Eco Atlantic Oil (PK) (ECAOF) News

They must like what they see

Eco (Atlantic) Oil & Gas

June 10, 2024

(Thanks to Oilman Jim's letter)

Eco (Atlantic) Oil & Gas (EOG.V ECO.L ECAOF EOI.F) announced the farm-in to Block 1 offshore South Africa Orange Basin. The company is acquiring a 75% working interest and will become operator. Block 1 is 19,929 km2 in area and is located on the Namibian Border in South Africa. The Eastern side of the block is approximately 174 km off the South African shoreline and the block reaches out some 263 km West into deep water in the Orange Basin. Terms are as follows: $150,000 payable upon signing, $225,000 payable upon issuance of Government title transfer and $375,000 payable upon a TSX-V/AIM compliant resource report to be commissioned by Eco. The company will carry the remaining 25% interest through the budget and work program for the first three years up to an agreed sum of $2.3 million of a total work program. The block has significant 2D and 3D seismic data already completed and no additional seismic acquisition or drilling of wells is planned in the three-year carried period.

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Why no trades today?

Sintana/Eco Atlantic

(Thanks to Malcy's blog)

5/1/24

Sintana has announced that Chevron Namibia Exploration Limited has executed an agreement effective April 28th that provides for their entry into Petroleum Exploration License 82 (“PEL 82”) with the assumption of an 80% working interest and operatorship. NAMCOR, the National Petroleum Corporation of Namibia, and Custos Energy will each maintain a 10% carried interest in PEL 82. Sintana maintains an indirect 49% interest in Custos.

PEL 82 governs blocks 2112B AND 2212A located in the Walvis Basin, offshore Namibia. PEL 82 is one of the Walvis Basin’s most attractive opportunities.

Approximately 70% of total block area is covered by existing seismic – over 3,500 km of 2D and 9,500 km2 of 3D data.
Previous drilling activity on PEL 82 includes the Murombe-1 and Wingat-1 wells.

– Results confirmed the regional extension and presence of the Barremian-Aptian oil-prone source rock (Kudu shale).
– The Murombe-1 penetrated the Baobab sands returning approximately 20% porosity.
– The Wingat-1 well recovered 38-41 degree API oil to surface.

“We are pleased to announce the continuing expansion of our in-country partnership with Chevron through their entry in PEL 82. This is one of the most advanced and interesting opportunities offshore Namibia outside of the Orange Basin.” said Knowledge Katti, Chairman and Chief Executive Officer of Custos, and a director of Sintana. “We are pleased to see our efforts over the last decade on PEL 82 result in this important step forward adding further to Namibia’s world class offshore opportunity.” he added.

“The expanding partnership with Chevron in Namibia speaks to the quality of our Namibian portfolio.” said Robert Bose, CEO and Board Member of Sintana. “The timeliness of our entry and the unmatched nature of our portfolio continue to be demonstrated as Namibia emerges as the world’s next great hydrocarbon province.” he added.

I have written quite a bit about Sintana in recent weeks and months, this dynamic company has been active in the Orange Basin and indeed Robert Bose has popped up as a director and investor in Challenger Energy Group. But it has now joined with Chevron in the Walvis Basin, ironically in a block where Exxon and Galp were involved a while ago. Also it’s Important to note that Bose and his fund (Charlestown Capital Partners) are a significant shareholders in Eco (this is how they first got introduced to Namibia).

But the big winner must be Eco Atlantic who have carefully built up a substantial portfolio in the Walvis Basin and as the long predicted dash for acreage here has finally got underway. The best way of showing it is via this map, where Eco are very strongly represented, their licences are in pale blue and they own 85% of each and are operators.

Gil Holzman, CEO of Eco Atlantic said to me that ‘this is a farm-out basin opener and as we knew and expected everyone will now rush to the Walvis Basin, after Chevron showed has signed up for this block. We are the largest acreage holder in the Basin and expected intensified exploration activity going forward’.

Africa Oil and Eco (Atlantic) Oil & GasAfrica Oil

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Interesting news from a number of companies last week. Eco (Atlantic) Oil & Gas (EOG.V ECAOF ECO.L EOI.F) announced it has signed a farm out agreement pursuant to which it will farm out a 13.75% participating interest in Block 3B/4B, offshore South Africa as part of an aggregate 57% farm down transaction along with its JV partners, Africa Oil (AOI.TO AOIFF AFZ.F) and Ricocure. Farmees are TotalEnergies (TTE TTE.L), which will become operator, and QatarEnergy. Upon completion, Eco will retain a 6.25% interest. The transaction has a maximum value, including carry, of up to US$32.1 million to Eco, which includes payments due to Eco from Africa Oil and Ricocure under previously announced agreements. The carry is expected to be adequate to fund Eco's share of drilling up to two wells on the licence.

Eco (Atlantic) Oil & Gas

Thanks to Malcy's blog

March 7, 2024

Eco (Atlantic) has announced it has signed a Farmout Agreement pursuant to which Azinam Limited, its wholly owned subsidiary, will farm out a 13.75% Participating Interest in Block 3B/4B, offshore the Republic of South Africa as part of an aggregate 57% farm down transaction along with its Joint Venture Partners Africa Oil SA Corp. and Ricocure (Proprietary) Limited to TotalEnergies EP South Africa B.V., who will become Operator and QatarEnergy International E&P LLC.

Upon completion of the Transaction, Eco will retain a 6.25% interest in Block 3B/4B.

Transactions Highlights:

Maximum transaction value, including carry, of up to US$32.1m to Eco, which includes payments due to Eco from Africa Oil and Ricocure under previously announced agreements as detailed below:

· As a result of the 6.25% farm out transaction with Africa Oil, announced on 11 July 2023, Eco will receive up to US$5.5m in two payments, US$4m on Completion of the Transaction, as defined below, and a further US$1.5m on spudding of the first exploration well, and US$1.2m due from Ricocure pursuant to the original Azinam – Ricocure 2019 farm out agreement due on Completion.

· TotalEnergies and QatarEnergy transaction will deliver, subject to achieving certain milestones, staged cash payments, comprising a total cash payment of US$11.92m of which US$1.92m is payable at Completion and the remaining balance in two equal successive payments, conditional upon receipt of customary regulatory approvals and the balance on spudding of a first exploration well.

· Eco will also receive a full carry of its 6.25% retained share of all JV costs, up to a cap, repayable to TotalEnergies and QatarEnergy from production, which is expected to be adequate to fund the Company’s share of drilling for up to two wells on the licence.

Gil Holzman, Co-founder and Chief Executive Officer of Eco Atlantic, commented:

“We are delighted to have signed this agreement with TotalEnergies and QatarEnergy. Block 3B/4B sits in one of the most prolific and exciting areas in the world for offshore oil and gas exploration and development. The decision by two of the largest energy companies globally to farm into this licence is strengthened by their significant understanding of the Orange basin, having made the Venus large light oil discovery just recently north of the basin in Namibia.

“I would like to thank our partners at Africa Oil and Ricocure for their cooperation and jointly negotiating this farm out agreement. We now look forward to working closely with the government of South Africa and our new partners on the exploration licence to prepare first drilling.”

This too is a very good deal, a strategic fit if ever there was one which leaves Eco in a very strong position in South Africa with Total and Qatar as partners. Indeed as partners Total fit the bill down to a T, they have immense knowledge of the petroleum system, are involved in blocks 5,6 and 7 as well as deep water blocks and now have two rigs of its own in the area one of which is earmarked for the Orange Basin.

This is the biggest deal Eco has done, a great deal of money brought in in a number of payments including the spud of an exploration well and more importantly a full carry of all its JV costs repayable from production. But this is a smart deal in more than one way than one, with its 6.25% Eco will be in a very strong position in one of the best post codes in international oil exploration.

