Latest news with #Block1
Yahoo
04-06-2025
- Business
- Yahoo
Eco (Atlantic) Oil and Gas Ltd. Announces Exploration Right & 75% Interest in Block 1
Eco Atlantic Secures Exploration Right and Transfer of 75% Interest in Block 1 - South Africa's Orange Basin TORONTO, ON / / June 4, 2025 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), a leading independent oil and gas exploration company focused on the Atlantic Margin, is pleased to announce that, further to the Farm-In Agreement announced on 5 June 2024, formal approval has been received from the South Africa Department of Mineral and Petroleum Resources for both the Exploration Right and Section 11 transfer. Accordingly, Eco has now secured a 75% Working Interest and full Operatorship of Block 1 offshore South Africa - one of the most strategically positioned assets in the highly prospective Orange Basin. The Section 11 approval was the final condition precedent to establishing full legal transfer of Eco's working interest in Block 1 from Tosaco Energy (Proprietary) Limited ("Tosaco"), and the associated milestone payment has been made by Eco. This acquisition, completed through Eco's wholly owned subsidiary Azinam South Africa Limited ("Azinam"), significantly expands the Company's Southern African Orange Basin footprint and positions it as a key Operator at the forefront of one of the world's most active and hydrocarbon-rich basins. The remaining 25% interest is held by Tosaco. Block 1, which spans a vast 19,929km², straddles the border between South Africa and Namibia - directly adjacent to recent world-class discoveries by Galp Energia (Mopane), Shell (Graff, La Rona), TotalEnergies (Venus), Rhino Resources (Capricornus-1X), and the legacy Kudu Gas Field. The block offers full margin transect coverage from the shoreline to deepwater (shore to 263km offshore, in water depths up to 1,000m), encompassing both shallow and deepwater exploration potential. As previously announced, Eco has already acquired and is analyzing an extensive and high-quality dataset, including both 2D and 3D seismic surveys and regional well logs. The block includes the historic Soekor AF-1 gas discovery, which tested at 32.4 MMscfd, and Soekor AE-1, which encountered oil and gas shows which provides clear evidence of an active petroleum system. The Company anticipates launching a formal farm-out process in respect of its interest in Block 1 in August 2025, with respect to which further updates will be provided in due course. Block Summary: Area: 19,929km² offshore South Africa Location: Strategically positioned on the South Africa-Namibia maritime border Extent: From shoreline to ~263km offshore, covering the full margin transect Geological Scope: Broad spectrum of shallow and deepwater oil and gas prospects Water Depths: Shallow shelf to deepwater environments up to 1,000 meters Proven Petroleum System: Adjacent and geologically analogous to multiple recent discoveries: Galp Energia - Mopane, Shell - Graff and La Rona, TotalEnergies - Venus, Rhino Resources - Capricornus-1X (light oil), Historic Soekor Discoveries - AF-1 (32.4 MMscfd gas test) and AE-1 (oil and gas shows), Kudu Gas Field Eco Atlantic remains committed to disciplined, value-driven exploration. With a strong technical foundation, entrepreneurial execution, and an unwavering focus on high-impact opportunities, it continues to position itself as a trusted partner in unlocking frontier basins and delivering long-term shareholder value. The Company has established itself well in Namibia with four Blocks currently being reviewed by international players to farm-in and has a near term drilling opportunity in Guyana that it is currently negotiating with partners to participate in the block. Gil Holzman, Co-Founder and CEO of Eco Atlantic, commented: "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. With the successful approval and execution of the Exploration Right and 75% Working Interest award, we are proud to have secured one of the largest and prospective blocks in the entire basin with a known hydrocarbon footprint - Block 1 - located directly on the South Africa-Namibia maritime border. Block 1 adds to our portfolio in the Orange basin which also includes Block 3B/4B operated by TotalEnergies. "We are grateful for the productive collaboration with the Government of South Africa and its key agencies, particularly our valued partners at the Petroleum Agency South Africa ("PASA"). I was honoured to attend the signing ceremony yesterday at PASA's offices in Cape Town. This milestone reflects the dedication and strategic focus of our leadership team in securing an asset with existing hydrocarbon evidence and significant upside potential and aligning with our strategy to partner directly with governments to secure agreements in high potential secure jurisdictions and to lay groundwork for future partnerships. "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. The block's prior discoveries, including