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Highlights

  • Cash position stood at US$3.6 million with no outstanding debt.
  • Governmental Title Award secured for Block 1, confirming Exploration Right and Operatorship.
  • Gadi Levin appointed as CFO effective 2 September 2025, succeeding Alan Rootenberg.

Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO, TSX-V:EOG) has released its unaudited financial results for the three months ended 30 June 2025 and announced the appointment of Gadi Levin as Chief Financial Officer. The company reported a stable financial position while progressing its exploration and farm-out activities across South Africa, Namibia, and Guyana.

As of 30 June 2025, Eco reported cash and cash equivalents of US$3.6 million with no debt, total assets of US$20.4 million, liabilities of US$1.5 million, and shareholders’ equity of US$19.0 million. The company noted that all outstanding warrants have either been cancelled or expired. Additionally, Eco expects to receive US$11.5 million from Block 3B/4B joint venture partners upon achieving agreed milestones, which is expected to support future exploration programs.

In South Africa, Eco confirmed the receipt of the Governmental Title Award for Block 1 Offshore Orange Basin, along with the Exploration Right and Operatorship. This follows its acquisition of a 75% interest in the block in June 2024. For Block 3B/4B, Eco completed a transaction with Meren Energy Inc. (formerly Africa Oil Corp.) earlier this year, exchanging a 1% participating interest for the cancellation of 54.9 million shares and 4.86 million warrants valued at approximately C$11.3 million.

In Namibia, the company reported increasing interest in its licenses and is currently evaluating farm-out opportunities to advance its exploration programs. Meanwhile, in Guyana, Eco remains in discussions with potential partners for the Orinduik Block and continues to assess appraisal strategies for the Jethro and Joe heavy oil discoveries.

Eco also announced a leadership transition in its finance team. Long-serving CFO Alan Rootenberg will retire after more than a decade with the company. Gadi Levin, who has been with Eco since 2016 as Finance Director, will assume the CFO role effective 2 September 2025. Levin brings over 20 years of experience in public and private equity markets and has been closely involved in Eco’s financial management.