The 4 billion barrels in the CPR mean that even 6.25% of that really ‘moves the needle’ in any valuation of Eco, they are kushti in that after any discovery and payback they have the put and the call. My guess is that Qatar would buy more of the block so would be a natural buyer at a premium or Eco could just hunker down and watch the value rise.

Once this has been done Eco have the small matter of their acreage in Namibia to farm-out and with the interest locally interest may be substantial. Finally the company are doing a formal farm-out process with regard to their Orinduik block in Guyana where current interest is also very keen.

Eco shares are up very modestly today, it will take a while for the market to work out quite how valuable they are after this deal and I’m sure that will come with time, they stay in the bucket list out next week.

Eco (Atlantic) Oil & Gas

Eco has announce its results for the three and nine months ended 31 December 2023.

Highlights:

Financials (as at 31 December 2023)

· The Company had cash and cash equivalents of US$2.2 million and no debt as at 31 December 2023.

· The Company had total assets of US$49.9 million, total liabilities of US$1.6 million and total equity of US$48.3 million as at 31 December 2023.

Operations:

South Africa

Block 2B

· Eco has applied for a Production Right Application to the Petroleum Agency of South Africa, for Block 2B, and continues to assess opportunities available to deliver value from this licence for the benefit of stakeholders.

Block 3B/4B

· The JV partners continue to actively progress a farm out in conjunction with preparations for a two well drilling campaign on the Block. Further updates will be made as appropriate.

Post-period end

· On January 22, 2024, Eco’s wholly owned subsidiary, Azinam Limited, received final government approval for the farm out of its 6.25% Participating Interest in Block 3B/4B to Africa Oil Corp. announced on 11 July 2023. As per the teams of the Assignment and Transfer Agreement, Eco received further payment of $2.5m from Africa Oil.

Namibia

· Following continued drilling success in the area, Eco continues to receive significant interest in its strategic acreage position in Namibia.

· The Company continues to assess farm out opportunities with its four licences in the region and will update the market further as appropriate.

Guyana

· As previously announced, on November 15, 2023, the Company received approval for the transfer of 60% Working Interest and Operatorship in the Orinduik Block, offshore Guyana, from the government.

· Within the period, Eco became Operator of the Orinduik Block, holding, in aggregate, a 75% Participating Interest via Eco Orinduik (60%) and Eco (Atlantic) Guyana Inc (15%), following the closing of the acquisition of Tullow Guyana B.V.

· A formal farm-out process for the Orinduik Block is underway and the Company will provide further updates as appropriate.

· Guyana remains one of the most prolific hydrocarbon basins in the world, continuing to yield sizable discoveries and attracting high levels of interest for exploration assets.

Post-period end

· On January 22, 2024, Eco Orinduik gave notice to the Minister of Natural Resources of the Cooperative Republic of Guyana to enter the Second Phase of the Second Renewable Period of the Orinduik License effective as of January 2024 and TOQAP’s decision to relinquish its 25% WI. As a result, Eco currently holds 100% WI in the Block.

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

“Each asset within our exploration portfolio yields exciting opportunities and I am pleased to report continued progress across all fronts. Notably, government approval of our farm-out agreement of our 6.25% Participating Interest in Block 3B/4B to Africa Oil has strengthened our cash position as we continue preparations for a two well drilling campaign on the Block and progress farm out discussions.

“Guyana remains one of the most important hydrocarbon provinces in the world and Eco’s position has been strengthened by its increased Working Interest in the Orinduik Block. We have seen a great deal of interest from a number of oil and gas players as we progress a formal farm out process.

“Eco continues to benefit from its position in Namibia, which sits close to some of the largest oil discoveries in 2023, an area that we expect will see further excitement and activity over the course of this year, which will aid our farm out process.

“The end of the period was marked by dynamic activity across our portfolio and we remain excited about the potential for the remainder of 2024.”

Well there is not much in this announcement that wasn’t already in the market, historic figures are just that and as for the portfolio it is all about partnering. In South Africa, having already farmed-out 6.25% of Block 3B/4B to Africa Oil and benefited the cash flow they are looking to find another buyer as well as preparing for a two well drilling campaign.

In Namibia the company report ‘significant interest’ in their strategic acreage position, here too Eco are looking to farm-out of its four licences in the area. I have heard so many stories about other wells drilled in the country with varying degrees of success that the proof of this particular pudding will undoubtedly be in the eating.

Finally, one way or another Eco has its now 75% stake in the Orinduik Block in Guyana as well as operatorship to play with. The formal farm-out procedure is underway and whilst Guyana remains a very hot post code since the huge success of Exxon amongst others, there are plenty of hurdles before that long awaited drilling programme reappears.

Eco is standing on the verge of a most exciting time, I would suggest that unlike in the old days it is Africa which is hottest of properties and South Africa within that, either way any prospect of seeing the signature on a farm-out document would result in the much needed increase in the share price, at below 10p a share Eco is ludicrously good value and with news flow surely imminent?

Eco (Atlantic) Oil & Gas

(Thanks to Malcy's blog)

Jan 22, 2024

Eco has announced that its wholly owned subsidiary, Azinam Limited, has received final government approval for the farm out of its 6.25% Participating Interest in Block 3B/4B to Africa Oil Corp announced on 11 July 2023. The Company also provides an operational update on entering next license phase for Orinduik block and confirms, further to its announcement of 2 January 2024, that Dr Oliver Quinn has been appointed as a Non-Executive Director with immediate effect.

Final Transaction Approval

The South Africa Department of Mineral Resources and Energy (“DMRE”) and the Petroleum Agency South Africa (“PASA”) have now provided Section 11 approval to assign and transfer a 6.25% Participating Interest in Block 3B/4B, offshore South Africa to Africa Oil SA Corp, a wholly owned subsidiary of Africa Oil. The Section 11 approval was the final consent required in order to complete the Transaction, and accordingly all requisite regulatory approvals and deeds in respect of the Transaction have now been signed and completed.

As per the terms of the Assignment and Transfer Agreement with Africa Oil, Eco has received further payment of US$2.5m from Africa Oil. Under the terms of the Agreement, upon a further farm out to a third party into Block 3B/4B Eco will receive a further payment of US$4m from Africa Oil and when the first well is spud an additional US$1.5m, will be due to the Company from Africa Oil.

Orinduik License Operational Update

As Operator, Eco Orinduik BV, gave notice to the Minister of Natural Resources of the Cooperative Republic of Guyana (“MNR”) to enter the Second Phase of the Second Renewal Period of the Orinduik License effective as of 14 January 2024. This Second Phase has a commitment to drill one exploration well to the Cretaceous formation during the remainder of the license period which ends on 13 January 2026. Further, Eco advised MNR last week that TOQAP Guyana B.V (the SPV joint entity held by TotalEnergies and QatarEnergy 60:40) has relinquished their 25% WI for strategic reasons and will not participate in the next phase, the former TOQAP Guyana B.V 25% WI will be assigned to Eco Guyana. Subject to the requisite government notifications, Eco will remain the Operator holding 40% WI in Orinduik License as Eco Guyana and 60% WI as Eco Orinduik BV.

Non-Executive Director Appointment

On 2 January 2024, the Company announced that Dr Oliver Quinn had been elected as a Director of the Company subject to completion of the due diligence by Strand Hanson, the Company’s Nominated Adviser, in accordance with the AIM Rules for Companies and Nominated Advisers. The Company is pleased to confirm that the aforementioned process has now been completed and Dr Oliver Quinn has been appointed to Eco’s Board with immediate effect as the nominee Director of Africa Oil, which holds 14.84% of the Company’s issued share capital.

Dr Quinn was appointed as the Chief Commercial Officer of Africa Oil in September 2023, having previously been employed as Senior Vice President, Corporate Development at Kosmos Energy Ltd. Dr Quinn started his career at Shell and has 19 years of experience in the Oil & Gas industry. He is a graduate of the University of Manchester, where he studied for a BSc (Hons), Environmental & Resource Geology, and a graduate of the University of Edinburgh where he completed a PhD in Petroleum Science. While Dr Quinn replaces Keith Hill as Africa Oil’s board nominee, the Board is pleased to confirm that Mr Hill has agreed to remain as a Non-Executive Director of the Company.

