Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) chief executive Gil Holzman told investors he’s pleased with the explorer’s progress in recent months, and that the firm is “well placed” to pick up a partner for its ventures.
"With active farm-out discussions ongoing in Namibia and Guyana, we are well-positioned to capitalise on high levels of interest from potential partners in these exciting exploration regions,” chief executive Gil Holzman said in today’s quarterly results statement.
“We remain committed to delivering value for our shareholders and look forward to sharing further updates in the months ahead."
The pre-revenue exploration company, in its mandatory quarterly report, noted it had US$7.95 million of cash and no debt at the end of September, while its assets valuation stood at US$28.74 million.
During the period, Eco received US$8.30 million as part of a milestone payment under its Block 3B/4B transaction in South Africa, and a further US$11.50 million is expected during 2025 as further milestones are reached.
At the same time, Eco is advancing its portfolio of pre-drill exploration assets in high-profile oil frontiers with other partnerships sought to help cover the cost of planned wells.
"We are pleased with the continued operational and financial progress achieved in recent months,” Gil Holzman said in the statement.
“[The Block 3B/4B payments] demonstrated our commitment to unlocking value from our South African portfolio while maintaining exposure to the highly prospective Orange Basin," he added.
Eco also increased its exposure to South Africa's Orange Basin growing offshore energy acreage through the acquisition of a 75% working interest in Block 1, while taking the strategic decision to relinquish Block 2B.
“Both of these developments further indicate Eco's ability to take strategically prudent decisions to maximise the company's exposure to exciting jurisdictions.”
In Namibia, the company continues farm-out discussions for its four offshore licenses, and, in Guyana, efforts to secure a farm-out for the Orinduik Block are ongoing amidst continuing interest in the region.