Business
Eco (Atlantic) Oil and Gas Ltd. Announces Results for Three-Month Period Ended 30 June 2025
Results for the Three-Month Period Ended 30 June 2025 Appointment of CFO TORONTO, ONTAR...
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 2025Results for the Three-Month Period Ended 30 June 2025Appointment of CFO TORONTO, ONTARIO / ACCESS Newswire / September 1, 2025 / 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 2025, and the appointment of Gadi Levin as Chief Financial Officer (\"CFO\").Highlights:FinancialThe Company had cash and cash equivalents of US$3.6 million and no debt as at 30 June 2025.The Company had total assets of US$20.4 million, total liabilities of US$1.5 million and total equity of US$19.0 million as at 30 June 2025.All warrants in the Company have now been cancelled or expired, with no warrants outstanding.The company is due to receive additional $11.5m from Block 3B/4B JV partners upon reaching certain milestones.South AfricaBlock 1Further to the Company's announcement on 5 June 2024 detailing Eco's acquisition of a 75% interest in Block 1 Offshore South Africa Orange Basin, Eco received the Governmental Title Award and the Exploration Right and Operatorship, as announced on 4 June 2025.Block 3B/4BOn 13 January 2025, Eco announced the completion of the transaction with Africa Oil Corp. now Meren Energy Inc. for the sale of a 1% Participating Interest in Block 3B/4B in exchange for the cancellation of its 54,941,744 shares and 4,864,865 warrants in Eco (valued at ~C$11.3 million). All warrants have now been cancelled or expired, with no warrants outstanding.The company is due to receive additional $11.5m from Block 3B/4B JV partners upon reaching certain milestones.NamibiaThe Company is witnessing considerable interest in its licenses in Namibia and is currently assessing options to progress its exploration work programs amid a potential farm-out.GuyanaThe Company remains engaged in an active farmout process for the Orinduik Block and is evaluating the Jethro and Joe heavy oil discoveries to determine the appropriate appraisal approach.CFO AppointmentEco's long-standing CFO Alan Rootenberg has announced his retirement, having worked with the Company since 2011. The Company would like to thank Alan for his efforts during his time at Eco and wishes him well in his retirement.Eco is...