Gil Holzman, Co-founder and Chief Executive Officer of Eco Atlantic, commented:

“I am delighted to welcome Oliver to our Board. His extensive technical and commercial experience are an excellent addition for our Company entering into 2024 which is lining up to be a transitional year for the Company.”

“With respect to Block 3B/4B, we are pleased to have received final approval from the South African Government for our transaction with Africa Oil, which now paves the way to completing a further farm out in respect of the Block and the drilling of our identified targets of up to five wells.”

Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, commented:

“Knowing the material value and potential of Orinduik Block, Eco acquired Tullow’s 60% WI and has remained focused on drilling a massive, stacked pay interval in the Southeastern quadrant of the block. Eco Atlantic now approved Operator intends to bring in new partners and to drill the significant potential of the Cretaceous interval on the Guyana oil fairway. With this well commitment, we now move into planning and engineering preparations to drill in next 12-18 months.

We feel extremely positive about the future of the Orinduik block, receiving significant interest from key industry partners and IOCs in our recently commenced farm out process. We will provide further updates to shareholders on operational and farm out progress throughout the year. Eco is grateful to the Government of Guyana and specifically the MNR for their collaborative efforts and support in enabling Eco to now progress towards drilling.”

Nothing much to add to this purely confirmatory announcement, for Eco they have completed on this deal but the management remains bursting with confidence in South Africa and I for one wouldn’t be surprised to see further activity in the post code.

Guyana is a large process now but not without its upside and Eco will be looking for partners now that the original partners have left town.

Overall I’m confident about Eco at the moment, it is looking in as strong a position as I’ve seen for a very long time and the company has no need for fresh funds at the moment and remains a favourite with a great deal of upside.

Namibia

(Thanks to Malcy's blog)

Jan 11,2024

It’s worth mentioning Namibia today as yesterday there were two interesting stories concerning one of the energy world’s most exciting post codes and Galp announced yesterday the following.

Galp (80%, operator), together with its partners NAMCOR and Custos (10% each), has drilled and logged the first exploration well (Mopane-1X) in block PEL83, offshore Namibia.

Building on the previous announcement dated January 2, Galp now confirms the discovery of a significant column of light oil in reservoir-bearing sands of high quality.

Galp will continue to analyse the acquired data and anticipates performing a Drill Stem Test (DST) in the coming weeks to assess the commerciality of this discovery.

The drilling operations at Mopane-1X will proceed to explore deeper targets. Upon completion, the rig will be relocated to the Mopane-2X location to further evaluate the extent of the Mopane discovery.

My spies tell me that this is a ‘beast’ of a discovery which has truly blown the model, for those in the Orange Basin a bit of ‘nearology’ never did any harm and for the likes of Eco Atlantic must have been music to their ears.

There are two interesting features for investors to bear in mind, one is that Sintana Energy, quoted on the TSX-V is carried by Galp and has a 5% indirect interest in this find. The second is that yesterday saw this from Impact Oil.

Impact Oil announced the signing of a farmout transaction related to its interests in Blocks 2912 and 2913B offshore Namibia with TotalEnergies EP Namibia B.V. The transaction includes a full carry on Impact’s retained interest, for all joint venture costs, with no cap, through to receipt of the first sales proceeds from first oil production.

Impact, through its wholly owned subsidiary, Impact Oil and Gas Namibia (Pty) Ltd, has signed a farmout agreement with TotalEnergies EP Namibia B.V., a wholly-owned subsidiary of TotalEnergies S.E., for the sale of a 9.39% undivided participating interest in Block 2912, Petroleum Exploration Licence 91, and a 10.5% undivided participating interest in Block 2913B, Petroleum Exploration Licence 56. On completion of this transaction, Impact will hold a 9.5% interest in each of Blocks 2912 and 2913B.

Impact will also be reimbursed in cash for its share of the past costs incurred on the Blocks, net to the farmout interests, which is estimated to be approximately USD 99 million.

This Agreement provides Impact with a carry loan for all of Impact’s remaining development, appraisal and exploration costs on the Blocks from January 1st, 2024, until the First Oil Date.

The carry is repayable to TotalEnergies from Impact’s after-tax cash flow and net of all joint venture costs, including capital expenditures, from production on the Blocks post the First Oil Date. During the repayment of the carry, Impact will pool its entitlement barrels with those of TotalEnergies for more regular off-takes and a more stable cashflow profile, and will also benefit from TotalEnergies’ marketing and sales capabilities.

Completion of the transaction will be subject to customary third party approvals from the Namibian authorities and joint venture parties.

Siraj Ahmed, Chief Executive Officer of Impact, commented:

“This is a pivotal transaction for Impact that paves the way for its transition from an exploration company to a hydrocarbon producing company, through its participation in the development of the world class Venus discovery. This transaction also enables Impact to participate in further significant exploration opportunities in the Blocks, offering the potential to significantly grow the existing discovered resource base. We are delighted to be able to continue in this exciting journey with TotalEnergies.

We thank our Shareholders for their steadfast support that has enabled us to reach this position.”

Eco (Atlantic) Oil & Gas

(Thanks to Malcy's blog)

December 12, 2023


Eco has announced that, further to the Company’s announcement on 24 October 2023, it has posted to Shareholders a formal notice of its Annual General Meeting, explanatory circular and form of proxy. The AGM is to be held at 07:00 a.m. (Toronto time) on 29 December 2023 via teleconference. Copies of the formal notice of AGM, form of proxy, the Circular and virtual access details will be made available on the Company’s website at: https://www.ecooilandgas.com/investors/documents-circulars/.

Proposed Appointment of Non-Executive Director

The Company is also pleased to announce the proposed appointment of Mr Oliver Quinn following the AGM to be held in December. Mr Quinn will be appointed, subject to Shareholder approval, as the nominee director of Africa Oil Corp, which holds 14.84% of the Company’s issued share capital. Mr Quinn was appointed as the Chief Commercial Officer of Africa Oil in September 2023 having previously been employed as Senior Vice President, Corporate Development at Kosmos Energy Ltd. Mr Quinn started his career at Shell and has 19 years of experience in the Oil & Gas industry. He is a graduate of the University of Manchester where he studied for a BSc (Hons), Environmental & Resource Geology and a graduate of the University of Edinburgh where he completed a PhD in Petroleum Science. While Mr Quinn replaces Keith Hill as Africa Oil’s board nominee, the Board is pleased that Mr Hill has agreed to remain as a Non-executive Director of the Company.

Mr Quinn’s appointment is subject to the completion of customary due diligence required by the AIM Rules for Companies and AIM Rules for Nominated Advisers (the “AIM Rules”) to be undertaken by the Company’s Nominated Adviser, Strand Hanson Limited. A further announcement, including the requisite Schedule 2(g) disclosures required under the AIM Rules for Companies, will be made in due course.

Shareholder Approval of the Proposed Farm Out of Block 3B/4B to Africa Oil

On 11 July 2023, the Company announced that its wholly owned subsidiary, Azinam Limited, would farm out a 6.25% Participating Interest in Block 3B/4B, offshore South Africa to Oil SA Corp, a wholly owned subsidiary of Africa Oil (the “Farm Out”). The Farm Out remains, inter alia, conditional on regulatory approvals from the government of South Africa and the TSX Venture Exchange (the “TSXV”). As part of the regulatory approval process, the TSXV has now advised the Company that it must obtain shareholder approval for the Farm Out from those shareholders in the Company who are not deemed to be interested in the Farm Out, primarily comprising Africa Oil. Accordingly a resolution to approve the Farm Out is contained within the Notice of AGM.

