Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) told investors it had US$5.8mln of cash and equivalents at the end of 2021, and, it has made a positive and busy start to 2022.
The AIM-quoted company this morning released results for the third quarter and nine-months ended December 31. It highlighted a business with around US$19mln of assets, and, a portfolio stacked with opportunity across oil and gas exploration in southern Africa and South America, as well as emerging renewable energy opportunities.
"I am excited about the positive and busy start to the year we have made,” said chief executive Gil Holzman.
“We announced a transformational deal with the purchase of Azinam's offshore acreage, which will add to our highly strategic acreage position in Namibia and allow us entry into Orange Basin, South Africa.
“Two important large discoveries offshore Namibia has already been announced this year on trend with our new Orange basin blocks, and our team is working hard on the upcoming drilling campaign on Block 2B in H2 2022 and furthering their technical understanding on Block 3B4B which is geologically on same pathway with Graff-1 and Venus-1.”
Holzman added: "Eco continues to assess both asset and corporate opportunities, as well as a number of meaningful catalysts that have the potential to deliver value for all stakeholders, and we look forward to updating the market further in due course."
In regard to corporate transactions, the period include two key highlights – a deal to increase Eco’s interest in JHI, which is partnered with Exxon offshore Guyana, and a US$2mln divestment of a stake in the Kozani photovoltaic park project in Greece which resulted in 25% margin to Eco, which sees consideration funds paid to Eco before the end of this month.
Offshore Guyana, the company said it continues to work closely with its JV Partners on the Orinduik Block with regard to carrying out further drilling activity on the licence as soon as practically possible – at least one light oil cretaceous stacked targets are expected to be drilled – meanwhile through its stake in JHI it continues to be associated by Exxon’s prolific exploration in the region.
In Namibia, meanwhile, the company has some 28,593 square kilometres with estimates putting prospective resources at some 2.36bn barrels, in strategic locations, and in light of recent third-party discoveries in the region there’s said to be “considerable interest” in Namibia, from multiple international oil companies.
Elsewhere, offshore South Africa, it has interests in acreage in the Orange Basin which is expected to include an exploration well in the second half of 2022.