Crown Energy AB (publ) announced the arrival of the Island Innovator Semi-Submersible Drilling Rig on Block 2B and the commencement of operations of the Gazania-1 Exploration Well. The drilling location is located 25km offshore the Northern Cape in Orange Basin South Africa in approximately 150 meters of water. The Gazania-1 Exploration Well is being drilled to a depth of approximately 2,800 meters.

The well is being drilled up dip of the AJ-1 Discovery Well on the block, which proved approximately 50 million barrels of contingent resources. The Gazania-1 Prospect is targeting over 300 million barrels of light oil. Pending discovery in the vertical section the JV partners have the option to directionally drill a second sidetrack well from the main well bore.

Both the vertical well and the sidetrack optional well will be logged and then plugged back to surface, the well will be sealed, plugged and the casing cut off below surface. No equipment will remain on the sea floor. The JV partnership in respect of Block 2B comprises Eco Atlantic (50% WI and Operator), Africa Energy Corp.

(27.5% WI), Panoro 2B Limited, a subsidiary of Panoro Energy ASA (12.5% WI), and Crown Energy AB (10% WI).