TORONTO, ON / ACCESS Newswire / February 27, 2025 / Eco (Atlantic) Oil & Gas Ltd. AIM:ECO)(TSX‐V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce its results for the three and nine months ended 31 December 2024.
Guyana
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
“We continue advancing Eco’s promising exploration licenses in key hydrocarbon regions. During the period, we completed our transaction with Africa Oil on Block 3B/4B, securing significant exposure to a multi-billion-barrel prospect. This deal also enabled us to cancel approximately CAD $11.5 million in shares and welcome Emily Ferguson to our Board of Directors.
While the farmout processes are progressing, we are in advanced discussions on potential deals in both Namibia and Guyana and look forward to updating the market in due course. Meanwhile, offshore South Africa, we are excited about the upcoming drilling campaign on Block 3B/4B with our JV partners and the formal issuance of Block 1 in the Orange Basin.
With a strong balance sheet and an additional $11.5 million expected from the 3B/4B deal upon milestone completions, Eco is well-positioned for a dynamic period of exploration and deal making.”
The Company’s unaudited financial results and Management’s Discussion and Analysis for the three and six months ended 31 December 2024 are available for download on the Company’s website at www.ecooilandgas.com and on Sedar at www.sedar.com.
The following are the Company’s Balance Sheet, Income Statements, Cash Flow Statement and selected notes from the annual Financial Statements. All amounts are in US Dollars, unless otherwise stated.
The following are the Company’s Balance Sheet, Income Statements, Cash Flow Statement and selected notes from the annual Financial Statements. All amounts are in US Dollars, unless otherwise stated.
Balance Sheet
December 31,
March 31,
2024
2024
Assets
Current Assets
Cash and cash equivalents
6,027,801
2,967,005
Short-term investments
75,000
13,107
Government receivable
35,644
26,970
Amounts owing by license partners
165,821
49,578
Accounts receivable and prepaid expenses
–
38,539
Total Current Assets
6,304,266
3,095,199
Non- Current Assets
Petroleum and natural gas licenses
20,875,860
28,168,439
Total Non-Current Assets
20,875,860
28,168,439
Total Assets
27,180,126
31,263,638
Liabilities
Current Liabilities
Accounts payable and accrued liabilities
829,310
1,163,546
Advances from and amounts owing to license partners
–
81,952
Total Current Liabilities
829,310
1,245,498
Total Liabilities
829,310
1,245,498
Equity
Share capital
122,088,498
122,088,498
Restricted Share Units reserve
920,653
920,653
Warrants
14,778,272
14,778,272
Stock options
2,900,501
2,900,501
Foreign currency translation reserve
(1,563,110
)
(1,568,469
)
Accumulated deficit
(112,773,998
)
(109,101,315
)
Total Equity
26,350,816
30,018,140
Total Liabilities and Equity
27,180,126
31,263,638
Income Statement
Three months ended
Nine months ended
December 31,
December 31,
2024
2023
2024
2023
Revenue
Interest income
52,081
17
59,592
1,703
52,081
17
59,592
1,703
Operating expenses:
Compensation costs
255,939
208,201
727,251
629,199
Professional fees
64,689
89,877
421,177
388,437
Operating costs, net
550,458
567,682
2,097,699
1,329,063
General and administrative costs
164,086
180,744
478,699
453,786
Share-based compensation
–
–
–
95,695
Foreign exchange loss (gain)
(69,861)
(111,839)
7,449
(12,094)
Total operating expenses
965,311
934,665
3,732,275
2,884,086
Operating loss
(913,230)
(934,648)
(3,672,683)
(2,882,383)
Other Non-Operating Charges and Write-downs
Gain on settlement of liability
–
–
–
(200,640)
Fair value change in warrant liability
–
–
–
261,720
Share of losses of associate
–
(166,224)
–
(498,671)
Tax recovery
–
–
–
536,694
Net loss for the period
(913,230)
(1,100,872)
(3,672,683)
(2,783,280)
Foreign currency translation adjustment
(38,529)
101,779
5,359
(183,996)
Comprehensive loss for the period
(951,759)
(999,093)
(3,667,324)
(2,967,276)
Basic and diluted net loss per share:
(0.002)
(0.003)
(0.010)
(0.008)
Weighted average number of ordinary shares used in computing basic and diluted net loss per share
370,173,680
369,421,234
370,173,680
368,987,135
Cash Flow Statement
Nine months ended
December 31,
2024
2023
Cash flow from operating activities
Net loss from operations
(3,672,683
)
(2,783,280
)
Items not affecting cash:
Share-based compensation
–
95,695
Fair value change in warrant liability
–
(261,720
)
Share of losses of companies accounted for at equity
–
498,671
Changes in non???cash working capital:
Government receivable
(8,674
)
4,166
Accounts payable and accrued liabilities
(334,236
)
(2,897,287
)
Accounts receivable and prepaid expenses
38,539
1,449,931
Advance from and amounts owing to license partners
(590,482
)
357,449
Cash flow from operating activities
(4,567,536
)
(3,536,375
)
Cash flow from investing activities
Short-term investments
(61,893
)
–
Acquisition of interest in property
(150,000
)
–
Acquisition of Orinduik BV (*)
–
(700,000
)
Proceeds from Block 3B/4B farm-out
7,834,866
2,500,000
Cash flow from investing activities
7,622,973
1,800,000
Cash flow from financing activities
–
–
Increase (decrease) in cash and cash equivalents
3,055,437
(1,736,375
)
Foreign exchange differences
5,359
(183,996
)
Cash and cash equivalents, beginning of period
2,967,005
4,110,734
Cash and cash equivalents, end of period
6,027,801
2,190,363
Notes to the Financial Statements
Basis of Preparation
The consolidated financial statements of the Company have been prepared on a historical cost basis with the exception of certain financial instruments that are measured at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
Summary of Significant Accounting Policies
Critical accounting estimates
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively from the period in which the estimates are revised. The following are the key estimate and assumption uncertainties considered by management.
**ENDS**
For more information, please visit www.ecooilandgas.com or contact the following:
Eco Atlantic Oil and Gas
c/o Celicourt +44 (0) 20 8434 2754
Gil Holzman, CEO
Colin Kinley, COO
Alice Carroll, Executive Director
Strand Hanson (Financial & Nominated Adviser)
+44 (0) 20 7409 3494
James Harris
James Bellman
Berenberg (Broker)
+44 (0) 20 3207 7800
Matthew Armitt
Detlir Elezi
Celicourt (PR)
+44 (0) 20 7770 6424
Mark Antelme
Jimmy Lea
Charles Denley-Myerson
About Eco Atlantic:
Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore license interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure.
Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in four offshore Petroleum Licences: PELs: 97, 98, 99, and 100, representing a combined area of 28,593 km2 in the Walvis Basin. Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and pending government approval a 75% Operated Interest in Block 1, in the Orange Basin, totalling some 37,510km2.
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SOURCE: Eco (Atlantic) Oil and Gas Ltd.
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