Eco (Atlantic) Oil & Gas Ltd. the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce its audited results for the year ended 31 March 2025 .
Highlights:
Financials (as at 31 March 2025 )
· The Company had cash and cash equivalents of US$4.7 million and no debt as at 31 March 2025 .
· The Company had total assets of US$21.6 million , total liabilities of US$1.2 million and total equity of US$20.4 million as at 31 March 2025 .
Post-period end
· Following completion of the Block 3B/4B farm-down offshore South Africa in 2024, Eco has received an initial milestone payment of US$8.3 million from its JV partners in August 2024 . An additional US$11.5 million in two
Operations:
South Africa
· South Africa Portfolio Rationalisation - on December 11, 2024 the Petroleum Agency South Africa (PASA) confirmed Closure Certificate and full relinquishment of Block 2B in South Africa where Eco drilled the Gazania 1 well, previously announced June 5, 2024 .
Block 1
Post-period end
· On May 6, 2025 Eco completed the acquisition of Block 1's extensive subsurface data set from the PASA, which includes: Two 3D seismic surveys covering a combined 3,500 km² (2,000 km² and 1,500 km²), over 20,000 line kilometres of 2D seismic data and well logs from three past exploration wells drilled on the block.
· On June 5, 2024 , Eco announced acquisition of a 75% interest in Block 1 Offshore South Africa Orange Basin ; with the governmental title award and the Exploration Right and Operatorship having been received on June 4, 2025 .
· Eco's G&G team is busy preparing the seismic interpretation and targets selection and the Company is planning to open a farm out process and data room in Q3 2025.
Block 3B/4B
· Environmental Authorization was granted by the Department of Mineral Resources and Energy for the Republic of South Africa on September 16, 2024. The legislative notification and appeals process was carried out with the relevant regulatory agencies and the Block JV Partners await imminent final Minister decision on the Environmental Authorisation.
· August 28, 2024 Completion of a previously announced farmout agreement in which the Company reduced its interest in Block 3B/4B by 13.75%, after receipt of the requisite regulatory approvals (Section 11) from the government of South Africa . On completion Eco received an aggregate of $8.3 million. Further details can be found in the South Africa section below.
· On January 13, 2025 completion of previously announced July 29, 2024 , transaction with Africa Oil for the sale of a 1% Participating Interest in Block 3B/4B, including the associated Exploration Right and Joint Operating Agreement rights in return for a full cancellation of Africa Oil's shares and warrants held in Eco (amount to ~16% of the Company's issued capital).
Namibia
· In August 2024 , the Company purchased the license to 1,324 km of existing 2D seismic survey in the Tamar Block area (PEL 100), technical evaluation and interpretation to define additional seismic acquisition areas within the Block, along with new leads and prospects.
· A multi-block farmout process remains underway for all or part of Eco's four offshore Petroleum Exploration Licences ("PEL"): 97, 98, 99, and 100. Eco holds Operatorship and an 85% Working Interest in each PEL representing a combined area of 28,593 km2 in the Walvis Basin .
Guyana
· An active farmout process continues for the offshore Orinduik Block. Eco was encouraged to note the recent news from neighbouring Stabroek block, where the Operator ExxonMobil is planning for a seventh development at the Hammerhead discovery.
Gil Holzman , President and Chief Executive Officer of Eco Atlantic , commented:
"The year to 31 March 2025 was highly active and saw Eco deliver progress across its existing portfolio, in addition to the Company adding new and exciting exploration assets into the fold.
In South Africa , we continue to work with our Joint Venture Partners on Block 3B/4B, in order to undertake a drilling campaign as soon as is practically possible. We are currently awaiting the final environmental permits from the South African government agencies and will update our stakeholders on the likely timings in due course. On Block 1, we have already received early, informal, interest from a number of parties and we plan to launch a formal farm out process towards the end of August 2025 . We have acquired all existing 3D and 2D seismic surveys previously shot on the block and we are busy with the initial interpretation, including the mapping of all oil and gas targets and leads. The Orange Basin has become one of the most attractive exploration destinations for global oil and gas companies, so we are excited about what the future has in store for Block 3B/4B and Block 1.
Guyana continues to be one of the most prolific hydrocarbon regions in the world, and our farm-out process for the Orinduik Block remains ongoing, including a reassessment by our team of the Jethro discovery parameters.
The remainder of 2025 and into 2026 has the potential to be a highly exciting period for Eco. We have farm-out processes underway, data analysis ongoing and a drilling campaign to plan for. All of which has the potential to deliver significant value for all of Eco's stakeholders in due course."
The Company's audited financial statement for the year ended 31 March 2025 is available for download on the Company's website at www.ecooilandgas.com and on Sedar at www.sedar.com.