Eco (Atlantic) Oil & Gas Ltd the oil and gas exploration company focused on the offshore Atlantic Margins, has announced its results for the three months ended 30 June 2022. In addition, the Company is notifying the market of an investor event to be held on 19 September 2022, details of which can be seen below.  This announcement followed the recently published Full Year Results and Operational Update announced on 1 August 2022.

Q1 Highlights:

Financials (as at 30 June 2022)

·The Company had cash and cash equivalents of US$38,753,695, and no debt.

·The Company had total assets of US$79.8 million, total liabilities of US$5.9 million and total equity of US$73.9 million.

Corporate:

· Two successful equity fundraises raising combined gross proceeds of US$37.8 million to fund its ongoing workstreams, including the upcoming drilling of the Gazania-1 well on Block 2B, offshore South Africa, and further G&G work across the entire portfolio.

·Completion of acquisition of 100% of Azinam Group Limited (“Azinam”), including Azinam’s entire offshore asset portfolio in Orange Basin South Africa and Namibia, in return for a 16.5% equity stake in the enlarged Group.

· Acquisition, subject to completion, of an additional 6.25% Participating Interest in Block 3B/4B, Orange Basin offshore South Africa, for a consideration of US$10 million.

Operations:

South Africa

·Post period end, the Island Innovator rig, owned by Island Drilling Company AS, was mobilised ahead of the spud of the Gazania-1 well on Block 2B, in Orange Basin South Africa.

· The rig is currently offshore Spain heading to Las Palmas for refuelling and expected to arrive at the drilling location by the end of September 2022, subject to weather conditions.  The Gazania-1 prospect is targeting a 300 million barrels light oil resource.

Namibia

·Following recent significant hydrocarbon discoveries offshore Namibia, Eco continues to assess options for progressing exploration and commercial activity on its acreage.

·Post period end, Eco announced Joint Operating Agreements with NAMCOR, the National Petroleum Corporation of Namibia, regarding to the Company’s four operated offshore Petroleum Licence (“PEL”) interests in Namibia, being PEL 97 (Cooper), PEL 98 (Sharon), PEL 99 (Guy), and PEL 100 (Tamar).

Guyana

· Eco and its JV partners remain committed to further drilling on the Orinduik Block and continue assessing opportunities to drill at least two exploration wells into the light oil cretaceous targets as soon as practical.

Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented: 

“Today’s update follows the detailed corporate and operations update provided earlier this month.  However, our Q1 results serve as an important opportunity to remind investors of the significant near-term catalysts that we see across our entire Atlantic Margin portfolio, with near-term high impact drilling offshore South Africa, significant interest in our Namibian portfolio and plans taking shape with regards to our strategy for value accretion offshore Guyana, the outlook has never been more positive. 

“We are very pleased to invite current and potential investors to meet with our Board and management team at a shareholder event on 19 September 2022 in London and for those not able to attend in person we hope you can make the live webinar on 20 September 2022.  We look forward to updating investors on our plans and answering any questions.  We would encourage those who are able to do so to attend and learn more about our highly strategic acreage across the world’s most attractive exploration hot spots.”

The Company’s unaudited financial results for the three months ended 30 June 2022, together with Management’s Discussion and Analysis as at 30 June 2022, are available to download on the Company’s website at www.ecooilandgas.com and on Sedar at www.sedar.com.