Press Release

Eco (Atlantic) Oil & Gas Full Year Results and Operational Update

Bnamericas Published: Monday, August 01, 2022

Eco (Atlantic) Oil & Gas release

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce its results for the year ended 31 March 2022.

Results Highlights:


·    As at 31 March 2022, the Company had cash and cash equivalents of US$3,403,885 and no debt.

·    As at 31 March 2022, the Company had total assets of US$45.9 million, total liabilities of US$5.6 million and total equity of US$40.2 million.

·    In April and June 2022, post period end, Eco successfully raised combined gross proceeds of US$37.8 million to fund its ongoing workstreams, with the Company's cash balance as at 29 July 2022 being US$37.7 million.


·    During the period, Eco announced a number of strategic acquisitions and/or investments in line with the Company's strategy to expand its high impact exploration portfolio and deliver stakeholder value:

o  The acquisition of 100% of Azinam Group Limited ("Azinam"), including Azinam's entire offshore asset portfolio in Orange Basin South Africa and Namibia, in return for a 16.5% equity stake in the enlarged Group. This transaction completed on 11 March 2022 and was formally approved by the TSXV on 11 May 2022.

o  The acquisition of an additional 6.25% Participating Interest in Block 3B/4B, Orange Basin offshore South Africa, for a consideration of US$10 million, which would provide the Company with a total 26.5% interest in the Block. The Company is awaiting satisfaction of the conditions precedent to completion of this transaction, including regulatory approval, and further announcements will be made in due course.

o  On 14 March 2022, the strategic acquisition of JHI Associates Inc. ("JHI"), including JHI's 17.5% Working Interest ("WI") in the Canje Block offshore Guyana, was announced, however, on 14 June 2022 this transaction was terminated,. Eco remains a significant shareholder in JHI with a holding of 7.3% (with an option to increase its shareholding to 11%).


·    On 21 March 2022, Eco announced an updated Competent Person's Resource Report ("CPR") on its assets offshore Guyana, Namibia and South Africa.

·    The report highlights Attributable Best Estimate, Prospective Resources:

o  Guyana (Orinduik Block) - Net to Eco 681 mmbbls Oil and 544 BCF Gas

o  South Africa (Blocks 2B & 3B/4B) - Net to Eco 864 mmbbls Oil and 309 BCF Gas

o  Namibia (4 Blocks) - Net to Eco 6,705 mmbbls Oil and 6,565 BCF Gas 

·    Further details of the CPR can be found on the Company's website.

The full release is available here.

Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.

Subscribe to Latin America’s most trusted business intelligence platform.

Other projects in: Oil & Gas

Get critical information about thousands of Oil & Gas projects in Latin America: what stages they're in, capex, related companies, contacts and more.

  • Project: Block 192
  • Current stage: Blurred
  • Updated: 3 weeks ago
  • Project: Field Frade
  • Current stage: Blurred
  • Updated: 3 weeks ago
  • Project: Block Z-57
  • Current stage: Blurred
  • Updated: 3 weeks ago

Other companies in: Oil & Gas

Get critical information about thousands of Oil & Gas companies in Latin America: their projects, contacts, shareholders, related news and more.