Eco (Atlantic) Oil & Gasoline Ltd. has reported a web lack of $1.13 million for the three months ended June 30, 2024. Based on its newest monetary report, the corporate had money and money equivalents of $1.185 million and no debt as of 30 June 2024.
“We continued to make vital progress throughout our asset base in the course of the interval. On Block 3B/4B, we introduced the completion of Eco’s farm-out settlement with TotalEnergies and QatarEnergy, which can see Eco receiving US$8.3 million now and a further $11.5m sooner or later whereas sustaining a fabric totally carried curiosity within the Block”, Gil Holzman, President and Chief Govt Officer of Eco Atlantic, mentioned.
“We additionally introduced Eco’s transaction with AOI, the place the Firm offered a 1 p.c curiosity in Block 3B/4B in alternate for cancellation of all of Africa Oil’s shares and warrants in Eco quantity [sic] to fifteen p.c of the corporate. Eco continues to own vital upside potential and publicity to belongings within the Orange Basin offshore South Africa, a massively thrilling area for hydrocarbon prospectivity”, Holzman mentioned.
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In the meantime, Eco Atlantic has farmed into Block 1 within the South Africa Orange Basin, securing a 75 p.c working curiosity and changing into the operator.
The corporate is finishing a multi-block farm-out in Namibia for all or a part of Eco’s 4 offshore Petroleum Exploration Licenses: 97, 98, 99, and 100. An lively farm-out course of continues for the offshore Orinduik Block in Guyana.
“Our lively farm-out processes in each Namibia and Guyana have seen Eco actively engaged with quite a few potential high-caliber companions as we work to monetize these licenses as quick as is virtually attainable for the advantage of all concerned”, Holzman mentioned.
To contact the writer, electronic mail andreson.n.paul@gmail.com
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