REG - Eco (Atlantic) O&G - Q2 2026 Results & SA Block renamed Block 1 CBK
19/11/2025 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251119:nRSS1479Ia&default-theme=true
RNS Number : 1479I Eco (Atlantic) Oil and Gas Ltd. 19 November 2025
19 November 2025
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the
"Group")
Q2 2026 Results and South Africa Block renamed Block 1 CBK
Results for the Three and Six Month Periods Ended 30 September 2025 and
Offshore South Africa Block Renamed Block 1 CBK in Tribute to late Colin
Kinley
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG) (Toronto,
Canada), the oil and gas exploration company focused on the offshore Atlantic
Margins, is pleased to announce its unaudited results for the three and six
month periods ended 30 September 2025.
Highlights:
Financial
• The Company had cash and cash equivalents of US$2.1 million and no debt as at
30 September 2025.
• The Company had total assets of US$18.9 million, total liabilities of US$1.4
million and total equity of US$17.6 million as at 30 September 2025.
• The Company is due to receive additional $11.5m from Block 3B/4B JV partners
upon milestones in accordance with previously signed farm out agreements.
South Africa
Block 1 CBK
• On 5 June 2024, Eco announced the acquisition of a 75% interest in Block 1
Offshore South Africa in the Orange Basin and received the Governmental Title
Award and the Exploration Right and Operatorship, the final receipt of which
was announced on 4 June 2025.
• Eco has acquired existing seismic data and an interpretation process in
parallel to an active farm-out process is underway.
• In honour of the late Colin Brent Kinley, Eco Atlantic's Co-Founder and former
Chief Operating Officer, who passed away on November 5, 2025, Azinam South
Africa Limited ("Azinam SA"), the Operator of Exploration Right 12/3/362, in
agreement with its Joint Venture Partner has renamed Block 1 Offshore South
Africa to "Block 1 CBK" effective 17 November 2025.
• On 19 November 2025, the Petroleum Agency of South Africa granted the
Assignment and Transfer of a 25% participating interest from the local JV
partner Tosaco Energy (Pty) Ltd to OrangeBasin Energies (Pty) ltd., a
B-BBEE-rated South African entity.
Block 3B/4B
• Throughout 2025, Eco and its JV partners have continued to advance the license
work programme and preparations for the drilling campaign in anticipation of
drilling permit approval. The operator has stated that the current plan is to
drill the first exploration well on Block 3B/4B as soon as Environmental
Authorisation is confirmed and has identified Nayla, a prospect that lies in
the north of the license area as the potential first drilling target.
• The Company is due to receive additional $11.5m from Block 3B/4B JV partners
upon milestones in accordance with previously signed farm out agreements.
Namibia
• As part of Eco's efforts to optimise its portfolio in Namibia, the Company
received a one year license extension to its initial exploration phase, across
all four of its PELs (Petroleum Exploration Licence) in Namibia and, pending
government approval, farmed out its entire Working Interest, in PEL 98 (Block
2213 "Sharon Block") to an arms-length wholly Namibian-owned company, Lamda
Energy (Pty) Ltd ("Lamda Energy").
• The Company continues to receive considerable interest in its licenses in
Namibia and is currently assessing options to further progress its exploration
work programmes amid a potential farm-out.
Guyana
• The Company remains engaged in an active farmout process for the Orinduik
Block.
• In light of ExxonMobil's Final Investment Decision (FID) for the development
of the Hammerhead project in the Stabroek block, Eco is evaluating the
Jethro-1 and Joe-1 heavy oil discoveries offshore Guyana to determine the
appropriate appraisal approach.
Post-period end
• On 7 November, the Company announced the sudden passing of Mr. Colin Kinley, a
board member and Chief Operating Officer of Eco Atlantic. Mr. Kinley had a
distinguished career spanning more than 45 years in the mining and oil and gas
frontier exploration industries. In addition to his co-founding role with Eco,
and the wealth of knowledge and experience he has brought to the Company over
the years, he has served as a valued director and senior executive of numerous
public companies.
• Eco published an interview with its President and Chief Executive Officer, Gil
Holzman discussing Eco's progress over 2025, its focus on advancing strategic
acreage across Guyana, Namibia, and South Africa, and the near-term catalysts
that the Company believes will deliver tangible results and value for
shareholders.