Full details of all the Resolutions to be voted on at the meeting, as well as the Circular and form of proxy can be found on the Company’s website at: https://www.ecooilandgas.com/investors/documents-circulars/.

Nothing to add to all this but useful shareholder information. The best news of all is that Keith Hill remains on the board…

Eco (Atlantic) Oil & Gas

Eco Atlantic has announced its results for the three and six month periods ended 30 September 2023.

Highlights:

Financials (as at 30 September 2023)

· The Company had cash and cash equivalents of US$3.85 million and no debt.

· The Company had total assets of US$51.0 million, total liabilities of US$1.71 million and total equity of US$49.30 million.

Operations:

Guyana

· On 10 August 2023, the Company signed a Sale Purchase Agreement for its wholly owned subsidiary, Eco Guyana Oil and Gas (Barbados) Limited to acquire a 60% Operated Interest in Orinduik Block, offshore Guyana, through the acquisition of Tullow Guyana B.V., a wholly owned subsidiary of Tullow Oil Plc. in exchange for a combination of upfront cash and contingent consideration (the “Transaction”).

Post-period end:

· On 15 November 2023, Eco announced that the Company had received Government approval for the transfer of 60% Working Interest and Operatorship in the offshore Orinduik Block in Guyana from the Minister of Natural Resources, Cooperative Republic of Guyana.

· On 21 November 2023, the Company announced completion of the Transaction, upon which Eco became the designated Operator of the Orinduik Block and increase its aggregate Participating Interest to 75%, held via Eco Orinduik B.V. (60%) and Eco (Atlantic) Guyana Inc (15%). TOQAP Guyana B.V continues to hold a Participating Interest of 25%.

· A formal farm-out process for the Orinduik Block has commenced and the Company expects to provide further updates in due course.

South Africa

Block 3B/4B

· On 17 July 2023, the Company issued 1,200,000 shares to the Lunn Family Trust in place of the US$500,000 cash consideration due in respect of the acquisition of the 6.25% interest in Block3B/4B from the Lunn Family Trust as previously announced on 27 June 2022.

· On 11 July 2023, the Company signed a legally binding Letter of Intent with Africa Oil to farm out a 6.25% Participating Interest in Block 3B/4B, offshore South Africa for up to US$10.5 million in cash. On 14 August 2023, the parties signed the final Assignment and Transfer agreement. Additional US$2.5m cash consideration is expected to be received upon Government of SA approval of the transfer, with the initial consideration of US$2.5m already having been received.

· Government of SA approval and therefore the $2.5m cash payment from Africa Oil are expected to be received by year end 2023.

· The JV partners continue to progress a farm-out, in conjunction with preparations for a two well drilling campaign on the Block. Further updates will be made as appropriate.

Block 2B

· Eco has applied for a Production Right Application to the Petroleum Agency of South Africa, for Block 2B, and continues to assess opportunities available to deliver value from this licence for the benefit of stakeholders.

Namibia

· Following media reports that significant multi-well drilling campaigns are about to be undertaken offshore Namibia, Eco continues to receive third party interest in its strategic acreage position offshore Namibia.

· The Company continues to assess farm out opportunities with its four licences in the region as it considers options for progressing exploration and commercial activity on its acreage.

Board Changes:

· Post period end, on October 9, 2023, the Company announced the appointment of Miss Alice Carroll and Miss Selma Usiku as executive and non-executive directors respectively of the Company with immediate effect, with Helmut Angula retiring from the Board.

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

“We have made progress on all fronts across our exploration portfolio in 2023. The most notable development was the acquisition of a 60% Working Interest in the Orinduik Block, offshore Guyana, from a subsidiary of Tullow Oil Plc. This transaction made Eco the Operator of the licence and brings our total stake in the Block to 75%. We have already commenced with a farm-out process and opened a data room, receiving early interest from a number of multi-national oil and gas companies.

“Also, offshore South Africa, we continue to progress plans for a two-well campaign on Block 3B/4B in parallel to continuing farm-out discussions with various large industry partners. In Namibia, we continue to receive incoming interest with regard to our highly strategic acreage position, which has increased following recent media reports of multi-well drilling campaigns being lined up.

“In closing, the last two quarters of 2023 have been a highly active period for us, and we look forward to sharing further updates on the ongoing farm out workstreams and drilling plans with our stakeholders as and when we are in a position to do so.”

These are historic figures and show nothing that we haven’t already heard of before, specifically the numbers are of no significance for Eco Atlantic.

I am much more excited by the recent news from the company and there is clearly much going on. Obviously the fact that they have managed to get Tullow’s stake in Guyana off them is exciting and I expect a farm-down here before long.

Also I am excited about activity offshore South Africa and block 3B/4B which to me looks to have potentially huge upside. Finally in Namibia which is increasingly becoming one of the world’s highly sought after post codes eco appear to have an enviable hand in this card game.

All in all Eco are extremely well placed with their excellent portfolio and I expect the next few months to show that the share price is extremely undervalued.

Eco (Atlantic) Oil & Gas

Thanks to Malcy's blog 11/15/23

Eco (Atlantic) has announced Government approval of the transfer of 60% Working Interest and Operatorship in the offshore Orinduik Block in Guyana from the Minister of Natural Resources, Cooperative Republic of Guyana.

On 10 August 2023, the Company announced the signing of a Sale Purchase Agreement pursuant to which its wholly owned subsidiary, Eco Guyana Oil and Gas (Barbados) Limited (“Eco Guyana”), will acquire a 60% Operated Interest in Orinduik Block, offshore Guyana, through the acquisition of Tullow Guyana B.V. (“TGBV”), a wholly owned subsidiary of Tullow Oil Plc. (“Tullow”) in exchange for a combination of upfront US$700,000 cash and contingent consideration. The Company is pleased to announce that it has now received approval from Minister of Natural Resources and the Government of Guyana for the transfer of the one hundred percent (100%) shareholding interest in TGBV to Eco Guyana.

On completion of the transaction, Eco will become the Operator and hold an aggregate 75% Participating Interest in the Orinduik Block, via subsidiary Eco Orinduik B.V. following a scheduled name change (“Eco Orinduik”), which will hold a 60% Operated Interest, and Eco (Atlantic) Guyana Inc. which holds a 15% Participating Interest. TOQAP Guyana B.V will continue to hold a Participating Interest of 25%. Completion of the transaction is expected before year-end 2023.



Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, commented:

“We are very happy to have support from the Minister of Natural Resources and the Government of Guyana and their approval to transfer 60% of the Working Interest and Operatorship of the Orinduik Block to Eco. We have always been very involved with the exploration and interpretation of the Block, and our experienced team will step directly into Operatorship to finalize target selection.

“After nearly 10 years of exploration and interpretation, and multiple regional discoveries at the Cretaceous level of close to 11 Billion Barrels of recoverable oil, our team has a good understanding of the Cretaceous play and we have a great deal of confidence in drilling our first well, targeting a stacked pay target in this well proven horizon. This Transaction structure allows Tullow to continue to share upside in a discovery.

“Eco now seeks qualified partners in this high-value play and has commenced a formal farm-out process for the Block. Recent interest from supermajors and other well capitalized energy companies in the latest licencing bid round in Guyana, for blocks up dip of us, supports our thesis of the oil migration and the high quality and charged reservoirs we see on our Block.”

Nothing much to add here, the transaction was announced some time ago and now Eco have the Government approval and so they own 75% and operatorship of the block. With the farm-out process underway at long last the company can get after an asset they have always wanted to drill if they hadn’t been held up by the previous owner…

Thanks to Oilman Jim’s Letter - 10/29/2023.

