Eco (Atlantic) Oil & Gas, the oil and gas exploration company focused on the offshore Atlantic Margins, has announced its unaudited results for the three and nine month periods ended 31 December 2025.
Highlights:
Financial
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The Company had cash and cash equivalents of US$2.9 million and no debt as at 31 December 2025, before a capital raise of US$10 million completed on 29 January 2026. |
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The Company had total assets of US$19.9 million, total liabilities of US$1.3 million and total equity of US$18.7 million as at 31 December 2025. |
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On December 4, 2025 Eco signed a binding Framework and Options Agreement with Navitas Petroleum LP ("Navitas") for the Orinduik Block offshore Guyana and Block 1 CBK offshore South Africa as well as future oil and gas cooperation for the entire portfolio and new ventures (the "Framework Agreement"). As part of the Framework Agreement, Navitas paid Eco Atlantic US$2 million to enter into an exclusive option agreements to farm-in to the Orinduik Block and Block 1 CBK. |
Post-period end
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On January 29, 2026, Eco raised US$10 million at the then market price with new Israeli based institutional investors. |
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On February 19, 2026 the trading of the common shares in the capital of Eco migrated to the London Stock Exchange's SETS trading platform ("SETS"), enabling new and existing international institutional investors to trade Eco's shares on a continuous basis. |
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Further to the Company's announcement on January 13, 2025, a total of 3,700,000 Restricted Share Units ("RSUs") issued to certain directors and officers of the Company have now vested and automatically will be converted into common shares in the capital of the Company ("Common Shares") (the "RSU Conversion Shares"). |
South Africa
Block 1 CBK
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As part of the Framework Agreement, Navitas was granted the Block 1 CBK Option agreement, giving it the right to execute a farmout agreement to farm-in to Block 1 CBK offshore South Africa such that, on exercise, Navitas will make a US$4 million payment to Eco and become the Operator of the block with up to a 47.5% working interest, subject, inter alia, to customary government and regulatory approvals. |
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Eco's remaining working interest, amounting up to 47.5%, assuming the exercise of the option with OrangeBasin Energies (Pty) ltd. will be carried by Navitas for the work programme, the value of the carry being capped at US$7.5 million net to Eco. |
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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, renamed Block 1 Offshore South Africa to "Block 1 CBK" effective 17 November 2025. |
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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
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Throughout 2025, Eco and its JV partners continued to advance the licence work programme and preparations for the drilling campaign, including selection of the initial drilling target, detailed well planning, and procurement of long-lead items in anticipation of drilling permit approval. |
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Third-party legal proceedings around environmental authorisation in Block 5/6/7 have delayed the Department of Forestry, Fisheries and the Environment's decision on the Block 3B/4B Environmental Authorisation, a delay which remains outside Eco's control. The Company, with legal and regulatory advisers and in coordination with Joint Venture partners, continues to maintain engagement with relevant stakeholders and awaits further direction from the Department of Mineral Resources and Energy. |
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The Company is due to receive additional US$11.5 million from Block 3B/4B JV partners upon milestones in accordance with previously signed farm out agreements announced March 6, 2024. |
Namibia
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Eco continued to explore options to optimise its portfolio in Namibia, as the Company shifted its geological focus to deeper proven plays in the country. |
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Eco 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 ") pending government approval. |
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Eco has continued to receive considerable interest in its licenses in Namibia and is in the process of assessing options to further progress its exploration work programmes amid a potential farm-out. |
Guyana
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As part of the Framework Agreement, Navitas was granted the Orinduik Option giving it the right to execute a farmout agreement to farm-in to the Orinduik Block offshore Guyana such that, on exercise, Navitas will make a US$2.5 million payment to Eco and become the Operator of the block with an 80% working interest, subject, inter alia, to customary government and regulatory approvals. |
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Eco's remaining 20% working interest, assuming exercise of the option, will be carried in respect of the work to be performed in the Orinduik Block, which may include drilling the first exploration well or performing an appraisal programme over the existing Jethro-1 and Joe-1 heavy oil discoveries. The Orinduik carry is capped at US$11m net to Eco and excludes mobilisation costs, if any. |
Post-period end
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As announced on January 14, 2026, Eco, together with Navitas, is engaged in ongoing, constructive discussions with the Ministry of Natural Resources ("MNR"), Government of Guyana, regarding the continuation of Eco's appraisal and exploration programme on the Orinduik Block area. |
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To this effect, the MNR and Guyana Geology and Mines Commission are in receipt of the relevant joint submissions from Eco Atlantic and Navitas. Eco Atlantic and Navitas continue to pursue the most efficient and value-accretive path forward that will be acceptable to the Ministry. |
Falkland Islands
Post-period end
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On January 12, 2026, Navitas signed a non-binding Memorandum of Agreement with JHI Associates Inc ("JHI"), in which Eco has a 6.6% interest, for a farm-in to acquire a 65% Working Interest in the PL001 North Falklands Basin Licence, which is adjacent to Navitas' operated Sea Lion Development. Eco expects that the parties will reach a definitive agreement in March 2026. |
Corporate Presentation
Eco also announces that a new Corporate Presentation has been published on its website and is available at the following link : https://www.ecooilandgas.com/investors/results-presentation/
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
'This period saw Eco deliver a number of important strategic and financial milestones that have transformed our business and further strengthen our platform across the Atlantic Margins. Most notably, we are now in a Strategic Partnership with Navitas, which includes option agreements over both Orinduik and Block 1 CBK. This represents a significant validation of the quality of our portfolio and, on exercise, will provide near-term capital alongside meaningful carried exposure across key assets. We look forward to deepening our collaboration with Navitas further as we explore options to maximise the potential of our world-class assets.
'In South Africa, we were pleased to see progress at Block 1 CBK, renamed in honour of the late Colin Kinley, with the approval of the 25% interest transfer to OrangeBasin Energies, reinforcing our commitment to local partnerships. While we wait to hear back from the South African Government on the environmental permitting for Block 3B/4B, we remain confident that a solution to progress the project will be found and the JV will continue its drilling preparations.
'In Guyana, we continue to work constructively with Navitas and the Government to advance the Orinduik block in a manner that is in alignment with all stakeholders and value-accretive for our investors. We look forward to providing further updates as we progress the development of our highly prospective acreage in the country.
'As part of its ongoing efforts to maximise shareholder value across its assets, Eco has shifted its strategic focus in Namibia towards proven deepwater plays. In doing so, Eco was able to secure licence extensions across its licences while also optimising its portfolio through the farmout of its interest in PEL 98. We are making significant headway in our farmout negotiations for our other acreage offshore Namibia and look forward to being able to update investors as these negotiations progress further.
'Post period end, the successful US$10 million private placement and our migration to SETS have helped to further enhance our financial flexibility and market accessibility. With a strengthened balance sheet, high-quality partners, and multiple catalysts across our jurisdictions, Eco is well positioned as we move into the rest of 2026 and beyond.'
Source: Eco (Atlantic) Oil & Gas
