Block 2B licence Operator Azinam, a wholly owned subsidiary of Eco (Atlantic) Oil and Gas Limited, has on 21 March 2022 press released a Competent Person's Report, which included an update on the gross prospective resource estimate for Block 2B offshore South Africa. Please see the table:
Oil & Gross
liquids
Prospective
Resources
(millions
of barrels)
Asset Country Low Estimate Best High Operator
Estimate Estimate
2B South Africa 209 491 984 ECO
Oil & Net
liquids attributable
Prospective to Crown
Resources Energy's
(millions Interest.
of barrels)
Asset Country Low Estimate Best High Operator
Estimate Estimate
2B South Africa 21 49 98 ECO
In the previous most recent CPR commissioned by our then Operator Africa Energy for year end 2016, the gross mid case was 184 million barrels. Which means that the net best estimate attributable to Crown Energy has increased from 18 to 49 million barrels.
"This is another positive step forward for Block 2B, where we look forward to the Gazania-1 well being drilled by the contracted Island Innovator semi-submersible drilling rig by the end of the third quarter of 2022," says Yoav Ben-Eli, CEO of Crown Energy AB.
Crown Energy AB holds a 10% interest in Block 2B offshore South Africa, fully carried for this well. Africa Energy has a 27.5% participating interest in the Block. The Block is operated by Azinam, which holds a 50% participating interest. A subsidiary of Panoro Energy ASA holds a 12.5% participating interest.
MORE INFORMATION
Yoav Ben-Eli, CEO Crown Energy AB
+46 76 312 9793
Alan Simonian,
Chief Operating Officer
+44 7711 625005
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