Eco (Atlantic) Oil & Gas (CA: EOG, UK: ECO) announced director share purchases: 216,135 by Gil Holzman at 9.5p, 200,000 by Peter Nicol at 10.05p, 57,000 by Gadi Levin at CAD$0.175 and 60,000 by Alan Friedman at CAD$0.175. The share price has been sliding for some time, but firmed up slightly on these buys. Eco recently acquired from Tullow an additional 60% interest in the Orinduik block, Guyana, and now has a 75% interest, becoming operator. The company says it intends to drive the exploration process and focus on its strategy to attract new partners to join the licence and proactively engage in drilling. The other current project is Block 3B/4B, offshore South Africa in which Eco now has a 20% stake. A new competent persons report released by the operator earlier this year confirmed that the block contains estimated P50 prospective resources of approximately four billion barrels of oil equivalent and an application has been made to drill one well and one contingent well in the north of the block. Like Orinduik above, funding for the drilling again relies on a farm-out.

Positive new from Africa Oil about the work in Venus and the Orange Basin offshore of Namnbia

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=172916384

From Scarbender on the Africa Oil thread


Wednesday, September 06, 2023 3:43:40 AM
Post #7104 of 7113
To the old timers here. Daughter is a technical analyst. Works with informal partners in the U.S. and U.K. She is using her charts to analyze Africa Oil. Will be intresting to see what she can add to fundamental analysis plus news over the next 60 days and ER.



Monday, September 25, 2023 3:34:49 PM
Post #7112 of 7113
Daughter ( a Technical analyst) Very bullish signals from AOIFF.




Monday, September 25, 2023 4:06:55 PM
Post #7113 of 7113
Stolen from MAC on Yahoo Finance:

1) current development in Orange Basin - Total set to notify markets on the totality of their Venus and Nara prospects on their capital markets day sept 27. Shell is currently drilling the Jonker 1A (appraisal) a whooping 12km to the south of the initial hole.

2) TOTAL energies have reserved the Tungsten Drillship for another 110 days going into may 2024 with additional optionality until early 2025. Who knows where they will be drilling. My guess is orange basin - but where - maybe prove up the south african licenses just across the border ?

3) this should have a spillover effect on the sentiment around ECO's huge 3b4b license just across the border....

4) ongoing biddings for new PEL's in guyana - all blocks to the immediate south of Orinduik have bidders and we will know soon who they are and at what price. ECO has a dataroom on orinduik. The new bidders south of orinduik will have a huge bonus farming in orinduik, a lot of information, 3d seismic etc.

5) fangtouth deep is up for developement by exxon and is the best hint for the quality of the oil in the deeper layers in orinduik.

6) Gil Holzman will make a presentation on 'Seeing Promise in Guyana' at the World Energies Summit in London on Sept 27.

It's coming .... i want to be in pole position when it does.

I AGREE WITH MAC. Furthermore, Tungsten Explorer has moved about 100/200 miles South of Walvis Bay, Namibia to seek the extension of this oil field. If they find oil further south, that means the Orange Basin is probably the most gigantic field ever.

Thanks to Malcy's blog

8/30/23


Eco (Atlantic) Oil & Gas

Eco has announced its results for the three months ended 30 June 2023.

Highlights:

Financials (as at 30 June 2023)

The Company had cash and cash equivalents of US$2.4 million and no debt.
Eco has cash and cash equivalents of US$4.7 million as at 30 August 2023.
The Company had total assets of US$53.31 million, total liabilities of US$3.56 million and total equity of US$49.75 million.

Operations:

Guyana

Post Period end, on 10 August 2023, the Company signed a Sale Purchase Agreement for its wholly owned subsidiary, Eco Guyana Oil and Gas (Barbados) Limited to acquire a 60% Operated Interest in Orinduik Block, offshore Guyana, through the acquisition of Tullow Guyana B.V., a wholly owned subsidiary of Tullow Oil Plc. in exchange for a combination of upfront cash and contingent consideration.
Eco, via its wholly owned subsidiary Eco (Atlantic) Guyana Inc, currently holds a 15% working interest in the Orinduik Block. On completion of the Transaction, which is subject to certain market-standard conditions precedent, including customary Government and JV partner approvals, Eco, as operator and majority interest holder in the Orinduik Block, intends to drive the exploration process and focus on its strategy to attract new partners to join the license and proactively engage in drilling.

South Africa

Block 3B/4B

Post period end, on 17 July 2023, the Company issued 1,200,000 shares to the Lunn Family Trust in place of the US$500,000 cash consideration due in respect of the acquisition of the 6.25% interest in Block3B/4B from the Lunn Family Trust as previously announced on 27 June 2022.
On 11 July 2023, the Company signed a legally binding Letter of Intent with Africa Oil to farm out a 6.25% Participating Interest in Block 3B/4B, offshore South Africa for up to US$10.5 million in cash. On 14 August 2023, the parties signed the final Assignment and Transfer agreement. Additional US$2.5m cash consideration is expected to be received upon Government of SA approval of the transfer, with the initial consideration of US$2.5m already having been received.
In March 2023, Africa Oil released a New Competent Person’s Resource Report confirming that the Block contains an estimated P50 Prospective Resources of approximately four billion barrels of oil equivalent (“BOE”), one Billion BOE net to Eco Atlantic prior to the sale of the aforementioned Participating Interest which is expected to complete shortly.
The JV partners continue to progress plans to conduct a two-well campaign on the Block in conjunction with progressing the collaborative farm out process, up to 55% gross working interest, with various potential parties.

Block 2B

On 15 November 2022, a Production Right Application to the Petroleum Agency of South Africa, for Block 2B, based on the existing oil discovery of AJ-1 and potential future operations was submitted by the JV Partners.
Eco continues to believe that Block 2B contains considerable hydrocarbon resources and looks forward to providing further updates as the Company looks to deliver value from the licence for all stakeholders.

Namibia

Following the significant drilling success in the area, Eco continues to receive third party interest in its strategic acreage position offshore Namibia.
The Company continues to assess farm out opportunities with its four licences in the region as it considers options for progressing exploration and commercial activity on its acreage.

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

“Our Q1 results serve as an important opportunity to remind investors of the strategic work which is happening across all areas of the portfolio. Recently announced deals in both South Africa and Guyana are examples of the team’s efforts to position the portfolio to continue creating high-impact catalysts for investors. I am excited for the future and look forward to progressing our work programmes across our entire Atlantic Margin portfolio.

These figures are neither here nor there but for investors there has much been going on beneath the waterline. Eco’s boys and girls have been very busy, in Guyana where they have evicted Tullow and should get that programme revitalised.

They have also been wheeling and dealing in South Africa on Block 3B/4B which I am most excited about being in a smart post code and very much in demand.

Eco remains a solid member of the Bucket List and patient shareholders should be rewarded if the current level of hard work proves anything like the potential in the CPR’s. At these levels it looks more and more like a ten-bagger every day.

The Company’s unaudited financial results and Management’s Discussion and Analysis for the three months ended 30 June 2023 are available for download on the Company’s website at www.ecooilandgas.com and on Sedar at www.sedar.com.

Eco (Atlantic) Oil & Gas (ECO)

Thanks to Oilman Jim’s Letter

August 13, 2023

Eco (Atlantic) Oil & Gas (ECO) announced the acquisition from Tullow of an additional 60% interest in the Orinduik block, Guyana. ECO is paying US$700,000 cash upon transfer plus contingent consideration of US$4 million in the event of a commercial discovery, US$10 million upon the issuance of a production licence from the Government of Guyana and royalty payments on future production of 1.75% on the 60% interest entitlement revenue. Eco, which now has a 75% interest in the block and becomes operator says it intends to drive the exploration process and focus on its strategy to attract new partners to join the licence and proactively engage in drilling. The other current project is Block 3B/4B, offshore South Africa in which ECO now has a 20% stake. A new CPR released by the operator earlier this year confirmed that the block contains estimated P50 prospective resources of approximately four billion barrels of oil equivalent and an application has been made to drill one well and one contingent well in the north of the block. Like Orinduik, funding for the drilling again relies on a farm-out. Current market capitalisation is around £60 million. (Atlantic) Oil & Gas (ECO)

Thanks to Malcy's Blog

8/10/23

Eco (Atlantic) Oil & Gas

Eco has announce that it has signed a Sale Purchase Agreement pursuant to which its wholly owned subsidiary, Eco Guyana Oil and Gas (Barbados) Limited, will acquire a 60% Operated Interest in Orinduik Block, offshore Guyana, through the acquisition of Tullow Guyana B.V, a wholly owned subsidiary of Tullow Oil Plc in exchange for a combination of upfront cash and contingent consideration.

