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Eco (Atlantic) Oil and Gas Ltd. Announces Audited Results for the Year Ended 31 March 2025
Audited Results for the Year Ended 31 March 2025 and Operational Update TORONTO, ON / ACCES...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd. Announces Audited Results for the Year Ended 31 March 2025Audited Results for the Year Ended 31 March 2025 and Operational Update TORONTO, ON / ACCESS Newswire / July 30, 2025 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce its audited results for the year ended 31 March 2025.Highlights:Financials (as at 31 March 2025)The Company had cash and cash equivalents of US$4.7 million and no debt as at 31 March 2025.The Company had total assets of US$21.6 million, total liabilities of US$1.2 million and total equity of US$20.4 million as at 31 March 2025.Post-period endFollowing completion of the Block 3B/4B farm-down offshore South Africa in 2024, Eco has received an initial milestone payment of US$8.3 million from its JV partners in August 2024. An additional US$11.5 million in two tranches is expected between Q4 2025 and Q2 2026 under the terms of the same agreement upon Environmental Impact Assessment and spudding of a first well.Operations:South AfricaSouth Africa Portfolio Rationalisation -on December 11, 2024 the Petroleum Agency South Africa(PASA) confirmed Closure Certificate and full relinquishment of Block 2B in South Africa where Eco drilled the Gazania 1 well, previously announced June 5, 2024.Block 1Post-period endOn May 6, 2025 Eco completed the acquisition of Block 1's extensive subsurface data set from the PASA, which includes: Two 3D seismic surveys covering a combined 3,500 km² (2,000 km² and 1,500 km²), over 20,000 line kilometres of 2D seismic data and well logs from three past exploration wells drilled on the block.On June 5, 2024, Eco announced acquisition of a 75% interest in Block 1 Offshore South Africa Orange Basin; with the governmental title award and the Exploration Right and Operatorship having been received on June 4, 2025.Eco's G&G team is busy preparing the seismic interpretation and targets selection and the Company is planning to open a farm out process and data room in Q3 2025.Block 3B/4BEnvironmental Authorization was granted by the Department of Mineral Resources and Energy for the Republic of South Africa on September 16, 2024. The legislative notification and appeals process was carried out with the relevant regulatory agencies and the Bl...