Eco Atlantic Announces Unaudited Results for the 6M Ended 30 September 2021

Source: www.gulfoilandgas.com 11/26/2021, Location: South America

Eco (Atlantic) Oil & Gas Ltd., the oil and gas exploration company with licenses in the proven oil province of Guyana and the highly prospective basins of Namibia , is pleased to announce its results for the three and six months ended 30 September 2021 , alongside a corporate and operational update.

Results Highlights:

Financials:
Cash and cash equivalents of US$6.22 million and no debt as of 30 September 2021.
Raised US$4.9m in the form of a private placement in July 2021 .
Total assets of US$19.9 million , current liabilities of US$626,381 and total equity of US$16.7 million as of 30 September 2021 .

Operations during and post-period end:

Guyana
On 28 June 2021 , Eco subscribed for 5,000,000 new common shares in JHI Associates Inc. ("JHI"), which holds a 17.5% interest in the Canje Block offshore Guyana , representing 6.4% of JHI's share capital. Eco was also issued a warrant to subscribe for a further 9,155,471 new common shares in JHI at an exercise price of US$2.0 per share for a period of eighteen months, which, if exercised in full, ceteris paribus, will provide Eco with a 10% interest in JHI on a fully diluted basis.

On the Canje Block, Guyana , Eco received a detailed update from JHI Associates Inc. on 30 October 2021 that ExxonMobil had successfully and safely drilled the Sapote-1 well. The well recorded hydrocarbon shows while drilling and in the logging sequence, in a deeper interval than anticipated, but had no shows in the upper primary objective horizon. With sidewall coring and wireline logging complete, ExxonMobil will now work to define the reservoir properties, including porosity and permeability, and the cored samples will be analysed for hydrocarbons.

On the Orinduik Block, the JV Partners ( Eco Atlantic (15% working interest ("WI")), Tullow Guyana B.V. ("Tullow") (Operator, 60% WI) and TOQAP Guyana B.V. ("TOQAP") (25% WI)) are advancing towards finalisation of the target selection process and updating the drilling targets inventory. The partnership aims to establish firm targets in the near-term and advance towards drilling.

Namibia
In October 2021 , Eco completed drafting the four new Joint Operating Agreements ("JOAs") for its new 2021 Petroleum Licenses in the Walvis Basin , offshore Namibia . The Company has received all paying partner approvals on the JOAs and Namibia's Ministry of Mines and Energy has approved Eco Atlantic to be the Operator of all four blocks, which total some 7,065,484 acres (28,593 km2).

The Company continues to monitor and assess opportunities, both technical and corporate, particularly with the upcoming drilling activity in the region. Two high impact deepwater wells are anticipated to spud in Namibia in Q4 2021: TotalEnergies Venus-1 well, using the Maersk Venturer, and Shell Namibia's Graff-1 well, using the Valaris DS-10.

Solear Ltd.
Solear, a wholly owned subsidiary of Eco, signed effective October 2021 an MOU with B&S Power Holdings Co. (" B&S Power "), an independent developer and operator of solar parks in Europe and South America , to jointly acquire and develop Ready to Build ("RTB") solar parks, funded exclusively by an international EPC firm. As part of the joint venture, B&S Power will inject their current development assets base into Solear. The companies are now evaluating a 104MW RTB park in Greece and additional transactions in Bulgaria , Hungary , and Spain.

Outlook:

Guyana
Eco remains funded for further anticipated drilling on the Orinduik Block and continues, with its JV Partners , to assess all opportunities available to drill at least one exploration well into the light oil cretaceous stacked targets after the target selection process is finalised.
Eco continues to firmly believe that Orinduik offers significant upside, with the eastern section of the Block closer to the established Liza oil trend than any other Block offshore Guyana . The partnership is focused on the careful selection of locations and is able to drill a number of stacked or multiple target sections targeting light oil.
Guyana continues to be one of the most prolific exploration regions in the world, with over ten billion barrels of oil discovered in the last six years. Eco and the JV Partners have already delivered two substantial oil discoveries on the Orinduik Block and the Block continues to offer significant upside potential.

Namibia
The Company's licences in Namibia cover approximately 28,593 km2, with over 2.362 BBOE of prospective P50 resources.
Eco has a strategically significant acreage position in-country and is progressing its various work programmes across its four blocks offshore Namibia . The Company has witnessed considerable interest from multiple international oil companies in Namibia .
The Company continues to monitor and assess opportunities, both technical and corporate, particularly with the upcoming third-party drilling activity in the region. Two high impact deepwater wells are anticipated to spud in southern Namibia in Q4 2021: TotalEnergies Venus-1 well, using the Maersk Venturer, and Shell Namibia's Graff-1 well, using the Valaris DS-10.

Solear Ltd.
Solear, a wholly owned subsidiary of Eco, is an independent renewable energy company focused on solar development projects in southern Europe .
Following the acquisition of the Kozani Project in January 2021 , Solear continues to pursue, at low cost, the assessment of additional projects, developing in-country relationships and seeking high turnover, early-stage opportunities.

Corporate:
Eco continues to evaluate additional asset and corporate opportunities in both West Africa and South America with its strategic partner and substantial shareholder Africa Oil Corp. - with a focus on near-term high-impact exploration opportunities.
The Company continues to keep a strict control over costs throughout the business, which continues to generate material savings, ensuring that Eco remains well capitalised with a strong balance sheet.

Gil Holzman , President and Chief Executive Officer of Eco Atlantic , commented:
"We are pleased to report on another active period for the Company, where we have worked hard to offer a string of exploration and corporate catalysts, to create value for shareholders, and simultaneously maintain our balance sheet strength in anticipation of a busy 2022.

"We are extremely upbeat about our operational outlook for 2022; in the near-term, we look forward to updating the market on technical results of the Sapote-1 well and updated drilling plans on the Canje Block, and we are confident that our investment in JHI will generate considerable opportunity and value going forward. On our Orinduik block we are close to finalising the drilling targets selection process and continue to see substantial prospectivity in the light oil cretaceous section on the Block.

"Elsewhere across our portfolio, we see the current third-party exploration programmes in Namibia as potential catalysts for wider regional success. The near-term will be exciting, with TotalEnergies Venus-1 and Shell's Graff-1 wells and in Guyana , with ExxonMobil's Fangtooth-1 well, just north and down dip of Orinduik on the Stabroek Block testing some of the deeper sections.

"It is also encouraging to see the progress that Eco's renewable energy arm, Solear, is making with a number of strategic partnerships, including potential monetisation of assets and further acquisitions together with its JV partners.

"Lastly, with increasing oil prices and with active M&A activity in the industry, we continue to review various opportunities with a view to broadening our asset inventory.

"We look forward to updating shareholders on our various workstreams across our world-class asset base, as well as other corporate activities through which we're confident will deliver long-term value."


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