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Eco (Atlantic) Oil and Gas Ltd. Announces Update on Gazania-1 well, offshore South Africa

Commencing detailed analysis and plans to drill at Block 3B/4BTORONTO, ON / ACCESSWIRE / November 18, 2022 / Eco Atlantic (AIM:ECO)(SX‐V:EOG),the oil and gas exploration company focused on the offshore Atlantic Margins, announces that the Gazania-1 …

Commencing detailed analysis and plans to drill at Block 3B/4B

TORONTO, ON / ACCESSWIRE / November 18, 2022 / Eco Atlantic (AIM:ECO)(SX‐V:EOG),the oil and gas exploration company focused on the offshore Atlantic Margins, announces that the Gazania-1 well on Block 2B, offshore South Africa, which spudded on October 10, 2022, reached target depth of 2,360m but did not show evidence of commercial hydrocarbons. The well will now be plugged and abandoned as planned.

The well logging is currently on-going and the JV Partners will undertake a detailed analysis of the results, which will inform our future plans. The JV Partners submitted a Production Right Application to the Petroleum Agency of South Africa ("PASA") on November 15, 2022, for Block 2B, based on the existing oil discovery of AJ-1 and potential future operations. Therefore, the JV Partners have time to conduct further analysis and integration of the Gazania-1 well data to allow them to determine the next steps on the Block.

The Company, alongside its respective JV Partners, will now move on to executing our plans for more exploration wells, including a two-well campaign on Block 3B/4B offshore South Africa planned to begin in 2023, and at least one well into Cretaceous targets on the Orinduik Block offshore Guyana. As announced by the Operator of Block 3B/4B, a collaborative farm-out process, up to 55% gross WI, has been ongoing and we look forward to updating the market on this in due course.

Colin Kinley, Co-Founder and Chief Operating Officer of Eco Atlantic, commented:

"We very much appreciate the stakeholder and shareholder support on this well that was safely drilled with no environmental issues. Early challenges with weather and service logistics on this well cost us a bit of time to get started, however we are happy with the overall technical operation of the well.

Gases normally associated with light oil were encountered throughout the drilling of the Gazania-1 well. This, in our view, confirms the active hydrocarbon system, proven by the A-J1 discovery well in 1988, extends to the part of the basin where the Gazania-1 well is located. Further seismic interpretation will likely lead to the definition of viable areas for trapping downdip of Gazania-1 closer to the 1988 oil discovery A-J1.

"While the well results are obviously disappointing at this location, we remain optimistic for this basin and look forward to continuing our exploration efforts".

Gil Holzman, Co-Founder and Chief Executive Officer of Eco Atlantic, added:

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Eco (Atlantic) Oil and Gas Ltd. Announces Update on Gazania-1 well, offshore South Africa Commencing detailed analysis and plans to drill at Block 3B/4BTORONTO, ON / ACCESSWIRE / November 18, 2022 / Eco Atlantic (AIM:ECO)(SX‐V:EOG),the oil and gas exploration company focused on the offshore Atlantic Margins, announces that the Gazania-1 …

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