Plans to drill a much anticipated wildcat offshore South Africa's west coast this year have firmed up after the new operator stumped up its share of the money for the probe.

Targeting some 350 million barrels of potential resources, the Gazania-1 well will be drilled in the highly promising Orange basin where — in Namibia waters — TotalEnergies and Shell made their huge Venus and Graff discoveries

Toronto-listed well partner Africa Energy said that Eco Atlantic has deposited about US$20 million in escrow to support its capital expenditure requirements for the Gazania-1 well on Block 2B after closing its acquisition of Azinam.