Eco (Atlantic) Oil & Gas Ltd. has reaffirmed its focus on Guyana, a key area for hydrocarbon exploration, where ExxonMobil has found more than 11 billion barrels of oil equivalent resources since 2015. In its unaudited results for the period ending September 30, 2024, the company highlighted progress across its global portfolio while emphasizing its presence in Guyana’s growing oil sector.
The company said it continues discussions with industry players for farm-out opportunities in the Orinduik Block. “Guyana continues to be an exciting jurisdiction for hydrocarbon exploration and production, and Eco is pleased to have exposure to this ever-growing frontier,” the report noted.
The report said that Eco maintains a strong financial position, with US$7.95 million in cash, no debt, and total equity of US$27.3 million. Recent achievements include receiving US$8.3 million from the farm-down of Block 3B/4B in South Africa, with an additional US$11.5 million expected in 2025.
In South Africa, Eco expanded its Orange Basin portfolio, acquiring a 75% working interest in Block 1 and reducing its stake in Block 3B/4B to 5.25%. It also relinquished Block 2B, deeming it non-core. The company reported strong interest in its licenses in Namibia, where it holds an 85% interest across four blocks, and is evaluating options to advance exploration programs.
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Eco Atlantic’s Chief Executive Officer, Gil Holzman, expressed optimism about ongoing farm-out discussions in Namibia and Guyana, stating the company remains focused on delivering shareholder value through strategic exploration in high-potential regions.
In Guyana, Eco is the sole owner of Orinduik Block but is pursuing a substantial farm-out with as many as nine companies in the running. Eco identified two drill targets in the Orinduik Block to be spud in 12-18 months. The targets – Kumaka and Iatuk – reside in the same zone as ExxonMobil’s Liza discoveries.
The company had been a minority partner until Tullow (former operator) left by selling its Guyana affiliate to Eco. TotalEnergies and QatarEnergy also handed over a stake they had held as a joint venture. Two heavy oil discoveries were made at the block in 2019 – Jethro and Joe. Eco said studies indicated that there is enough proven oil there to make development profitable.
