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Eco (Atlantic) Oil and Gas Ltd. Announces Results for Three-Month Period Ended 30 June 2024
TORONTO, ON / ACCESSWIRE / August 30, 2024 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX&#x...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd. Announces Results for Three-Month Period Ended 30 June 2024TORONTO, ON / ACCESSWIRE / August 30, 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-month period ended 30 June 2024.Highlights:FinancialsThe Company had cash and cash equivalents of US$1.185 million and no debt as at 30 June 2024.The Company had total assets of US$29.65 million, total liabilities of US$0.791 million and total equity of US$28.859 million as at 30 June 2024.Post-period endFollowing the completion of a farm down of a 13.75% Participating Interest in Block 3B/4Boffshore the Republic of South Africa, as announced on 28 August 2024, Eco is due to receive now US$8.3million from the JV partners as part of the milestone payments agreed in the 3B/4B Transaction. This is expected to give Eco a cash and cash equivalents position of over US$9 million on receipt, expected in early September 2024.Operations:South AfricaBlock 1 (post-period end)On June 5, 2024, Eco announced the Farm-In into Block 1 Offshore South Africa Orange Basin. Through Azinam South Africa, the Company will farm-in and acquire a 75% working interest (\"WI\") from Tosaco Energy (Proprietary) Limited (\"Tosaco\") and will become operator of a new exploration right.Block 3B/4BIn July 2024, Eco signed an agreement to sell a 1% interest in Block 3B/4B in exchange for cancellation of all of Africa Oil's (\"AOI\") shares and warrants in Eco (worth approximately C$ 11.5m at the time of agreement). Upon Completion of the transaction, Eco will hold a fully carried 5.25% interest in Block 3B/4B Offshore South Africa, reducing from the current 6.25%. Closing is expected to occur in Q4 2024.Post-period endOn August 28, 2024, the Company announced the completion of a farm down of a 13.75% Participating Interest in Block 3B/4Boffshore the Republic of South Africaand Transfer of Operatorship of the Block after receipt of the requisite regulatory approvals (Section 11) from the government of South Africa. Eco now holds a 6.25% interest in Block 3B/4B.Further to the Company's announcement on 6 March 2024 detailing the Farmout Agreement (\"FOA\"), Azinam Limited, Eco's wholly owned subsidiary, has farmed down a 13.75% Particip...