Eco Atlantic Oil & Gas Ltd. (AIM:ECO)(TSX‐V:EOG), an oil and gas exploration company focused on the offshore Atlantic Margins, released its unaudited financial results for the three months ending June 30, 2025. The company reported strong financials, including US$3.6 million in cash and cash equivalents and no debt. Total assets reached US$20.4 million, with equity at US$19 million.
All outstanding warrants have been canceled or expired. The company anticipates receiving an additional US$11.5 million from joint venture partners in Block 3B/4B upon reaching specific milestones. This payment is related to a previously announced transaction with Meren Energy Inc. (formerly Africa Oil Corp.).
In South Africa, Eco Atlantic received the governmental title award and exploration rights for Block 1, securing its 75% interest in the Orange Basin. This region is considered a significant area for offshore oil exploration.
The company is actively pursuing several opportunities in Namibia. Eco Atlantic is exploring options to advance its exploration programs, potentially through farm-out agreements.
In Guyana, the company continues its farm-out process for the Orinduik Block, assessing the Jethro and Joe heavy oil discoveries to determine the optimal appraisal strategy.
Alan Rootenberg, Eco Atlantic’s long-time CFO, retired after over a decade with the company. Eco Atlantic expressed its gratitude for his contributions.
Gadi Levin has been appointed as the new CFO, effective September 2, 2025. Levin is a chartered accountant with extensive experience in public and private equity markets. He previously served as the company’s Finance Director since 2016.
Gil Holzman, President and CEO of Eco Atlantic, expressed satisfaction with the company’s progress across its various projects. He noted the significant progress in South Africa and the ongoing efforts in Namibia and Guyana. Holzman also welcomed Levin‘s appointment, highlighting his extensive experience and contributions to the company. He stated that Eco Atlantic is well-positioned for future growth.
The company’s audited financial statements are available on its website and on SEDAR. The statements include a balance sheet, income statement, cash flow statement, and notes.
The company’s financial reports show a net loss for the three-month period, attributed to operating expenses. However, the company’s cash position and ongoing projects suggest a positive outlook. Further updates are expected as the company progresses its various assets and projects.
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