The Transaction is in line with Eco’s strategy to deliver material value for its stakeholders through early entry and exploring for hydrocarbons in some of the most prolific petroleum basins in the world. Eco, via its wholly owned subsidiary Eco (Atlantic) Guyana Inc, currently holds a 15% working interest in the Orinduik Block. On completion of the Transaction, Eco, as operator and majority interest holder in the Orinduik Block, intends to drive the exploration process and focus on its strategy to attract new partners to join the license and proactively engage in drilling.

Transaction summary:

· US$700,000 cash payment upon transfer of TGBV’s 60% Participating Interest and operatorship of the Orinduik licence to Eco Guyana, to be paid to Tullow Overseas Holdings B.V., the parent of TGBV (“TOHBV”) on completion of the Transaction (the “Initial Consideration”).

· Contingent consideration payable to TOHBV is linked to the success of a series of potential future milestones, as follows:

o US$4 million in the event of a commercial discovery;

o US$10 million payment upon the issuance of a production licence from the Government of Guyana; and

o Royalty payments on future production – 1.75% of the 60% Participating Interest entitlement revenue net of capital expenditure and lifting costs.

· Transaction and payment of the Initial Consideration is subject to certain market-standard conditions precedent, including customary Government and JV partner approvals.

· Completion is expected to occur in the second half of 2023.

On closing of the Transaction, the interests of the JV partners in the Orinduik License will be as follows:

· Eco will hold an aggregate 75% Participating Interest via Eco Guyana and Eco (Atlantic) Guyana Inc., and be Operator of the Block; and

· TOQAP Guyana B.V will continue to hold a Participating Interest of 25%.

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

“We are delighted to have reached this agreement with Tullow and to be able to begin to unlock the Orinduik Block’s full potential. Since 2014, we have believed in the potential of this Block, with our initial two wells in 2019 proving two different oil plays. We will proactively engage in a farm out process for this highly prospective license and begin preparations to drill a well testing the cretaceous, where all light oil discoveries have been made in the adjacent Stabroek Block.”

Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, added:

“The Orinduik Block sits on the series of continental shelves leading into the basin. This rich and prolific basin is clean sand filled and sealed nicely to trap the massive volumes of oil found thus far. Following ten years of basin evaluation and research, we have a solid and highly experienced team to take over the Operatorship role. We will start by targeting stacked pay opportunities we see in the cretaceous and look forward to continuing our aggressive approach to discovery. We see an opportunity in the multi hundred millions of recoverable range and now is the time to drill our targets.”

This block, or rather the way that Tullow has held up its development for the last ten years drives me mad, it was a long time ago that the original plans were made and it should have been drilled out by now. As it is Eco will now be able to get on with a partnering process not to mention the technical challenges of being the operator.

With new partners and a decent exploration budget Eco can return to focus on Guyana although now it is fair to say that with its fantastic exposure in southern Africa the Orinduik block is no longer the only asset in the portfolio that could be a ten-bagger for the company.

From Malcy's Blog - August 1, 2023


Eco (Atlantic) Oil & Gas

Eco has announced its audited results for the year ended 31 March 2023.

Highlights:

Financials (as at 31 March 2023

· The Company had cash and cash equivalents of US$3,770,614 and no debt.

· Eco has cash and cash equivalents of US$6.4 million on the balance sheet as at 31 July 2023.

· The Company had total assets of US$53,777,531, total liabilities of US$5.9 million and total equity of US$48 million.

Operations:

South Africa

Block 3B/4B

· Post period end, the Company signed a legally binding Letter of Intent with Africa Oil to farm out a 6.25% Participating Interest in Block 3B/4B, offshore South Africa for up to US$10.5 million in cash.

· In March 2023, Africa Oil released a New Competent Person’s Resource Report confirming that the Block contains an estimated P50 Prospective Resources of approximately four billion barrels of oil equivalent (“BOE”), one Billion BOE net to Eco Atlantic prior to the sale of the aforementioned Participating Interest which is expected to complete shortly.

· Eco, alongside its JV Partners, applied for Environmental Authorisation to undertake exploration activities in Block 3B/4B in the Orange Basin. An application was made to drill one well and one contingent well with an area of interest in the north of the Block. A comprehensive Environmental and Social Impact Assessment (“ESIA”) process commenced in March 2023, in preparation for drilling activity on the Block.

· The JV partners continue to progress plans to conduct a two-well campaign on the Block in conjunction with progressing the collaborative farm out process, up to 55% gross working interest, with various potential parties.

Block 2B

· On November 15, 2022, a Production Right Application to the Petroleum Agency of South Africa, for Block 2B, based on the existing oil discovery of AJ-1 and potential future operations was submitted by the JV Partners.

· Eco continues to believe that Block 2B contains considerable hydrocarbon resources and looks forward to providing further updates as the Company looks to deliver value from the licence for all stakeholders.

Namibia

· Following the significant drilling success in the area, Eco continues to receive third party interest in its strategic acreage position offshore Namibia.

· The Company continues to assess farm out opportunities with its four licences in the region as it considers options for progressing exploration and commercial activity on its acreage.

Guyana

· Eco Atlantic 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. Further updates will be made on the matter in due course.

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

“As a business we continue to make significant strides across our strategic portfolio of hydrocarbon assets, in some of the world’s most prolific exploration areas. Following the stabilising of commodity prices during the first half of this year, alongside a number of discoveries being made in and around the regions we operate in, we continue to see strong industry interest in our unique acreage positions in Orange Basin SA, Walvis Basin Namibia, and the Guyana Suriname Basin.

“The agreed transfer of a portion of our WI on Block 3B/4B to our strategic alliance partner Africa Oil will strengthen the JV position amid our continued negotiations with third parties to farm into the Block and execute a drilling campaign targeted for 2024. The proceeds from this agreement give us the opportunity to fund other growth opportunities elsewhere in the portfolio with no shareholder dilution. Also, at 3B/4B, we applied for Environmental Authorisation to undertake further drilling exploration activities as we believe that the licence holds significant potential to be explored by the Joint Venture partnership in South Africa.

“Namibia continues to produce globally significant hydrocarbon discoveries, and as a sizeable licence holder in the region, Eco continues to benefit from heightened levels of industry interest in the area.

“As a Board and Management team, we continue to assess and progress value accretive opportunities across our portfolio, with the goal of delivering substantial shareholder returns over the medium to long term.

“We remain excited about our prospects, and I look forward to providing further updates to the markets during the remainder of the year.”

A great deal of historic information here in the figures, no need to comment on that but since the period end much has gone on and Eco looks set very fair for an exciting year from now on.

Issue of Azinam Shares, Admission and Total Voting Rights

In addition, further to the Company’s announcement of 29 November 2022 regarding the closing of the acquisition of Azinam Group Limited (“Azinam”) and in accordance with the previously announced Share Purchase Agreement, the Company has received TSX Venture Exchange approval to issue the balance of 1,625,000 Common Shares (“Azinam Shares”) to the previous shareholders of Azinam representing the full and final number of Common Shares to be issued in respect of this transaction.

Application has been made for admission of the 1,625,000 Azinam Shares, which will rank pari passu with existing Common Shares, to trading on AIM (“Admission”). It is expected that Admission will become effective, and trading in the Azinam Shares will commence, on or around 8:00 a.m. on 2 August 2023.

