Page 10 - AfrOil Week 12 2022

AfrOil PERFORMANCE AfrOil

The best estimate of Eco Atlantic’s net share of Colin Kinley, Eco Atlantic’s co-founder and
the total amounts to 681mn barrels of crude oil COO, commented: “With our current strategy
and liquids and 544bn cubic feet (15.41 bcm) of for increasing our stakeholder asset base, we
gas. Orinduik is classified as a lower-risk asset. have focused solely on strategic acquisitions
Meanwhile, the CPR’s best estimate for the that can add material and near-term growth
total reserves of the Cooper block, located off- and catalysts for the company. The addition of
shore Namibia, was 245mn barrels of crude oil the Azinam assets in Namibia and South Africa
and liquids and 240 bcf (6.8 bcm) of gas. The have quickly added prospective resources to our
best estimate of Eco Atlantic’s net share of the portfolio. As we work towards the completion
total amounts to 209mn barrels of crude oil and of our recently announced binding term sheet
liquids and 204 bcf (5.78 bcm) of gas. Cooper is to acquire JHI’s 17.5% interest in the Canje
classified as a lower-risk asset. Block offshore Guyana plus the maturation of
As for Block 2B, located offshore South additional resources currently being interpreted
Africa, the CPR’s best estimate for total reserves from ongoing 3D processing in Block 3B/4B, we
is 491mn barrels of crude oil and liquids and expect to see even further growth of the portfo-
73 bcf (2.07 bcm) of gas. The best estimate of lio from here in the coming months.” ™
Eco Atlantic’s net share of the total amounts to
246mn barrels of crude oil and liquids and 37
bcf (1.05 bcm) of gas. Block 2B is classified as a
lower-risk asset.
For Block 3B/4B, also located offshore South
Africa, the CPR’s best estimate for total reserves
is 3.088bn barrels of crude oil and liquids and
1.36 trillion cubic feet (38.51 bcm) of gas. The
best estimate of Eco Atlantic’s net share of the
total amounts to 618bn barrels of crude oil and
liquids and 272 bcf (7.7 bcm) of gas. Block 3B/4B
is classified as a lower-risk asset.
Eco Atlantic’s higher risk fields – Cooper, Guy
and Sharon – were all located offshore Namibia.
According to the revised CPR, the best estimate
for their total oil reserves amounted to 507mn
barrels, 4.924bn barrels and 2.212bn barrels,
with 431mn barrels, 4.185bn barrels and 1.88bn
barrels net to Eco Atlantic respectively. The best
estimate for their total gas reserves came to 496
bcf (14.05 bcm), 4.812 trillion cubic feet (136.3
bcm) and 2.176 trillion cubic feet (61.62 bcm),
with 422 bcf (11.95 bcm), 4.09 trillion cubic feet
(115.8 bcm) and 1.849 trillion cubic feet (52.36
bcm) net to Eco Atlantic respectively. Azinam’s assets offshore Namibia and South Africa (Image: Azinam)

POLICY
South African NGO to file appeal against

government authorisation of seismic study

SOUTH AFRICA OCEANS Not Oil (ONO), a South African African firm, by April 6. The NGO “will be sub-
non-governmental organisation (NGO), is mitting its appeal by 6 April, considering the 20
preparing to file court documents protest- days from emailing notification on 17 March,
ing against a government agency’s decision to 2022,” she told the newspaper. “Appeals need to
authorise the collection of 2D and 3D seismic be submitted by 23 March, 2022,” she added.
data from Block 1, a licence area off the coast of Solomon said ONO opposed Tosaco’s plans
the Northern Cape area. for seismic work in light of concerns about cli-
According to a report from the Daily Mav- mate change and the need to meet emissions
erick, ONO’s co-founder Janet Solomon says reduction deadlines. Additionally, the project
the group intends to register its objection to the “risks critical biodiversity areas and ecological
authorisation granted to Tosaco Energy, a South support areas and local fisheries,” she stated.

P10 www. NEWSBASE .com Week 12 23•March•2022