Eco (Atlantic) Oil & Gas Ltd. has released its audited results for the year ended 31 March 2024, showcasing a strong financial position with cash and cash equivalents of US$2.97 million and no debt. Following a reduction in costs, the company's cash position is approximately US$1.5 million. Eco is set to receive a first tranche of US$8.3 million in August 2024, resulting in a cash and cash equivalents position of around US$10 million.
In South Africa, Eco announced a Farm-In into Block 1 Offshore South Africa Orange Basin, acquiring a 75% Working Interest from Tosaco Energy (Proprietary) Limited. The company also signed a farm-out transaction with TotalEnergies EP South Africa B.V. and QatarEnergy International E&P LLC for Block 3B/4B, retaining a 13.75% Participating Interest. Additionally, Eco relinquished its 50% WI Operated offshore Block 2B and is actively pursuing a multi-block farmout process for its four offshore Petroleum Exploration Licences in Namibia.
The company is also engaged in an active farmout process for the offshore Orinduik Block in Guyana. Eco's President and Chief Executive Officer, Gil Holzman, expressed optimism about the progress made across the asset portfolio and the active farm-out processes in Namibia and Guyana. The company is focused on eliminating a c.16% overhang in Eco's shares through a recent agreement with Africa Oil, which will enhance its financial position and operational flexibility.