Results for Three-Month Period Ended 30 June 2025
Q2 2025 results show cash of US$3.6m with no debt; Block 1 South Africa operatorship received; CFO transition announced.
- Cash and cash equivalents US$3.6m (prior US$4.7m)
- Total assets US$20.4m (prior US$21.6m)
- Total equity US$19.0m (prior US$20.4m)
- Net loss for period US$1.6m (prior US$1.1m)
- Cash burn (operating activities) US$0.9m (prior US$1.6m)
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Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG) (Toronto, Canada), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce its unaudited results for the three-month period ended 30 June 2025, and the appointment of Gadi Levin as Chief Financial Officer ("CFO").
Highlights:
Financial
- The Company had cash and cash equivalents of US$3.6 million and no debt as at 30 June 2025.
- The Company had total assets of US$20.4 million, total liabilities of US$1.5 million and total equity of US$19.0 million as at 30 June 2025.
- All warrants in the Company have now been cancelled or expired, with no warrants outstanding.
- The company is due to receive additional $11.5m from Block 3B/4B JV partners upon reaching certain milestones.
South Africa
Block 1
- Further to the Company's announcement on 5 June 2024 detailing Eco's acquisition of a 75% interest in Block 1 Offshore South Africa Orange Basin, Eco received the Governmental Title Award and the Exploration Right and Operatorship, as announced on 4 June 2025.
Block 3B/4B
- On 13 January 2025, Eco announced the completion of the transaction with Africa Oil Corp. now Meren Energy Inc. for the sale of a 1% Participating Interest in Block 3B/4B in exchange for the cancellation of its 54,941,744 shares and 4,864,865 warrants in Eco (valued at ~C$11.3 million). All warrants have now been cancelled or expired, with no warrants outstanding.
- The company is due to receive additional $11.5m from Block 3B/4B JV partners upon reaching certain milestones.
Namibia
- The Company is witnessing considerable interest in its licenses in Namibia and is currently assessing options to progress its exploration work programs amid a potential farm-out.
Guyana
- The Company remains engaged in an active farmout process for the Orinduik Block and is evaluating the Jethro and Joe heavy oil discoveries to determine the appropriate appraisal approach.
CFO Appointment
Eco's long-standing CFO Alan Rootenberg has announced his retirement, having worked with the Company since 2011. The Company would like to thank Alan for his efforts during his time at Eco and wishes him well in his retirement.
Eco is pleased to announce the appointment of Gadi Levin as CFO effective 2 September 2025. Gadi is a chartered accountant with over 20 years' of experience in both public and private equity markets. He has been a long-standing member of Eco's finance team, having previously held the role of Finance Director since 2016, working closely with Eco's executive team in support of the effective financial management of the Company.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
"Eco has continued to make progress across its portfolio and operations in the three months to 30 June 2025. During the period, the Company received the Governmental Title Award and the Exploration Right and Operatorship for Block 1, offshore South Africa, where Eco now holds a 75% interest. The Orange Basin remains one of the most exciting offshore postcodes in the world with Eco's acreage strategically located at its heart. In Namibia, we continue to progress the license work programs and farm out discussions.
In Guyana, we have continued to hold positive discussions with a number of prospective partners where we are working hard to realise the potential of the Orinduik block.
I am also pleased to announce the appointment of Gadi Levin as our CFO following the retirement of Alan Rootenberg. Gadi has been a key member of Eco's finance team for many years and I look forward to continuing to work closely with him. I would also like to thank Alan for all his hard work at Eco over the years and wish him all the best in his well-deserved retirement.
As we look forward to the rest of 2025, Eco is in a strong position with a number of potential catalysts to create real value for the Company and its stakeholders. We look forward to being able to provide further updates as we advance our various assets, ongoing workstreams, and projects."
The Company's audited financial statement for the three months ended 30 June 2025 is available for download on the Company's website at www.ecooilandgas.com and on Sedar at www.sedar.com.
