Eco Atlantic Oil & Gas Ltd. (Eco Atlantic) has invested N$273 million (US$15 million) in petroleum and natural gas licences in Namibia during the fiscal year ending 31 March 2024.
According to the company’s audited results, Eco Atlantic reported cash and cash equivalents of N$49 million ($2.97 million), with no debt as of 31 March 2024.
“Following a cost reduction, Eco Atlantic’s cash position now stands at approximately US$1.5 million. Total assets are valued at US$31.3 million, with total liabilities at US$1.25 million and total equity at US$30.0 million,” said the report.
Eco Atlantic President and Chief Executive Officer, Gil Holzman, said farm-out processes are underway in Namibia and Guyana, with a promising response from a range of high-caliber companies.
“In Namibia and Guyana, we have active farm-out processes underway, and we are very upbeat about the number and calibre of the companies we have had in our data rooms. Both jurisdictions remain at the forefront of global hydrocarbon exploration, and we are confident of delivering a positive update on both in due course,” he said.
Eco Atlantic is currently engaged in a multi-block farmout process for its four offshore Petroleum Exploration Licenses (PEL) in Namibia.
The company holds an 85% working interest in PELs 97, 98, 99, and 100, covering a combined area of 28,593 km² in the Walvis Basin.
The recent addition of approximately 1,383km of 2D data to the PEL100 (Tamar block) database is under technical evaluation to define additional seismic acquisition areas and new prospects.
Holzman underscored the progress across the company’s asset portfolio despite cost constraints during the financial year to 31 March 2024.
“This has been achieved at a time when we have had a strict focus on costs, which has seen the company operate with non-dilutive financings for the last two years and agree on a farm-out on Block 3B/4B in South Africa, which will significantly increase our cash resources and leaves tremendous upside potential on the table in the event a discovery is drilled on the block,” he said.
The company is also advancing its farm-out process for the offshore Orinduik Block in Guyana.
Holzman pointed to recent developments in the neighbouring Stabroek Block, where ExxonMobil is planning a seventh development at Hammerhead, as a positive sign for hydrocarbon exploration in the region.