On Admission, the enlarged issued share capital of the Company will be 370,173,680 Common Shares. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company.

The Company’s audited financial statement for the year ended 31 March 2023 is available for download on the Company’s website at www.ecooilandgas.com and on Sedar at www.sedar.com.

Thanks to Malcy's Blog

Eco (Atlantic) Oil & Gas

Eco has announced that it has signed a legally binding Letter of Intent pursuant to which its wholly owned subsidiary, Azinam Limited, will farm out 6.25% Participating Interest in Block 3B/4B, offshore South to Africa Oil SA Corp, a wholly owned subsidiary of Africa Oil Corp. Pursuant to the terms of the LOI, the completion of the Acquisition is subject to the satisfaction of customary conditions precedent including, but not limited to, the receipt of requisite regulatory approvals from the government of South Africa and the TSX Venture Exchange.

The consideration for the Acquisition is up to US$10.5m in cash, payable conditional on certain milestones as set out below:

· US$2.5m within 30 days of signing of the LOI;

· US$2.5m upon government approval for the transfer of the 6.25% interest in Block 3B/4B to Africa Oil;

· US$4m upon the completion of targeted farm out to a third party; and

· US$1.5m upon spud of the first exploration well in Block 3B/4B

On closing of the Acquisition, which is subject, amongst other things, to Section 11 approval for the transfer from the government of South Africa, TSXV approval and customary pre-emption provisions, the Block 3B/4B interests of the JV partners in Block 3B/4B will be as follows:

· Africa Oil SA Corp, a wholly owned subsidiary of Africa Oil Corp. and the Operator of the Block, holding a 26.25% Participating Interest;

· Azinam Limited, a wholly owned subsidiary of Eco Atlantic, holding a Participating Interest of 20%; and

· Ricocure (Proprietary) Limited, holding the remaining 53.75% Participating Interest.

The JV partners continue to progress the collaborative farm-out process, as previously announced, for up to a 55% gross working interest in the Block, with various potential parties.

As announced on 21 March 2023, the application process for a permit to drill one well and one contingent well (and potentially up to five wells) within an area of interest in the north of Block 3B/4B remains underway.

Completion of previously announced acquisition of additional interest in Block 3B/4B, South Africa

Further to the Company’s announcement of 27 June 2022, the Company can confirm that it will issue 1,200,000 new common shares of no par value in the Company to Lunn Family Trust in place of the US$500,000 cash consideration due in respect of the acquisition of the 6.25% interest in Block3B/4B from Lunn Family Trust. The Consideration Shares represent the full and final component of the completion consideration in respect of the acquisition announced on 27 June 2022 and there are no additional shares or cash due to the seller.

Gil Holzman, Co-Founder and Chief Executive Officer of Eco Atlantic, commented:

“We are very pleased to agree this transfer of a portion of our WI on the Block to our strategic alliance partner Africa Oil. The restructure of the WI will result in Africa Oil holding 26.25% and Eco 20% and will strengthen the JV position amid ongoing negotiations with third parties to farm into the Block and execute a drilling campaign. Since Africa Oil is already established as JV partner and Operator on the Block, receipt of the requisite regulatory approval for the transfer is expected to be straight forward.

“We look forward to continuing our work with the South African government and regulatory bodies in terms of our Environmental Authorisation process and in the active exploration of Block 3B/4B. The initial cash to be received from Africa Oil will enable Eco Atlantic to fund its growth opportunities elsewhere and with no shareholders dilution, while maintaining a strategic and considerable 20% working interest in this highly prospective Block (pre farm out to a third party).”

You can’t keep a good man down and Gil Holzman is one of those who regularly surprises with another deal which is just around the corner. Today he unveils a plan to raise some $10m+ without any dilution by admittedly bringing in fellow investors in the extremely prospective Block 3B/4B.

Myself and the international oil industry have been watching this acreage and of course I am also a huge fan of Africa Oil, a great company to be your partner here. Expect more deals as the time has now come for the partners to do more farm-outs and prepare to go to work on the Block.

The shares have fallen in the last few, quiet months, I do not expect this to continue as the excitement grows about 3B/4B where there is much potential, as I said, expect more surprises from Mr Holzman, Lechaim!

countdown to those 50k shares being sold - LOL

SEI has a much lower share float and that is why i have a full load

Yes I understand that horse could payoff very nicely. You might look at PCOGF for being at the heart of the Orange Basin.

SEI.V / SEUSF


douginil I post under SEUSF on this site , i will give you a link to the last presentation last week . Pay attention to the payment that SEI gets if the first well is good !

Hint the BIG BOYS are doing the drilling


jmho

Would you care to identify the other horse in the Namibia oil patch.

witch horse should i ride in Namibia oil patch ?

Think i will ride the other horse


jmho

Eco Atlantic notes Operator's New Competent Person's Resource Report on Block 3B/4B Offshore South Africa

TORONTO, ON / ACCESSWIRE / March 9, 2023 / 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 note Africa Oil Corp.'s publication of an independent, NI 51-101 compliant report of qualified reserves and resources evaluator for Block 3B/4B Offshore South Africa (the "CPR"). The CPR was commissioned by Africa Oil Corp. and issued by RISC Advisory (UK) Limited, an independent oil and gas advisory firm.

Highlights

RISC's analysis of the licence identifies total Unrisked Gross P50 Prospective Resources of approximately 4 billion barrels of oil equivalent ("BOE").
Net (26.25%) to Eco Atlantic, the Net Unrisked Prospective resources are approximately 1.0 BOE.
Exploration risk (Pg) for the identified prospects and leads were assessed by RISC to range from 15% to 39%.
Eco Net Unrisked Prospective Resources: Oil - Million stock tank barrels of oil ("MMstb"):
Minimum (P90): 452 MMstb
Most likely (P50): 802 MMstb
Maximum (P10): 1,427 MMstb
Eco Net Unrisked Prospective Resources: Gas - Billion cubic feet ("Bcf"):
Minimum (P90): 798 Bcf
Most likely (P50): 1,446 Bcf
Maximum (P10): 2,628 Bcf
Notes:

Net values are ECO's 26.25% working interest share of Gross Prospective Resources attributable to Exploration Right and are not equivalent to an entitlement right.

The CPR can be accessed via Africa Oil Corp.'s website: https://africaoilcorp.com/operations/block-3b-4b/

Colin Kinley, Co-Founder and COO of Eco Atlantic commented:

"After completing an extensive reprocessing of the 3D on 3B/4B, this CPR by RISC confirms 3B/4B's potential and generates exciting prospectivity on this unique Orange Basin block. The region offshore Namibia and South Africa continues to be an exploration hotspot and yielding dramatic discoveries. The estimated one Billion BOE of P50 prospective resources net to Eco are all in prospects of similar geologic age and structure to that of the recent discoveries announced by TotalEnergies and Shell in the same horizons of the Orange Basin.

"We are working closely with our JV partners on a potential farm out of up to a 55% gross working interest in the block, which will help accelerate the commencement of a two well drilling program on the license. We believe that this is a highly prospective block with multiple exciting exploration prospects. We look forward to updating the market on further developments of Block 3B/4B as exploration activity continues to accelerate in this basin."

chief executive Gil Holzman "“Following our drilling campaign on Block 2B, offshore South Africa, in Q4 2022, we continue to analyse the well data obtained from the Gazania-1 well,” [...]“We remain of the view that considerable untapped potential remains in the asset and we are working with our partners on the Block to plan our next steps, in order to deliver value for all stakeholders."Holzman highlighted that the explorer remains excited for its potential in 2023 and it intends to keep investors updated as activities progress over the course of the year. Feb 27, 2023. Eco ended December with some US$14.5mln of cash and was debt free. The company year end and Q4 is March 31 2023.
NOTE: The company is not yet producing oil from any of its assets/is still just in exploratory phase

calm before the storm LOL. the last news was bad news and there has been nothing to report. I bet they keep silent until there is something stellar to report, which should be soon, and then this will fly - IMO. The company has great assets and near term operations

Hopefully it goes up with the next piece of good news as quickly as it dropped with the last piece of bad news.