tested gas flows and oil shows, confirm the presence of an active petroleum system. "Initial interpretation is underway, and we are in the process of delineating early leads to develop the exploration strategy. We are already seeing significant inbound interests from international oil companies and mid-tier partners. As a result, we anticipate launching a formal farm-out process in August with further updates to follow in due course." ENDS For more information, please visit or contact the following. Eco Atlantic Oil and Gas c/o Celicourt +44 (0) 20 8434 2754 Gil Holzman, Chief Executive OfficerColin Kinley, Chief Operating OfficerAlice Carroll, Head of Corporate Sustainability Strand Hanson (Financial & Nominated Adviser) +44 (0) 20 7409 3494 James HarrisJames Bellman Berenberg (Broker) +44 (0) 20 3207 7800 Matthew ArmittCiaran WalshDetlir Elezi Celicourt (PR) +44 (0) 20 7770 6424 Mark AntelmeJimmy LeaCharles Denley-Myerson About Eco Atlantic: Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore license interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure. Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in four offshore Petroleum Licences: PELs: 97, 98, 99, and 100, representing a combined area of 28,593 km2 in the Walvis Basin. Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1, in the Orange Basin, totalling approximately 37,510km2. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements Certain information set forth in this document contains forward-looking information and statements including, without limitation, management's business strategy, and management's assessment of future plans and operations. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future, including successful negotiation of farm-in agreement, results of exploration as proposed or at all. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "potential" or similar words suggesting future outcomes or statements regarding future performance and outlook. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include risks and uncertainties identified under the headings "Risk Factors" in the Company's annual information form dated July 29, 2024 and other disclosure documents available on the Company's profile on SEDAR+ at The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law. The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: Eco (Atlantic) Oil and Gas Ltd. View the original press release on ACCESS Newswire
The Sun
15-05-2025
- Business
- The Sun
Petronas, partners sign new PSC for Turkmenistan gas block
PETALING JAYA: National oil company Petroliam Nasional Bhd (Petronas), Abu Dhabi-based energy investment company XRG, Turkmenistan state enterprise Hazarnebit and the national oil company of Turkmenistan, state concern Turkmennebit, have signed a new production sharing contract for the Block 1 gas and condensate fields in Turkmenistan. As part of the transaction, a long-term gas sales agreement was also signed with state concern Turkmengas, the national gas company of Turkmenistan, Petronas said in a statement. Under the terms of the PSC, Petronas will hold 57% participating interest as the operator, XRG 38% and Hazarnebit the remaining 5%. Located in the Caspian Sea, the Block 1 concession currently produces about 400 million cubic feet of natural gas per day. It offers significant long-term potential, with access to over 7 trillion cubic feet of natural gas resources and future opportunities for production capacity expansion. The collaboration supports Turkmenistan's efforts to ensure energy supply stability and export diversification while delivering sustainable growth and economic value to all parties amid rising regional and global demand for natural gas. Petronas executive vice-president and CEO of Upstream Mohd Jukris Abdul Wahab said as the first international operator in Turkmenistan's energy sector close to three decades ago, this milestone reinforces the company's presence and signifies its continued expansion in the upstream sector. 'We are privileged to contribute to the ongoing advancement of the nation's energy industry and remain committed to fostering long-term partnerships with XRG, Hazarnebit, Turkmennebit and Turkmengas.' he added. XRG president, international gas, Mohamed Al Aryani stated, 'This agreement marks an important milestone in XRG's global growth strategy and builds on the strengthening relationship between the UAE and Turkmenistan. 'It strengthens XRG's presence in the Caspian region, expands our resource base, and reflects our ambition to be a reliable supplier of cleaner energy to meet the world's evolving needs. 'By deepening our partnership with Petronas, Turkmennebit and Turkmengas, we are advancing energy security and economic development while creating long-term value for all stakeholders,' he said. Petronas has been in Turkmenistan since 1996 and is currently the operator for Block 1 and the Gas Treatment Plant and Onshore Gas Terminal in Kiyanly.
