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LONDON - Eco Atlantic Oil & Gas Ltd. (AIM:ECO, TSX-V: EOG) reported $4.7 million in cash and no debt as of March 31, 2025, according to its audited annual results released Wednesday.
The oil and gas exploration company, which focuses on offshore Atlantic Margins, reported total assets of $21.6 million and total equity of $20.4 million for the fiscal year.
Following the completion of a Block 3B/4B farm-down offshore South Africa in 2024, Eco received an initial milestone payment of $8.3 million from joint venture partners in August 2024. The company expects an additional $11.5 million in two tranches between Q4 2025 and Q2 2026 under the same agreement.
In South Africa, Eco completed the acquisition of Block 1’s subsurface data set on May 6, 2025, which includes two 3D seismic surveys covering 3,500 km², over 20,000 line kilometers of 2D seismic data, and well logs from three past exploration wells. The company acquired a 75% interest in Block 1 and received governmental title award and exploration rights on June 4, 2025.
For Block 3B/4B, Environmental Authorization was granted by South Africa’s Department of Mineral Resources and Energy in September 2024, with final ministerial decision pending.
In Namibia, Eco purchased the license to 1,324 km of existing 2D seismic survey in the Tamar Block area in August 2024. The company holds operatorship and an 85% working interest in four offshore Petroleum Exploration Licences representing a combined area of 28,593 km² in the Walvis Basin.
The company continues farm-out processes for both its Namibian assets and the offshore Orinduik Block in Guyana.
According to the financial statement, Eco Atlantic reported a net loss of $2.28 million for the year ended March 31, 2025, compared to a net loss of $21.14 million in the previous year.
The information was provided in a company press release statement.
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