Why did ticker stop moving?

LIKING THIS COMPANY,,,

have to love opportunity LOL

How is this stock down 40% one day, and up 60% the next day...with no news I can find?

Didn't pan out-

https://www.marketscreener.com/quote/stock/ECO-ATLANTIC-OIL-GAS-12249994/news/Eco-Atlantic-Announces-Update-on-Gazania-1-Well-Offshore-South-Africa-42351892/

futr

Read the transcript of the AOI conference all.....lots of info.

https://seekingalpha.com/article/4558086-africa-oil-corp-aoiff-q3-2022-earnings-call-transcript


Here is the part on the current delay :

Matt Cooper

Okay, great. And I just wondering if you could give a little bit more color on why the Gazania well reserve has moved back slightly?

Keith Hill

Yes, I've got two reasons. So then, I guess I shouldn't go into too much detail. But, there was a weather delay at the beginning. And then the drilling has been taking longer than expected. So we're about 15 to 20 days behind prognosis on it. So far, operations are ongoing. There's no serious problems with the well, and it's taking longer than one night.

As far as I am concerned.

When good things happen on drills - spikes in the share price happen - price rises.

When bad things happen (like mechanical issues) - share drops happen - price falls.

The Gazania-1 well is a 25 day well on a dry hole basis.

30 days on a discovery in either the Namaqualand or Gazania targets.

With sidetrack into the Pelargonium this would extend to 45 days.


Now we know :

No oil in Nam/Gaz then no sidetrack. So if they are sidetracking then its not a duster.

The share price has risen strongly, with spikes and frenzied buying at times. That points to "good things" at the drill site.......and not any problems.

So as I have said all along, I am more than happy to hold all my ECO shares and have not sold one.

Regardless of Gazania result.......we still have 3B/4B farm out coming with drilling, as well as Guyana drilling, as well as possibly Namibia drilling. All of which will push the share price past what it currently is anyway.........

Fingers crossed we will soon hear of a "Major Oil Discovery"............

From Africa Oil news release...notice how they emphasize they have a MATERIAL interest....sounds good. It may look like on timelines they have gone straight to sidetrack the third target........which would be very goods as that would only be done in the success case with the first two targets.

https://africaoilcorp.com/news/africa-oil-announces-third-quarter-2022-financial-122855/


..........Eco, the operator of Block 2B, offshore South Africa, announced the start of drilling operations on the Gazania prospect on October 4, 2022. The Gazania-1 exploration well is targeting over 300 million barrels of light oil. The results from this exploration campaign are expected by end November 2022. Africa Oil has a material 16.5% indirect interest in this block through its investments in Eco, Africa Energy and Impact. ........

Well, on the 22nd of October Gil said in an email "if we announce a sidetrack in 2 or 3 weeks time then get the champagne out"..........

And now.......Monday 13th of Nov will be 3 weeks from that email........

Which makes me think.........was in fact that sudden spurt in Canada earlier this week the drill bit going into Gazania.......and logging now and news on Monday ?

All good fun, the excitement continues...........

https://www.proactiveinvestors.co.uk/companies/news/997804/eco-atlantic-share-rise-as-investors-await-gazania-1-well-news-997804.html

Eco Atlantic share rise as investors await Gazania-1 well news

Excitement is evidently rising for the explorer's well offshore South Africa.

Shares in Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) shot up 10% in Wednesday morning dealing as the market hotly anticipates news from drilling offshore South Africa.

The AIM-quoted explorer has a 50% working interest in in Block 2B, which contains the Gazania prospect, and is the operator for the drilling of the well.

Drilling kicked off just over a month ago and Eco shares are up 22% since then (and are up about 130% in 2022 to date).

Finfluencers and social media investors speculated online whether a drill report may soon arrive as Eco’s shares pushed higher in Wednesday’s early deals.

On AIM, Eco shares were up 3.25p or 8.2% by around 9:45am.

Meanwhile, in Canada, Eco’s Toronto quote saw the price rise some 18% to 73 cents per share last night.

Gazania-1, approximately 25km offshore the Northern Cape in Orange Basin South Africa and in approximately 150 metres of water, is targeting a prospect of 300mln barrels of light oil.

If there is a discovery in the vertical section there is an option to drill a sidetrack from the main well bore.

Eyes are on the supply ship which is now back at port.

https://www.marinetraffic.com/en/ais/home/shipid:373623/zoom:14

Draught is 7m

See if she loads up and goes back to the rig......that would perhaps indicate ongoing work.........eg..........sidetrack.




And for those who dont know, the ships draught increases as its loaded up......so if the supply ship sails out of port to the rig and the draught is more than 7m.....its loaded with stuff.

Bit more on the horizon for ECO but from Namibia ?

Gazania-1 well update imminent (company making well)

South Africa 3B/4B farm out - imminent to a SuperMajor (likely free carry on 2 potential company making wells)

Guyana offshore drilling selection and update due year end (again company making wells)


And might we have some action in Namibia. ECO is the holder of the largest areas offshore Namibia and the Osprey prospect along is potentially neat 900 million recoverable barrels in size.....this from Namibia media below :

https://www.namibian.com.na/index.php?id=117677&page=read

.........TotalEnergies recently announced it had discovered oil at the Venus well, while Shell reported finding oil at the Graff well in the Orange River Basin offshore Namibia.

Eco Atlantic Oil & Gas is looking for another funding partner for the Osprey prospect's drilling programme in the waters off Namibia, while Global Petroleum's Welwitschia Deep prospect, with an estimated 50% prospective resource volume of about 670 million barrels of oil, is also expected to be drilled in the next 15 to 18 months.................

Big 18% jump in #ECO share price last night in Canada, where its ticker is $EOG.V Will there be news this week from @EcoAtlantic_OG on the Gazania-1 well ? $ECAOF #oil #oilandgas #oott Finished at 0.73 CAD which is 0.47 GBP

I think many people do not understand the significance of the 3B/4B farm out.

When it happens (and its when and not if) and when people see its a Supermajor farming in and that Supermajors farm in terms will be to fully pay for 2 deep exploration wells (which will target the biggest targets on trend with Venus and Graf...but bigger than Venus or Graf)......... thats worth 40p a share to ECO imo.

So currently, at 40p.....on a duster it will fall yes.....and fall hard......but it will bounce upwards hard when the 3B/4B news comes........and that excluding the Guayana potential of Orinduick.

That is why I am still holding all my ECO shares, as for me, even a duster its just a case of holding and waiting and the share price will be over 40p again before too many moons pass.

I have a large lump of money waiting as well, to either buy good news or buy bad news next week.

WE might see a 50%+ fall, then followed with a 100% gain with bad Gazania news followed by 3B/4B farm out news.

Or.....if Gazania is good we should see 400% to 500% gain.......depending on how good the news is......and if the news is excellent and we see a sidetrack into Pelargonium going ahead.....that gain may be much higher still.

So all in all, good risk reward imo and ECO is a buy on bad news and a buy on good news........

Each to their own....I am very happy with my stake, its all fully paid for and its going to be a fun week next week......good or bad.

Very strong on the bid side in Canada......things are hotting up.

News next week very likely.....perhaps even Monday morning ?

My little "volume star gaze" pic is based on this modified drill schedule and estimating spud was 9th October. Its rough and ready....but ties in

The below is just a bit of fun........crystal ball gazing based on volumes and then see how it compares with the actual news, which should be next week.

Thanks for posting

For valuations IF there is a discovery, this goes over them.

https://ihsmarkit.com/research-analysis/the-upcoming-and-highly-anticipated-gazania1-well.html

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