"London-listed junior Eco Atlantic is increasingly optimistic about the exploration potential of an Orange basin block offshore South Africa that it acquired last year. In June, the company struck a deal with South Africa-based Tosaco Energy to take a 75% operating stake in Block 1, an asset covering almost 20,000 square kilometres, part of which lies adjacent to Shell's non-commercial discoveries in Namibia. However, perhaps more positively, part of the block is also on geological trend with the more recent discoveries made in Namibia by Galp Energia and Rhino Resources in a shallower water play that, some sources told Upstream, appears to host better reservoirs than those found in the ultra-deepwater by Shell and TotalEnergies."
"Colin Kinley, co-founder and chief operating officer of Eco, said: “The Orange basin has rapidly emerged as one of the most compelling hydrocarbon fairways globally, with recent multi-billion-barrel discoveries adjacent in Namibia extending directly into the geological runway of Block 1."
Again, increasingly appears that the best Orange Basin acreage is in the shallower water east of the outer high, where our Saturn is perfectly placed on "one of the most compelling hydrocarbon fairways globally".
PCL Price at posting:
1.1¢ Sentiment: Buy Disclosure: Held
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