Eco (Atlantic) Oil & Gas Ltd said its plans for the Orinduik Block, where it is to become the majority shareholder and operator, are to attract new partners to join the licence and proactively engage in drilling.
Currently, it has a 15% holding in the offshore Guyana block that contains Orinduik, but that will rise to 60% following completion of the acquisition of Tullow Oil's stake.
In South Africa, Eco said it had received the first US$2.5 million from Africa Oil from the farm-out of a further 6.25% of Block 3B/4B.
In Namibia, the company said it is assessing farm-out possibilities for its four licences.
Gil Holzman, chief executive, said: "Our Q1 results serve as an important opportunity to remind investors of the strategic work which is happening across all areas of the portfolio.”
Losses for the three months to the end of June 2023 were US$717,000 (US$2.7 million) with net cash of US$2.5 4 million as of 30 August.