Eco (Atlantic) Oil & Gas Ltd has announced its intentions for the Orinduik Block. As it gears up to become the primary shareholder and operator, the company aims to bring in new partners and actively pursue drilling ventures.
While its current stake in the Orinduik Block, situated offshore Guyana, stands at 15%, this is set to jump to 60% once it finalizes the acquisition of Tullow Oil’s share.
In South Africa, Eco confirmed the receipt of US$2.5 million from Africa Oil, stemming from the farm-out of an additional 6.25% in Block 3B/4B.
Over in Namibia, Eco is exploring potential farm-out options for its quartet of licences.
Gil Holzman, the CEO, commented on their Q1 performance, emphasizing the strategic undertakings throughout their portfolio. He remarked, “Our Q1 figures provide a pivotal moment to highlight the in-depth work across all our assets.”
The financials for the quarter ending June 2023 showed losses amounting to US$717,000 (previously US$2.7 million), and they reported a net cash position of roughly US$2.54 million as of 30 August.
