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Eco (Atlantic) Oil and Gas Ltd. Announces Results for Three & Six Months Ended 30 Sept 2024
TORONTO, ON / ACCESSWIRE / November 27, 2024 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX&...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd. Announces Results for Three & Six Months Ended 30 Sept 2024TORONTO, ON / ACCESSWIRE / November 27, 2024 / 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 unaudited results for the three and six month periods ended 30 September 2024.Highlights:FinancialsThe Company had cash and cash equivalents of US$7.95 million and no debt as at 30 September 2024.The Company had total assets of US$28.74 million, total liabilities of US$1.44 million and total equity of US$27.3 million as at 30 September 2024.Following completion of the farm down of Block 3B/4B offshore the Republic of South Africa, as announced on 28 August 2024, Eco has received the first payment of US$8.3 million from the JV partners as part of the milestone payments agreed in the 3B/4B Transaction. An additional $11.5 million is expected to be received by the Company during 2025 when the next milestones are reached.Operations:South AfricaBlock 1On 5 June 2024, Eco announced the acquisition of Block 1 Offshore South Africa Orange Basin. Through its 100% owned subsidiary Azinam South Africa Limited (\"Azinam South Africa\"), the Company will farm-in and acquire a 75% Working Interest (\"WI\") from Tosaco Energy (Proprietary) Limited (\"Tosaco\") and will become Operator of a new Exploration Right (the \"Block 1Acquisition\").Block 3B/4BOn 29 July 2024, the Company announced the signing of an agreement to sell a 1% interest in Block 3B/4B South Africa in exchange for cancellation of all of Africa Oil's shares and warrants in Eco (worth C$11.5 million). Upon Completion, Eco, which currently holds a 6.25% interest in Block 3B/4B, will hold a fully carried 5.25% interest in Block 3B/4B Offshore South Africa. Accordingly, the number of shares of the company will be reduced from 370,173,680 to only 315,231,936 shares.On 28 August 2024, the Company announced the completion of a farm down of the previously announced 13.75% Participating Interest in Block 3B/4B offshore the Republic of South Africa and the Transfer of Operatorship of the Block after receipt of the requisite regulatory approvals (Section 11) from the government of South Africa.Block 2BThe Company is relinquishing its 50% WI Operated offshore Block 2B in South Africa where...