Eco (Atlantic) Oil & Gas Ltd. showcased significant advancements in its exploration endeavors, according to the company’s interim results update, with Chief Executive Officer (CEO) Gil Holzman expressing optimism about the firm’s recent developments.
Holzman emphasized the company’s strong financial standing, noting that Eco closed September with US$3.85 million in cash and cash equivalents, ensuring a stable financial position while actively pursuing farm-out efforts to secure new partners for its high-impact portfolio.
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The most notable achievement for Eco was the increase of its stake in the Orinduik block in Guyana to 75%. Holzman revealed that this move has attracted interest from “several multinational oil and gas companies.”
The acquisition of the additional 60% stake in Guyana, which made Eco the block’s operator, was a pivotal aspect of recent trading activities, achieved through a deal with former partner Tullow Oil.
Furthermore, Eco saw considerable progress in South Africa’s Block 3B/4B with the addition of Africa Oil to the venture partnership in July. This partnership involves staged payments of up to US$10.5 million for a 6.25% stake, with a US$2.5 million installment expected before the end of 2023 upon governmental approval.
Simultaneously, Eco is actively seeking additional farm-out opportunities to bolster its prospects in South Africa.
In Namibia, recent drilling successes by third parties have led to heightened industry interest in the region. Eco, possessing a strategic acreage position comprising four license blocks, is actively assessing farm-out opportunities and exploring options to advance its assets commercially and through exploration.
Holzman expressed eagerness about the company’s trajectory, stating, “The last two quarters of 2023 have been a highly active period for us, and we look forward to sharing further updates on the ongoing farm-out workstreams and drilling plans with our stakeholders as and when we are in a position to do so.”
