Eco Atlantic Oil & Gas

Eco is proud of the role it plays in Africa’s oil and gas exploration industry. The Company’s work on important community projects in the Northern Cape and West Coast and Eco’s portfolio were discussed by Alice Carroll, our Head of Corporate Sustainability, who spoke at AOW: Investing in African Energy this week, on a panel focused on Empowering Women in the Energy Transition.

'Namibia is probably one of the best jurisdictions to work in the oil industry' - Gil Holzman, CEO As interest in #Namibia's extensive hydrocarbon reserves and #offshore acreage continues to grow, the country has shown exemplary standards in laying out the necessary regulatory frameworks to maximise the potential of these resources. #ECO CEO Gil Holzman spoke with Global Business Reports (GBR) as part of its Africa Energy 2024 report, highlighting how the Company is at the forefront of exploration efforts in Namibia and how the country has established itself as a leading jurisdiction in the oil industry. Find Gil's interview on page 91 via the following link: https://lnkd.in/eHnNnN5p

#ECO announces its results for the three-month period ended 30 June 2024. Gil Holzman, Eco CEO: "We continued to make significant progress across our asset base during the period. On Block 3B/4B, we announced the completion of Eco's farm-out agreement with TotalEnergies and QatarEnergy, which will see Eco receiving US$8.3 million now and additional US$11.5m in the future while maintaining a material fully carried interest in the Block. "We also announced Eco's transaction with AOI, where the Company sold a 1% interest in Block 3B/4B in exchange for cancellation of all of Africa Oil's shares and warrants in Eco amount to 15% of the company. Eco continues to possess significant upside potential and exposure to assets in the Orange Basin offshore South Africa a hugely exciting region for hydrocarbon prospectivity. "Our active farm-out processes in both Namibia and Guyana have seen Eco actively engaged with a number of potential high-calibre partners as we work to monetise these licences as fast as is practically possible for the benefit of all involved. We look forward to providing updates on material developments to all our stakeholders over the coming months.” Find the full announcement here: https://lnkd.in/esdT4HF4

#ECO is pleased to announce the completion of a farm down of a 13.75% Participating Interest in Block 3B/4B offshore South Africa (“the Block”) and Transfer of Operatorship of the Block to TotalEnergies, who will become the operator, and QatarEnergy. Eco now holds a 6.25% interest in Block 3B/4B. Gil Holzman, CEO of Eco: “I am grateful to the Eco team and our advisors for their support in completing this transaction. We look forward to continuing our strong working relationship with all the JV partners, the South African Government, and the new Operator TotalEnergies. Block 3B/4B sits in a prolific hydrocarbon jurisdiction and we are excited to continue preparations for first drilling on the block under the leadership of TotalEnergies. “Completion of the transaction further strengthens Eco’s balance sheet and enables us to focus and continue progressing our wider work programmes and farm out processes in Eco’s asset portfolio in Guyana and Namibia, with no shareholder dilution.” Find the full announcement here: https://lnkd.in/g7xzWiqd (Dr Tshepo Mokoka, Petroleum Agency SA (PASA) CEO, and Gil Holzman, Eco Atlantic CEO)

Eco announces an agreement to sell a 1% interest in Block 3B/4B South Africa in exchange for cancellation of all of Africa Oil’s shares and warrants in Eco, alongside a wider corporate update.   Gil Holzman, Co-founder and Chief Executive Officer, commented: “We are very pleased to announce this transaction with Africa Oil, which follows our proposal to cancel their entire share and warrant position in the company worth C$11M in exchange for a 1% Participating Interest in Block 3B/4B, offshore South Africa. This deal equates to a c.15% reduction in Eco’s overall share count, affording our shareholders a less dilutive exposure to our highly strategic exploration portfolio in Namibia, South Africa and Guyana.   “We thank Africa Oil for their support since 2017 as it enabled Eco to enter new and exciting hydrocarbon territories and conduct exploration campaigns. We look forward to continuing our working relationship as JV Partners on Block 3B/4B.  I’m grateful to my team for reaching this excellent deal, which substantially reduces our share count to the benefit of our investors, whilst retaining exposure to all of our existing assets.   “We continue our focus on conducting exploration campaigns in global hydrocarbon hotspots, such as the Orange basin in South Africa, the Walvis basin in Namibia, and in Guyana, the team is extremely busy working with new licensed data in Namibia, defining additional seismic acquisition areas and leads, and on active farmout processes in both Guyana and Namibia. We look forward to providing further updates to our shareholders over the rest of 2024.”   As a reminder, Eco will provide an Annual Results Investor Update via Investor Meet Company on 30 July 2024 at 14:00 BST.   The full release can be found here: https://lnkd.in/ehxJtEkB

#Eco is pleased to provide an updated presentation, which is available on the Company's website. https://lnkd.in/eVergaJH

#ECO is excited to see Shell's plans to drill up to five wells in the North Cape Ultra Deep licence, located near Eco's acreage offshore South Africa. Interest from supermajors in the Orange Basin and in Namibia in general continues to grow as efforts to commercialise its significant reserves intensify.

#Eco CEO Gil Holzman spoke to Proactive about the Company's exciting farm-in to Block 1 in the Orange Basin offshore South Africa. Watch the interview here: https://lnkd.in/gShjrVEK

Eco Atlantic Announces a Farm In to 20,000km2 Block 1 Offshore Orange Basin South Africa / Namibia Border to hold 75% Operated Interest.   Colin Kinley, COO of Eco: “The Orange Basin continues to prove to be one of the newest and most prolific plays in the world and is running similar statistics to our Guyana play. Following completion of this Farm-in, Eco will have one of the largest blocks in the entire Orange Basin. This is a strategic play for Eco that we have worked on over the past year, focussing on both Oil and Gas potential, and where we believe there are significant near shore prospective gas resources. There are inboard gas discoveries on the block, Kudu to the North, and multiple discoveries in the Ibhubesi field to the South. With the reach of the block some 250km out into the Atlantic, this puts the West end of the Block into highly prospective opportunities for oil being just South and on trend with Shell’s Graff discovery and Galp’s Mopane discoveries, and North of our 3B/4B Block oil targets recently farmed out to TotalEnergies and QatarEnergy.”   The full announcement can be found here: https://lnkd.in/gbKh6w-E

Eco are pleased to have attended the African Energy Chamber #InvestinAfricaEnergy Forum. A big congratulations to NJ Ayuk JD, MBA. and his team for putting on the event, which was well attended, including representatives from multiple African energy ministers and OPEC. The Eco team benefitted from the engaging content on Africa and the superb panels, which featured participants with diverse and cross sector expertise.