• The interview can be viewed on the Company's website at:
https://www.ecooilandgas.com/investors/results-presentation/
(https://www.ecooilandgas.com/investors/results-presentation/)
Gil Holzman, President and Chief Executive Officer of Eco Atlantic,
commented:
"During the period Eco has continued to advance our strategy of building value
through focused portfolio management in key hydrocarbon frontiers. In South
Africa, we have now completed the acquisition of a 75% interest and
operatorship in Block 1 in the Orange Basin. This, alongside our existing
interest in the highly prospective Block 3B/4B, further consolidates our
presence in a world-class hydrocarbon province.
"In Namibia, our focus has been on portfolio optimisation, aimed at maximising
the value of our assets and unlocking their potential for the benefit of our
stakeholders. We secured one-year extensions across all four of our PELs and
agreed a farm-out of PEL 98 to Lamda Energy, reinforcing the potential of our
portfolio and deepening our support for local ownership and operational
leadership in Namibia.
"We remain fully engaged in the farm-out process for the Orinduik Block in
Guyana and continue to evaluate the heavy oil potential of the Jethro-1 and
Joe-1 discoveries, both of which present exciting development opportunities.
"As our stakeholders will be aware, it was with great sadness that we recently
announced the passing of Eco's co-founder and Chief Operating Officer, Colin
Kinley. A bastion of the oil and gas sector and a close friend to all of us at
Eco, Colin will be missed dearly. With Alice Carroll and myself assuming his
responsibilities, we will endeavour to continue his legacy of operational
excellence and diligence.
"As we move through the remainder of 2025 and into 2026, Eco is
well-positioned with an international footprint across three of the best
hydrocarbon jurisdictions in the world, and a clear path toward multiple
near-term catalysts that we believe will create long-term value for our
shareholders."
The Company's unaudited financial statements for the three and six month
periods ended 30 September 2025 is available for download on the Company's
website at www.ecooilandgas.com (http://www.ecooilandgas.com) and on Sedar at
www.sedar.com (http://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.
Balance Sheet
September 30, March 31,
2025 2025
Assets
Current Assets
Cash and cash equivalents 2,059,224 4,726,152
Short-term investments 71,800 69,676
Government receivable 47,211 58,933
Amounts owing by license partners - 206,818
Accounts receivable and prepaid expenses 79,615 54,550
Total Current Assets 2,257,850 5,116,129
Non- Current Assets
Petroleum and natural gas licenses 16,672,274 16,447,274
Total Non-Current Assets 16,672,274 16,447,274
Total Assets 18,930,124 21,563,403
Liabilities
Current Liabilities
Accounts payable and accrued liabilities 1,364,204 1,178,785
Total Current Liabilities 1,364,204 1,178,785
Total Liabilities 1,364,204 1,178,785
Equity
Share capital 117,730,863 107,129,936
Restricted Share Units reserve 1,038,722 1,038,722
Warrants - 10,600,927
Stock options 3,619,259 3,209,329
Foreign currency translation reserve (1,545,688) (1,527,171)
Accumulated deficit (103,277,236) (100,067,125)
Total Equity 17,565,920 20,384,618
Total Liabilities and Equity 18,930,124 21,563,403
Income Statement
Three months ended Six months ended
September 30, Sep
tem
ber
30,
2025 2024 2025 2024
Income
Interest income 2,116 4,300 18,096 7,511
Operating expenses
Compensation costs 453,568 271,845 705,643 471,312
Professional fees 138,434 214,519 250,037 356,488
Operating costs, net 528,221 1,005,555 1,475,456 1,547,241
General and administrative costs 267,109 156,588 394,095 314,613
Share-based compensation 268,861 - 409,930 -
Foreign exchange loss (gain) 737 (11,813) (6,954) 77,310
Total operating expenses 1,656,930 1,636,694 3,228,207 2,766,964
Net loss for the year, before taxes (1,654,814) (1,632,394) (3,210,111) (2,759,453)
Tax recovery - - - -
Net loss for the year, after taxes (1,654,814) (1,632,394) (3,210,111) (2,759,453)
Foreign currency translation adjustment (984) 75,627 (18,517) 43,888
Comprehensive loss for the period (1,655,798) (1,556,767) (3,228,628) (2,715,565)
Basic and diluted net loss per share: (0.005) (0.004) (0.010) (0.007)
Weighted average number of ordinary shares used in computing basic and diluted 315,231,936 370,173,680 315,231,936 370,173,680
