Eco Atlantic Oil & Gas Ltd - Toronto-based oil and gas exploration company - Says the rig owned by Island Drilling Company AS, has been released and mobilised for Gazania-1 in South Africa. Says the rig is now under contract to Eco and its joint venture partners. Eco adds the rig is expected to arrive and spud by the end of September this year.
Says the Gazania-1 prospect is targeting a 300 million barrels light oil resource. It will take up about 25 days to drill.
Further, company signs joint operating agreements with NAMCOR, the National Petroleum Corporation of Namibia. The deal regards four operated offshore petroleum license interests in the country, namely PEL 97, PEL 98, PEL 99 and PEL 100.
Chief Operating Officer and Co-Founder Colin Kinley says: "We are excited to get underway with our drilling campaign at Block 2B in the Orange Basin offshore South Africa. A successful outcome at the Gazania-1 well has the potential to be transformational for Eco and our JV partners."
Current stock price: 28.70 pence, up 0.4% on Friday morning in London
12-month change: down 1.9%
By Xindi Wei; xindiwei@alliancenews.com
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Eco (atlantic) (ECO)