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Eco Atlantic Oil & Gas Ltd - Toronto-based oil and gas exploration company - Starts operations on the Gazania-1 well in offshore South Africa. Says the Gazania-1 exploration well is being drilled to a depth of approximately 2,800 meters through a multizone pay section. The Gazania-1 prospect is targeting over 300 million barrels of light oil.
Chief Operating Officer Colin Kinley says: "Drilling Gazania-1 offers a significant opportunity to South Africa to open up the Orange basin. A number of prior discoveries in the region are changing the understanding of this basin both in South Africa and Namibia where recent multi-billion-barrel discoveries have opened the gate to a new era of economic and resource opportunity."
Current stock price: 34.52 pence, up 5.9% on Tuesday
12-month change: up 35%
By Xindi Wei; xindiwei@alliancenews.com
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