Yahoo
01-05-2025
- Yahoo
PRsM Ballistic Missiles Loaded With Coyote Drones, Hatchet Mini Smart Bombs Eyed By Army
Future versions of the Precision Strike Missile (PrSM) short-range ballistic missile for the U.S. Army could carry Coyote drones or Hatchet miniature glide bombs, according to Lockheed Martin. The Army has previously talked about potentially loading PrSMs with swarming munitions and other 'enhanced' payloads, but without providing more specific details. Becky Withrow, director of strategy and business development at Lockheed Martin, talked about future payload and other aspects of the PrSM program with TWZ's Howard Altman on the floor of the annual Modern Day Marine exposition yesterday. The Army is currently in the process of fielding PrSM, but versions of the missile could also be of interest to the Marine Corps. The Army has so far outlined plans for four incremental PrSM developments on top of the baseline Increment 1 missiles. Increment 2 is centered on the development of a new dual seeker system that enables the engagement of moving targets on land or at sea. Increment 4 is about increasing PrSM's range from just under 310 miles (500 kilometers) to 620 miles (1,000 kilometers), and Increment 5 aims to extend that reach even further. Increment 3, which the Army now envisions as coming after Increment 4, is about 'enhanced lethality.' For Increment 3, the Army 'will put a different warhead in there,' Lockheed Martin's Withrow explained. 'They have yet to decide. It's still in the S&T [science and technology] community. So they're looking at various warhead options.' 'I know they've looked at things like Coyote, they've looked at Hatchet, things like that,' Withrow added, stressing that she was not aware of any final decision having been made. Withrow did not specify what version of Coyote might go into a future Increment 3 PrSM. Manufacturer Raytheon has publicly shown three members of the Coyote family to date: the original electric motor-driven pusher propeller design with its pop-out wings and tails (now known as Block 1), the jet-powered Block 2 counter-drone interceptor, and the Coyote LE SR (Launched Effect, Short-Range), another jet-powered type previously known as Block 3. Block 1 and 3 Coyotes are modular in design and can be configured in multiple ways, including as loitering munitions, as well as to perform reconnaissance and surveillance, electronic warfare, and other missions. The Army has previously released a graphic, seen below, depicting a PrSM releasing drones with some broad visual similarities to the Coyote Block 1. Earlier this year, Raytheon announced successful tests of Coyote LE SRs from a Bell 407 helicopter and a Bradley Fighting Vehicle – the latter of which TWZ was first to report on – and has described that version as being designed to be 'platform and payload-agnostic.' Hatchet is a roughly six-pound precision glide bomb that can be fitted with a dual-mode GPS-assisted inertial navigation system (INS) and semi-active laser guidance package. Laser guidance allows for the engagement of moving targets as long as they can be lazed either by the launching platform or another offboard source. Manufacturer Northrop Grumman has said that other terminal guidance options, including electro-optical/infrared seekers with automated target recognition capability, could also be in Hatchet's future. Northrop Grumman also claims that the advanced design of Hatchet's three-pound warhead makes it 50 to 80 percent as lethal as a 500-pound-class bomb, depending on the target type. Point-detonating, delayed, and air-bursting fuze options are available. A single PrSM carrying a load of small precision munitions like Hatchet would give the Army the ability to strike multiple targets by launching just one missile. If the missile could release its submunitions at multiple points along its flight trajectory, it would expand the total area in which targets could be prosecuted. A group of GPS/INS-guided munitions like Hatchet could be pre-programmed to hit specific points over a wide area, but at a set distance apart in a grid, offering coverage akin to that a cluster munitions. The functional range of any version of PrSM could be extended by loading it with powered submunitions like Coyote, which could then fly further on their target areas after release. Swarms of loitering munitions could also use their endurance hunt targets autonomously after being launched into areas where enemy forces are broadly known to exist, but their exact positions are unknown. An Increment 3 PrSM might be used to rapidly 'seed' parts of the battlefield with loitering munitions as an area denial tactic, as well. A swarm could include drones configured for other missions, including electronic warfare and reconnaissance. Increment 3 PrSMs carrying various types of precision munitions could be particularly useful in suppressing or destroying enemy air defenses, especially mobile systems that might otherwise be hard to find and fix. The idea of using ground-based artillery and other indirect fire capabilities as tools to help clear paths for friendly aircraft is hardly new to the Army. The service has also put forward the idea of using high-altitude balloons to deploy swarms of loitering munitions deep inside enemy-controlled territory. Overall, an Increment 3 would offer a highly survivable delivery system for deploying swarming payloads deep into contested or denied areas. Multiple wargames, including ones conducted under the auspices of the U.S. military, have offered significant evidence that swarms of relatively cheap networked drones with high degrees of autonomy, including ones configured as loitering munitions, could have game-changing impacts in future high-end conflicts. With all this in mind, it is also interesting to note that China's Guangdong Aerodynamic Research Academy (GARA) unveiled a concept for an unpowered hypersonic boost-glide weapon loaded with different types of submunitions, including supersonic missiles and drones, at last year's Zhuhai Airshow. You can read more about the GDF-600 here. GDF-600 hypersonic vehicle with cluster submunitions from Gara. Launch mass 5000 kg, payload 1200 kg. Speed up to Mach 7, range 200-600 km, maximum trajectory altitude up to 40 km. 1/n#ChinaAirshow2024 — Michael Jerdev (@MuxelAero) November 10, 2024 At the same time, it is important to note that launching submunitions from a ballistic missile that could be traveling at high supersonic, if not hypersonic speeds (defined as anything above Mach 5), presents challenges. This is primarily due to physical and thermal stresses, especially at the time of separation. More fragile payloads designed to travel at subsonic speeds, like drones, would also require some means of safely slowing down after their initial release. Maneuvers that bleed off energy prior to release could help mitigate these issues, as well. This all may help explain why PrSM's Increment 3 now comes after Increment 4. Regardless, the Army is clearly still interested in the additional capabilities that a PrSM loaded with precision munitions or drones could offer, and we now know the service has been looking at Coyote and Hatchet specifically as potential options. Contact the author: joe@