Balance Sheet
| June 30, | March 31, | |
|---|---|---|
| 2025 | 2025 | |
| Assets | ||
| Current Assets | ||
| Cash and cash equivalents | 3,600,127 | 4,726,152 |
| Short-term investments | 73,467 | 69,676 |
| Government receivable | 39,905 | 58,933 |
| Amounts owing by license partners | 34,000 | 206,818 |
| Accounts receivable and prepaid expenses | 54,550 | 54,550 |
| Total Current Assets | 3,802,049 | 5,116,129 |
| Non- Current Assets | ||
| Petroleum and natural gas licenses | 16,672,274 | 16,447,274 |
| Total Non-Current Assets | 16,672,274 | 16,447,274 |
| Total Assets | 20,474,323 | 21,563,403 |
| Liabilities | ||
| Current Liabilities | ||
| Accounts payable and accrued liabilities | 1,521,466 | 1,178,785 |
| Total Current Liabilities | 1,521,466 | 1,178,785 |
| Total Liabilities | 1,521,466 | 1,178,785 |
| Equity | ||
| Share capital | 117,730,863 | 107,129,936 |
| Restricted Share Units reserve | 1,038,722 | 1,038,722 |
| Warrants | - | 10,600,927 |
| Stock options | 3,350,398 | 3,209,329 |
| Foreign currency translation reserve | (1,544,704) | (1,527,171) |
| Accumulated deficit | (101,622,422) | (100,067,125) |
| Total Equity | 18,952,857 | 20,384,618 |
| Total Liabilities and Equity | 20,474,323 | 21,563,403 |
| Income Statement | ||
| Three months ended | ||
| June 30, | ||
| 2025 | 2024 | |
| Income | ||
| Interest income | 15,980 | 3,211 |
| Operating expenses : | ||
| Compensation costs | 252,075 | 199,467 |
| Professional fees | 111,603 | 141,969 |
| Operating costs, net | 947,235 | 541,686 |
| General and administrative costs | 126,986 | 158,025 |
| Share-based compensation | 141,069 | - |
| Foreign exchange loss (gain) | (7,691) | 89,123 |
| Total operating expenses | 1,571,277 | 1,130,270 |
| Net loss for the year, before taxes | (1,555,297) | (1,127,059) |
| Tax recovery | - | - |
| Net loss for the year, after taxes | (1,555,297) | (1,127,059) |
| Foreign currency translation adjustment | (17,533) | (31,739) |
| Comprehensive loss for the period | (1,572,830) | (1,158,798) |
| Basic and diluted net loss per share: | (0.005) | (0.003) |
| Weighted average number of ordinary shares used in computing basic and diluted net loss per share | 315,231,936 | 370,173,680 |
| Cash Flow Statement | ||
| Three months ended | ||
| June 30, | ||
| 2025 | 2024 | |
| Cash flow from operating activities | ||
| Net loss from operations | (1,555,297) | (1,127,059) |
| Items not affecting cash: | ||
| Share-based compensation | 141,069 | - |
| Changes in non‑cash working capital: | ||
| Government receivable | 19,028 | 10,198 |
| Accounts payable and accrued liabilities | 342,681 | (372,129) |
| Accounts receivable and prepaid expenses | - | 36,533 |
| Advance from and amounts owing to license partners | 172,818 | (147,693) |
| Cash flow from operating activities | (879,701) | (1,600,150) |
| Cash flow from investing activities | ||
| Short-term investments | (3,791) | - |
| Acquisition of interest in property | (225,000) | (150,000) |
| Cash flow from investing activities | (228,791) | (150,000) |
| Idecrease in cash and cash equivalents | (1,108,492) | (1,750,150) |
| Foreign exchange differences | (17,533) | (31,739) |
| Cash and cash equivalents, beginning of period | 4,726,152 | 2,967,005 |
| Cash and cash equivalents, end of period | 3,600,127 | 1,185,116 |
Notes to the Financial Statements
Basis of Preparation
Summary of Significant Accounting Policies
Critical accounting estimates
For more information, please visit www.ecooilandgas.com or contact the following.
| Eco Atlantic Oil and Gas | c/o Celicourt +44 (0) 20 7770 6424 |
| Strand Hanson (Financial & Nominated Adviser) | +44 (0) 20 7409 3494 |
| James Harris James Bellman Edward Foulkes | |
| Berenberg (Broker) | +44 (0) 20 3207 7800 |
| Matthew Armitt Ciaran Walsh Detlir Elezi | |
| Celicourt (PR) | +44 (0) 20 7770 6424 |
Mark Antelme Jimmy Lea Charles Denley-Myerson
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.