net loss per share
Cash Flow Statement
Six months ended
September 30,
2025 2024
Cash flow from operating activities
Net loss from operations (3,210,111) (2,759,453)
Items not affecting cash:
Share-based compensation 409,930 -
Changes in non‑cash working capital:
Government receivable 11,722 5,032
Accounts payable and accrued liabilities 185,419 (192,665)
Accounts receivable and prepaid expenses (25,065) 37,263
Advance from and amounts owing to license partners 206,818 41,715
Cash flow from operating activities (2,421,287) (2,868,108)
Cash flow from investing activities
Short-term investments (2,124) (61,893)
Acquisition of interest in property (225,000) (150,000)
Proceeds from Block 3B/4B farm-out - 8,015,320
Cash flow from investing activities (227,124) 7,803,427
Decrease in cash and cash equivalents (2,648,411) 4,935,319
Foreign exchange differences (18,517) 43,888
Cash and cash equivalents, beginning of period 4,726,152 2,967,005
Cash and cash equivalents, end of period 2,059,224 7,946,212
ENDS
For more information, please visit www.ecooilandgas.com or contact the
following.
Eco Atlantic Oil and Gas c/o Celicourt +44 (0) 20 7770 6424
Gil Holzman, Chief Executive Officer
Alice Carroll, Head of Corporate Sustainability
Strand Hanson (Financial & Nominated Adviser)
+44 (0) 20 7409 3494
James Harris
James Bellman
Edward Foulkes
Berenberg (Broker) +44 (0) 20 3207 7800
Matthew Armitt
Ciaran Walsh
Detlir Elezi
Celicourt (PR) +44 (0) 20 7770 6424
Mark Antelme
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 km(2) 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 km(2) in the Walvis Basin. Offshore South Africa, Eco holds a 5.25%
Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1, in the
Orange Basin, totalling approximately 37,510km(2).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain information set forth in this document contains forward-looking
information and statements including, without limitation, management's
business strategy, and management's assessment of future plans and operations,
the outcome of discussions regarding potential partners. Such
forward-looking statements or information are provided for the purpose of
providing information about management's current expectations and plans
relating to the future, including successful negotiation of farm-in agreement,
results of exploration as proposed or at all. Forward-looking statements or
information typically contain statements with words such as "anticipate",
"believe", "expect", "plan", "intend", "estimate", "propose", "project",
"potential" or similar words suggesting future outcomes or statements
regarding future performance and outlook. Readers are cautioned that
assumptions used in the preparation of such information may prove to be
incorrect. Events or circumstances may cause actual results to differ
materially from those predicted as a result of numerous known and unknown
risks, uncertainties and other factors, many of which are beyond the control
of the Company. Although the Company believes that the expectations reflected
in these forward-looking statements are reasonable, undue reliance should not
be placed on them as actual results may differ materially from the
forward-looking statements. Factors that could cause the actual results to
differ materially from those in forward-looking statements include risks and
uncertainties identified under the headings "Risk Factors" in the Company's
annual information form dated July 29, 2024 and other disclosure documents
available on the Company's profile on SEDAR+ at www.sedarplus.ca.
(http://www.sedar.com) The forward-looking statements contained in this press
release are made as of the date hereof, and the Company undertakes no
obligation to update publicly or revise any forward-looking statements or
information, except as required by law.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR FIFSRLALALIE
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Eco (Atlantic) Oil & Gas
See all newsREG - Eco (Atlantic) O&G - Strategic Partnership with Navitas Petroleum
AnnouncementREG - Eco (Atlantic) O&G - Q2 2026 Results & SA Block renamed Block 1 CBK
AnnouncementREG - Eco (Atlantic) O&G - Eco Atlantic Announces Passing of Colin Kinley
AnnouncementREG - Eco (Atlantic) O&G - CEO Interview & Updated Corporate Presentation
AnnouncementREG - Eco (Atlantic) O&G - Holding(s) in Company
Announcement