Yahoo
21-04-2025
- Business
- Yahoo
Chevron Exits Egypt's Red Sea Blocks, Eyes Mediterranean Prospects
Chevron Corporation CVX, along with several other multinational energy firms, has exited its oil concession blocks in Egypt's Red Sea region after failing to discover commercial oil or gas reserves. Despite making substantial investments over and above their commitment, one company, which reportedly spent $34 million against an initial commitment of 10 million, did not find any viable resources. As a result, Chevron renounced 45% of its stake in Red Sea Block 1, located in the northern Red Sea. The block is jointly held by Chevron and Australia-based oil giant Woodside Energy Group Ltd WDS. Egypt initially awarded the oil and gas exploration concessions in the Red Sea in 2019 to Chevron, Shell plc SHEL and Mubadala following an international bidding round. The concession was part of Egypt's broader strategy to become a regional energy hub. Chevron was awarded the first block, Shell, the second, and the third block was jointly awarded to Shell and Mubadala. The total area covered by these concessions spans approximately 10,000 square kilometers (3,860 square miles), with a minimum investment commitment of $326 million. However, the lack of success in these explorations has prompted a strategic pivot. While Shell declined to comment and other partners remained silent, the Egyptian Petroleum Ministry maintains that the Red Sea region still holds potential. The petroleum ministry of Egypt did not mention the names of other companies that renounced their Red Sea blocks. At the same time, the big energy giants like SHEL and WDS, which hold the blocks in the Red Sea, also refused to make any comment. Chevron, currently carrying a Zacks Rank #3 (Hold), is not moving back from Egypt completely but rather redirecting its focus. The company has expressed interest in three new exploration blocks, including two in the Mediterranean, where it will operate alongside partners such as Shell and Woodside Energy. Shell and Chevron have applied for new concessions in the region, reaffirming their long-term commitment to Egypt's energy landscape. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Egypt's energy output has faced recent challenges, with natural gas production declining from 4.6 to 3.6 billion cubic meters year over year (January 2024 to January 2025). The government is taking stern actions to stabilize the supply ahead of the high-demand summer months by securing natural gas shipments and deploying three to four floating storage units. With lessons learned from last year's power shortages, Egypt is also putting emergency plans in place to address sudden demand surges. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX) : Free Stock Analysis Report Shell PLC Unsponsored ADR (SHEL) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Zawya
18-04-2025
- Business
- Zawya
Chevron and other companies exit Egypt's Red Sea concessions, redirect resources
A number of multinational oil and gas companies including Chevron have exited their Red Sea oil and gas concession blocks after making no finds and have channelled their resources elsewhere in the country, the Egyptian petroleum ministry said. As part of its efforts to become an energy hub, Egypt awarded oil and gas exploration concessions in the Red Sea for the first time to Chevron, Shell and Abu Dhabi sovereign wealth fund Mubadala Investment Company in an international tender in 2019. "Companies have spent millions on their concessions within the agreed time frames," ministry spokesperson Moataz Atef told reporters on Thursday. He said: "One company spent $34 million on a contract that initially stipulated it will invest $10 million on exploration, but found no results," without naming said company. Chevron confirmed it has relinquished its operated 45% stake in Red Sea Block 1, located in the northern Red Sea. 'Chevron remains committed to working together with the government of Egypt and our partners to support the growth of Egypt's energy sector through our exploration programs in the Mediterranean,' spokesperson Sally Jones said in a statement on Friday. Chevron operates the block along with other shareholders including Australia's Woodside Energy. Shell operates Block 3 with others including Woodside Energy and QatarEnergy. Atef did not name the other companies that he said had relinquished their Red Sea blocks. Shell declined to comment. Mubadala, Woodside Energy and QatarEnergy were not immediately available for comment. The petroleum ministry spokesperson stressed his ministry still believed the concession areas could be fruitful. He said both Shell and Chevron had applied for new concessions in the Mediterranean Sea, reaffirming their commitment to Egypt's oil and gas sector, without giving further details. Chevron spokesperson Jones said it had interest in three other exploration blocks in Egypt, including two as an operator in the Mediterranean. In January 2024, Egypt's gas production was 4.6 billion cubic meters of gas. Despite pushing for further increases, production remained on a downward trend, recording 3.6 billion cubic meters in January 2025, data from the Joint Organisations Data Initiative show. Regarding energy supply, Atef sought to give assurances that Egypt would be able to meet rising electricity demand this summer. "By the summer, we will have three to four floating storage and regasification units to help stabilize the supply of natural gas," he said, adding that LNG shipments have been secured, while an emergency plan is in place to address any unexpected demand spikes. Last summer, Egypt faced power shortages exacerbated by high cooling demand. The country resorted to load-shedding and imports costing around $1.18 billion. (Reporting by Mohamed Ezz and Jaidaa Taha; Editing by Alison Williams)
