Eco Atlantic Oil & Gas Ltd - Atlantic Margins-focused oil and gas company - Says it is applying for environmental authorisation to begin exploration activities in Block 3B/4B in the Organe Basin off the Northern Cape of South Africa. It and its joint venture partners have contracted Environmental Impact Management Services Pty Ltd of South Africa to apply for a permit to drill one well and one contingent well - and potentially up to five wells - within an area of interest in the north of the block. EIMS is also appointed to undertake the required environmental impact assessment.
The Block 3B/4B joint venture partners are Africa Oil SA Corp, a wholly-owned subsidiary of block operator Africa Oil Corp which holds a 20% participating interest; Azinam Ltd, a wholly-owned subsidiary of Eco Atlantic which holds a 26% interest; and Ricocure Pty Ltd which holds the remaining interest.
Current stock price: 20.40 pence, up 2.0% in London on Tuesday afternoon
12-month change: down 40%
By Heather Rydings, Alliance News senior economics reporter
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Eco (atlantic) (ECO)