Eco Atlantic Oil and Gas (LSE:ECO) has declared the Gazania-1 well non-commercial in a knock for offshore South Africa’s hopes.
Partners in Nigeria’s OML 127 and 130 continue to work on conversion to new terms – with success potentially triggering approval for the Preowei discovery.
The Island Innovator rig is on its way to South Africa, where it should begin drilling the Gazania-1 well by the end of September.
Eco Atlantic Oil & Gas has put $20 million into escrow for its share of drilling expenses on the Gazania-1 well, on Block 2B offshore South Africa.
Africa Energy has signed farm-out agreements on Block 2B offshore South Africa, with Panoro Energy and Azinam.