Eco (Atlantic) Oil & Gas Ltd. has secured a 75% working interest and full operatorship of Block 1 in South Africa’s Orange Basin, following regulatory approval of a Farm-In Agreement with Tosaco Energy.
The deal, approved by South Africa’s Department of Mineral and Petroleum Resources, grants Eco Atlantic exploration rights over a vast 20,000 km² area located on the maritime border between South Africa and Namibia.
The remaining 25% interest in the block will be retained by Tosaco Energy.
Eco Atlantic’s Co-Founder and CEO, Gil Holzman, described the block as “one of the largest and prospective blocks in the entire basin with a known hydrocarbon footprint.”
He said the acquisition adds to the company’s existing Orange Basin portfolio, which includes Block 3B/4B operated by TotalEnergies.
“As the Orange Basin continues to demonstrate its world-class hydrocarbon proof and potential, Eco’s executive team has worked relentlessly over the past 18 months to secure a premier asset on the South African side of the basin,” Holzman said.
“Block 1… lies directly on the South Africa-Namibia maritime border.”
The block contains both shallow and deepwater prospects, with water depths of up to 1,000 metres.
It is located near recent major discoveries by Galp Energia, Shell, and TotalEnergies, highlighting the area’s growing strategic importance.
Holzman confirmed the transaction was completed through Eco’s wholly owned subsidiary, Azinam South Africa Limited, and includes the formal transfer of the exploration right under Section 11.
Block 1 also contains several historical finds, including the Soekor AF-1 gas well, which tested at 32.4 million standard cubic feet per day, and the AE-1 well, which encountered both oil and gas shows—evidence of an active petroleum system.
Eco has already begun work on the block, with its technical team currently analysing an extensive seismic and well log dataset.
“Our technical team has already begun analysing the extensive, high-quality 2D and 3D seismic, and well logs data, which materially accelerates our path to drilling while reducing early-stage exploration costs and timelines,” said Holzman.
The company plans to launch a formal farm-out process for Block 1 in August 2025, as part of a broader strategy to grow its presence in the Orange Basin and attract partnerships with global exploration firms.
Eco Atlantic is listed on the TSX-V and AIM and holds oil and gas interests across the Atlantic Margin, including in Guyana, Namibia, and South Africa.
In Namibia, the company operates four offshore petroleum licences, PEL 97, 98, 99, and 100, covering 28,593 km² in the Walvis Basin
