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Eco (Atlantic) Farms into South Africa’s Block 1 Amid Slate of Orange Basin Discoveries

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Eco (Atlantic) Farms

Following sizeable finds made in the Namibian side of the Orange Basin, South Africa’s offshore blocks offer promising opportunities for frontier E&P players

JOHANNESBURG, South Africa, June 5, 2024/APO Group/ — 

Oil and gas exploration company Eco (Atlantic) – through its wholly-owned subsidiary Azinam South Africa – has signed a farm-in deal with energy company Tosaco Energy for a 75% working interest in Block 1 – located in the offshore South African Orange Basin. Eco (Atlantic) has assumed operatorship of the block, with the remaining 25% stake expected to be transferred to South African company OrangeBasin Oil & Gas. Upon completion of the transaction, Eco (Atlantic) will assume control of one of the largest blocks in the Orange Basin.

The African Energy Chamber (AEC) – representing the voice of the African energy sector – believes that this transaction is only the start of a wave of Orange Basin deals in the coming years. Having revealed substantial deposits in neighboring Namibia, the basin stands to play a catalyzing role in driving energy security in South Africa. The AEC commends the efforts by Eco (Atlantic) to unlock undeveloped blocks offshore South Africa and looks forward to a discovery being made in the coming years.

The AEC has long-advocated for the need to advance drilling efforts in Africa and the Orange Basin stands to play a transformative role in the region’s energy landscape

The strategic acquisition is on trend with a strong lineup of companies looking at tapping into the Orange Basin. Since play-opening discoveries were made by energy majors Shell, TotalEnergies and Qatar Energy in 2022, over 15 finds have been made by an assortment of majors and independents. In February 2024, TotalEnergies intersected hydrocarbon-bearing intervals in the Mangetti-1X exploration well in Block 2913B – marking the second discovery made by the company in the basin. TotalEnergies is currently leveraging the Tungsten Explorer drillship to assess reserves available at the well. The discovery followed the company’s Venus-1X find made in February 2022. Research firm Wood Mackenzie estimates that Venus alone could hold as much as three billion barrels of oil – making it sub-Saharan Africa’s largest oil discovery.

Additionally, in January 2024, multinational energy corporation Galp made its second oil discovery at the Mopane-1X well in PEL 83. Preliminary estimates place over 10 billion barrels of oil at the Mopane field. The company is currently seeking a farm-in partner to develop the block, with a 40% stake in the Mopane discovery up for grabs. Meanwhile, energy major Shell continues to witness a string of success, with its recent Lesedi-1X well – discovered in July 2023 – representing the fourth commercial discovery made by the firm in the Orange Basin. Other finds – namely, Graff-1X, La Rona and Jonker-1X – hold as much as 1.7 billion barrels combined. Shell is currently undertaking an extensive drilling campaign, with up to 25% of the company’s 2023-2024 exploration budget being directed towards deepwater exploration in the Orange Basin.

These discoveries underscore the size and potential of the Orange Basin, with substantial deposits likely extending into South Africa. Block 1 is located on the maritime border of South Africa and Namibia, in close proximity to blocks held by Shell, Galp and TotalEnergies. The block is also situated by the Kudu Development Project – Namibia’s inaugural natural gas project with 1.3 trillion cubic feet of reserves. Kudu is poised to be a gamechanger for the country, providing low-cost power and fuel while laying the foundation for gas-driven economic growth. As such, Block 1’s proximity means that the asset could likely yield similar developments and the Eco (Atlantic) acquisition is the first step towards realizing this goal.

“The Orange Basin has emerged as one of the most promising offshore plays worldwide in recent years. Exploratory success on the Namibian side of the basin shows strong potential for the South African side, and while exploration in this area has been slow to date, the recent farm-in by Eco (Atlantic) is poised to reverse this trend. The AEC has long-advocated for the need to advance drilling efforts in Africa and the Orange Basin stands to play a transformative role in the region’s energy landscape,” stated NJ Ayuk, Executive Chaiman of the AEC. “We look forward to witnessing commercial success across Block 1 and commend Eco (Atlantic) for their commitment to unlocking the potential of this asset.”

Distributed by APO Group on behalf of African Energy Chamber.

Events

As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Business

Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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