Q2 2026 Results & SA Block renamed Block 1 CBK
Eco (Atlantic) Oil and Gas Ltd. reported unaudited results for the three and six months ended September 30, 2025, showing cash and cash equivalents of $2.1 million and no debt, with total assets of $18.9 million and total equity of $17.6 million. The company is set to receive an additional $11.5 million from Block 3B/4B joint venture partners upon achieving milestones. Notably, the offshore South Africa Block 1 has been renamed Block 1 CBK in tribute to the late Colin Kinley. The company also advanced its portfolio optimization in Namibia, securing license extensions and agreeing to a farm-out of PEL 98, while continuing its farm-out process for the Orinduik Block in Guyana and evaluating heavy oil discoveries.
| Half year to 30 Sep 2025 | Now | Year before | Change |
|---|---|---|---|
| Profit before tax | (£2.4m) | (£2.2m) | |
| Net income | (£2.4m) | (£2.2m) | |
| Cash from operations | (£1.8m) | (£2.2m) | |
| Cash | £1.5m | – |
Figures as reported, converted to £ where needed – see all financials.
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Results for the Three and Six Month Periods Ended 30 September 2025 and Offshore South Africa Block Renamed Block 1 CBK in Tribute to late Colin Kinley
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 and six month periods ended 30 September 2025.
Highlights:
Financial
| • | The Company had cash and cash equivalents of US$2.1 million and no debt as at 30 September 2025. |
| • | The Company had total assets of US$18.9 million, total liabilities of US$1.4 million and total equity of US$17.6 million as at 30 September 2025. |
| • | The Company is due to receive additional $11.5m from Block 3B/4B JV partners upon milestones in accordance with previously signed farm out agreements. |
| South Africa | |
| Block 1 CBK | |
| • | On 5 June 2024, Eco announced the acquisition of a 75% interest in Block 1 Offshore South Africa in the Orange Basin and received the Governmental Title Award and the Exploration Right and Operatorship, the final receipt of which was announced on 4 June 2025. |
| • | Eco has acquired existing seismic data and an interpretation process in parallel to an active farm-out process is underway. |
| • | In honour of the late Colin Brent Kinley, Eco Atlantic's Co-Founder and former Chief Operating Officer, who passed away on November 5, 2025, Azinam South Africa Limited ("Azinam SA"), the Operator of Exploration Right 12/3/362, in agreement with its Joint Venture Partner has renamed Block 1 Offshore South Africa to " Block 1 CBK " effective 17 November 2025. |
| • | On 19 November 2025, the Petroleum Agency of South Africa granted the Assignment and Transfer of a 25% participating interest from the local JV partner Tosaco Energy (Pty) Ltd to OrangeBasin Energies (Pty) ltd., a B-BBEE-rated South African entity . |
| Block 3B/4B | |
| • | Throughout 2025, Eco and its JV partners have continued to advance the license work programme and preparations for the drilling campaign in anticipation of drilling permit approval. The operator has stated that the current plan is to drill the first exploration well on Block 3B/4B as soon as Environmental Authorisation is confirmed and has identified Nayla, a prospect that lies in the north of the license area as the potential first drilling target. |
| • | The Company is due to receive additional $11.5m from Block 3B/4B JV partners upon milestones in accordance with previously signed farm out agreements. |
| Namibia | |
| • | As part of Eco's efforts to optimise its portfolio in Namibia, the Company received a one year license extension to its initial exploration phase, across all four of its PELs (Petroleum Exploration Licence) in Namibia and, pending government approval, farmed out its entire Working Interest, in PEL 98 (Block 2213 "Sharon Block") to an arms-length wholly Namibian-owned company, Lamda Energy (Pty) Ltd ("Lamda Energy"). |
| • | The Company continues to receive considerable interest in its licenses in Namibia and is currently assessing options to further progress its exploration work programmes amid a potential farm-out. |
| Guyana | |
| • | The Company remains engaged in an active farmout process for the Orinduik Block. |
| • | In light of ExxonMobil's Final Investment Decision (FID) for the development of the Hammerhead project in the Stabroek block, Eco is evaluating the Jethro-1 and Joe-1 heavy oil discoveries offshore Guyana to determine the appropriate appraisal approach. |
| Post-period end | |
| • | O n 7 November, the Company announced the sudden passing of Mr. Colin Kinley, a board member and Chief Operating Officer of Eco Atlantic. Mr. Kinley had a distinguished career spanning more than 45 years in the mining and oil and gas frontier exploration industries. In addition to his co-founding role with Eco, and the wealth of knowledge and experience he has brought to the Company over the years, he has served as a valued director and senior executive of numerous public companies. |
| • | Eco published an interview with its President and Chief Executive Officer, Gil Holzman discussing Eco's progress over 2025, its focus on advancing strategic acreage across Guyana, Namibia, and South Africa, and the near-term catalysts that the Company believes will deliver tangible results and value for shareholders. |
| • | The interview can be viewed on the Company's website at: https://www.ecooilandgas.com/investors/results-presentation/ |
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
"During the period Eco has continued to advance our strategy of building value through focused portfolio management in key hydrocarbon frontiers. In South Africa, we have now completed the acquisition of a 75% interest and operatorship in Block 1 in the Orange Basin. This, alongside our existing interest in the highly prospective Block 3B/4B, further consolidates our presence in a world-class hydrocarbon province.
"In Namibia, our focus has been on portfolio optimisation, aimed at maximising the value of our assets and unlocking their potential for the benefit of our stakeholders. We secured one-year extensions across all four of our PELs and agreed a farm-out of PEL 98 to Lamda Energy, reinforcing the potential of our portfolio and deepening our support for local ownership and operational leadership in Namibia.
