Eco Atlantic announced that the Gazania-1 well on Block 2B, offshore South Africa, which spudded on October 10, 2022, reached target depth of 2,360m but did not show evidence of commercial hydrocarbons. The well will now be plugged and abandoned as planned. The well logging is currently on-going and the JV Partners will undertake a detailed analysis of the results, which will inform its future plans.

The JV Partners submitted a Production Right Application to the Petroleum Agency of South Africa ("PASA") on November 15, 2022, for Block 2B, based on the existing oil discovery of AJ-1 and potential future operations. Therefore, the JV Partners have time to conduct further analysis and integration of the Gazania-1 well data to allow them to determine the next steps on the Block. The company, alongside its respective JV Partners, will now move on to executing its plans for more exploration wells, including a two-well campaign on Block 3B/4B offshore South Africa planned to begin in 2023, and at least one well into Cretaceous targets on the Orinduik Block offshore Guyana.

As announced by the Operator of Block 3B/4B, acollaborative farm-out process, up to 55% gross WI, has been ongoing and look forward to updating the market on this in due course.