Eco (Atlantic) Oil & Fuel Ltd., an exploration firm specializing in the offshore Atlantic Margins, has reported a internet lack of $1.63 million and $2.76 million for the three and 6 months ended September 30, 2024, respectively.
The corporate’s losses widened from $965,000 and $1.68 million for the corresponding intervals a yr prior.
The corporate stated it has began receiving funds from its farm-down of Block 3B/4B off South Africa.
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“We’re happy with the continued operational and monetary progress achieved in latest months. Following the completion of the farm-down of Block 3B/4B, we obtained a cost of $8.3 million from our JV companions, with the potential for Eco to obtain an additional $11.5 million in 2025, topic to sure milestones being achieved on Block 3B/4B. This demonstrated our dedication to unlocking worth from our South African portfolio whereas sustaining publicity to the extremely potential Orange Basin”, Gil Holzman, President and Chief Govt Officer of Eco stated.
The corporate additionally bought a one p.c curiosity within the block in change for the cancellation of all of Africa Oil’s shares and warrants in Eco, valued at CAD11.5 million ($8.2 million). As soon as the transaction is accomplished, Eco will maintain a 5.25 p.c curiosity in Block 3B/4B Offshore South Africa, it stated.
Eco stated that in June it acquired a 75 p.c working curiosity in Block 1 offshore the South African Orange Basin from Todaco Power (Proprietary) Ltd. and can turn out to be the operator of a brand new Exploration Proper.
The corporate additionally stated it’s relinquishing its 50 p.c working curiosity in Block 2B in South Africa, because it considers the block a non-core asset.
Eco stated it’s persevering with the multi-block farm-out course of in Namibia for all or a part of its 4 offshore Petroleum Exploration Licenses (PEL): 97, 98, 99, and 100. Eco holds operatorship and an 85 p.c working curiosity in every PEL representing a mixed space of 28,593 km2 (11,040 sq. miles) within the Walvis Basin.
“Eco additionally elevated its publicity to South Africa’s Orange Basin rising offshore power acreage by means of the acquisition of a 75 p.c working curiosity in Block 1, whereas taking the strategic determination to relinquish Block 2B. Each of those developments additional point out Eco’s means to take strategically prudent selections to maximise the corporate’s publicity to thrilling jurisdictions”, Holzman stated. “With lively farm-out discussions ongoing in Namibia and Guyana, we’re well-positioned to capitalize on excessive ranges of curiosity from potential companions in these thrilling exploration areas. We stay dedicated to delivering worth for our shareholders and look ahead to sharing additional updates within the months forward”.
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