"We remain fully engaged in the farm-out process for the Orinduik Block in Guyana and continue to evaluate the heavy oil potential of the Jethro-1 and Joe-1 discoveries, both of which present exciting development opportunities.
"As our stakeholders will be aware, it was with great sadness that we recently announced the passing of Eco's co-founder and Chief Operating Officer, Colin Kinley. A bastion of the oil and gas sector and a close friend to all of us at Eco, Colin will be missed dearly. With Alice Carroll and myself assuming his responsibilities, we will endeavour to continue his legacy of operational excellence and diligence.
"As we move through the remainder of 2025 and into 2026, Eco is well-positioned with an international footprint across three of the best hydrocarbon jurisdictions in the world, and a clear path toward multiple near-term catalysts that we believe will create long-term value for our shareholders."
The Company's unaudited financial statements for the three and six month periods ended 30 September 2025 is available for download on the Company's website at www.ecooilandgas.com and on Sedar at www.sedar.com.
The following are the Company's Balance Sheet, Income Statements, Cash Flow Statement and selected notes from the annual Financial Statements. All amounts are in US Dollars, unless otherwise stated.
Balance Sheet
| September 30, | March 31, | |||
|---|---|---|---|---|
| 2025 | 2025 | |||
| Assets | ||||
| Current Assets | ||||
| Cash and cash equivalents | 2,059,224 | 4,726,152 | ||
| Short-term investments | 71,800 | 69,676 | ||
| Government receivable | 47,211 | 58,933 | ||
| Amounts owing by license partners | - | 206,818 | ||
| Accounts receivable and prepaid expenses | 79,615 | 54,550 | ||
| Total Current Assets | 2,257,850 | 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 | 18,930,124 | 21,563,403 | ||
| Liabilities | ||||
| Current Liabilities | ||||
| Accounts payable and accrued liabilities | 1,364,204 | 1,178,785 | ||
| Total Current Liabilities | 1,364,204 | 1,178,785 | ||
| Total Liabilities | 1,364,204 | 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 | 3,619,259 | 3,209,329 | ||
| Foreign currency translation reserve | (1,545,688) | (1,527,171) | ||
| Accumulated deficit | (103,277,236) | (100,067,125) | ||
| Total Equity | 17,565,920 | 20,384,618 | ||
| Total Liabilities and Equity | 18,930,124 | 21,563,403 | ||
| Income Statement | ||||
| Three months ended | Six months ended | |||
| September 30, | September 30, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Income | ||||
| Interest income | 2,116 | 4,300 | 18,096 | 7,511 |
| Operating expenses | ||||
| Compensation costs | 453,568 | 271,845 | 705,643 | 471,312 |
| Professional fees | 138,434 | 214,519 | 250,037 | 356,488 |
| Operating costs, net | 528,221 | 1,005,555 | 1,475,456 | 1,547,241 |
| General and administrative costs | 267,109 | 156,588 | 394,095 | 314,613 |
| Share-based compensation | 268,861 | - | 409,930 | - |
| Foreign exchange loss (gain) | 737 | (11,813) | (6,954) | 77,310 |
| Total operating expenses | 1,656,930 | 1,636,694 | 3,228,207 | 2,766,964 |
| Net loss for the year, before taxes | (1,654,814) | (1,632,394) | (3,210,111) | (2,759,453) |
| Tax recovery | - | - | - | - |
| Net loss for the year, after taxes | (1,654,814) | (1,632,394) | (3,210,111) | (2,759,453) |
| Foreign currency translation adjustment | (984) | 75,627 | (18,517) | 43,888 |
| Comprehensive loss for the period | (1,655,798) | (1,556,767) | (3,228,628) | (2,715,565) |
| Basic and diluted net loss per share: | (0.005) | (0.004) | (0.010) | (0.007) |
| Weighted average number of ordinary shares used in computing basic and diluted net loss per share | 315,231,936 | 370,173,680 | 315,231,936 | 370,173,680 |
| Cash Flow Statement | ||||
| Six months ended | ||||
| September 30, | ||||
| 2025 | 2024 | |||
| Cash flow from operating activities | ||||
| Net loss from operations | (3,210,111) | (2,759,453) | ||
| Items not affecting cash: | ||||
| Share-based compensation | 409,930 | - | ||
| Changes in non‑cash working capital: | ||||
| Government receivable | 11,722 | 5,032 | ||
| Accounts payable and accrued liabilities | 185,419 | (192,665) | ||
| Accounts receivable and prepaid expenses | (25,065) | 37,263 | ||
| Advance from and amounts owing to license partners | 206,818 | 41,715 | ||
| Cash flow from operating activities | (2,421,287) | (2,868,108) | ||
| Cash flow from investing activities | ||||
| Short-term investments | (2,124) | (61,893) | ||
| Acquisition of interest in property | (225,000) | (150,000) | ||
| Proceeds from Block 3B/4B farm-out | - | 8,015,320 | ||
| Cash flow from investing activities | (227,124) | 7,803,427 | ||
| Decrease in cash and cash equivalents | (2,648,411) | 4,935,319 | ||
| Foreign exchange differences | (18,517) | 43,888 | ||
| Cash and cash equivalents, beginning of period | 4,726,152 | 2,967,005 | ||
| Cash and cash equivalents, end of period | 2,059,224 | 7,946,212 | ||
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 |
Gil Holzman, Chief Executive Officer Alice Carroll, Head of Corporate Sustainability
| 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 Charles Denley-Myerson
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.