acquisition, made through Eco’s subsidiary Azinam South Africa Limited, boosts the company’s footprint in the Southern African region and strengthens its role as a leading operator in a globally significant hydrocarbon basin.
Covering nearly 20,000 square kilometers, Block 1 lies on the maritime boundary between South Africa and Namibia, near major discoveries by Galp Energia, Shell, TotalEnergies, Rhino Resources, and the legacy Kudu Gas Field.
The block spans from the coastline to deep offshore waters up to 1,000 meters deep, offering both shallow and deepwater exploration opportunities.
Eco has already gathered and is analyzing a large dataset, including high-quality 2D and 3D seismic data and regional well logs.
Historic wells on the block, such as Soekor AF-1 and AE-1, have shown strong signs of gas and oil, confirming an active petroleum system.
Eco plans to start a formal farm-out process for its interest in Block 1 by August 2025, with further updates expected.
Gil Holzman, Eco Atlantic’s CEO, said the company has worked diligently over the past 18 months to secure a top-tier asset in the South African section of the Orange Basin. With the recent approvals and acquisition of a majority stake, Eco now holds one of the largest and most promising blocks in the basin, located at the South Africa-Namibia maritime boundary. Block 1 now joins Eco’s broader Orange Basin portfolio, which includes the TotalEnergies-operated Block 3B/4B.