ECO (ATLANTIC) OIL & GAS LTD. has released its unaudited results for the three and nine months ended 31 December 2023, along with a corporate and operational update. As of 31 December 2023, the company had cash and cash equivalents of US$2.2 million and no debt, with total assets of US$49.9 million, total liabilities of US$1.6 million, and total equity of US$48.3 million.
In South Africa, Eco has applied for a Production Right Application to the Petroleum Agency for Block 2B and is actively progressing a farm out for a two-well drilling campaign on Block 3B/4B. The company's wholly owned subsidiary, Azinam Limited, received final government approval for the farm out of its 6.25% Participating Interest in Block 3B/4B to Africa Oil Corp.
In Namibia, Eco continues to receive significant interest in its strategic acreage position and is assessing farm out opportunities with its four licenses in the region. In Guyana, the company received approval for the transfer of 60% Working Interest and Operatorship in the Orinduik Block and became the Operator of the Orinduik Block, holding a 75% Participating Interest following the acquisition of Tullow Guyana B.V.
Eco Orinduik gave notice to the Minister of Natural Resources of the Cooperative Republic of Guyana to enter the Second Phase of the Second Renewable Period of the Orinduik License, resulting in Eco holding 100% WI in the Block. The company's President and CEO, Gil Holzman, expressed optimism about the progress made across all assets within the exploration portfolio and highlighted the strengthened position in Guyana and Namibia.
The financials as at 31 December 2023 show the company's balance sheet, income statements, and cash flow statement. The balance sheet indicates current assets of US$2,333,148 and non-current assets of US$47,564,140, with total assets amounting to US$49,897,288. The liabilities stand at US$1,598,765, and the equity at US$48,298,523.
The company remains optimistic about the potential for the remainder of 2024, with exciting opportunities across its exploration portfolio and a strengthened position in key regions such as Guyana and Namibia.