Results For Three & Nine Months Ended 31 Dec 2025
Eco (Atlantic) Oil and Gas Ltd. reported unaudited results for the three and nine months ended December 31, 2025, showing cash and cash equivalents of $2.9 million and total assets of $19.9 million with no debt prior to a $10 million capital raise in January 2026. A significant development was the Framework Agreement with Navitas Petroleum LP, which included a $2 million payment for option agreements on the Orinduik Block offshore Guyana and Block 1 CBK offshore South Africa, with potential further payments and carried interests upon exercise. Post-period, the company raised $10 million and migrated its shares to the London Stock Exchange's SETS trading platform. In South Africa, Navitas may pay $4 million to become operator of Block 1 CBK with up to a 47.5% interest, and Navitas will carry Eco's interest in the work program up to $7.5 million. In Guyana, Navitas may pay $2.5 million for an 80% interest in the Orinduik Block, with Eco's remaining interest carried up to $11 million. The company also continues to explore options in Namibia and has a non-binding agreement for a farm-in to the PL001 North Falklands Basin Licence.
| 9 months to 31 Dec 2025 | Now | Year before | Change |
|---|---|---|---|
| Revenue | £1.5m | £0.0m | +3143.1% |
| Profit before tax | (£1.7m) | (£2.9m) | |
| Net income | (£1.7m) | (£2.9m) | |
| Cash from operations | (£1.0m) | (£3.6m) | |
| Cash | £2.2m | – |
Figures as reported, converted to £ where needed – see all financials.
Select text to share a quote on X · sign in to keep highlights & notes in your ECO notes
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 nine month periods ended 31 December 2025.
Highlights:
Financial
| • | The Company had cash and cash equivalents of US$2.9 million and no debt as at 31 December 2025, before a capital raise of US$10 million completed on 29 January 2026. |
| • | The Company had total assets of US$19.9 million, total liabilities of US$1.3 million and total equity of US$18.7 million as at 31 December 2025. |
| • | On December 4, 2025 Eco signed a binding Framework and Options Agreement with Navitas Petroleum LP ("Navitas") for the Orinduik Block offshore Guyana and Block 1 CBK offshore South Africa as well as future oil and gas cooperation for the entire portfolio and new ventures (the "Framework Agreement" ) . As part of the Framework Agreement, Navitas paid Eco Atlantic US$2 million to enter into an exclusive option agreements to farm-in to the Orinduik Block and Block 1 CBK. |
| Post-period end | |
| • | On January 29, 2026, Eco raised US$10 million at the then market price with new Israeli based institutional investors. |
| • | On February 19, 2026 the trading of the common shares in the capital of Eco migrated to the London Stock Exchange's SETS trading platform ("SETS"), enabling new and existing international institutional investors to trade Eco's shares on a continuous basis. |
| • | Further to the Company's announcement on January 13, 2025, a total of 3,700,000 Restricted Share Units ("RSUs") issued to certain directors and officers of the Company have now vested and automatically will be converted into common shares in the capital of the Company ("Common Shares") (the "RSU Conversion Shares"). |
| South Africa | |
| Block 1 CBK | |
| • | As part of the Framework Agreement, Navitas was granted the Block 1 CBK Option agreement, giving it the right to execute a farmout agreement to farm-in to Block 1 CBK offshore South Africa such that, on exercise, Navitas will make a US$4 million payment to Eco and become the Operator of the block with up to a 47.5% working interest, subject, inter alia, to customary government and regulatory approvals. |
| • | Eco's remaining working interest, amounting up to 47.5%, assuming the exercise of the option with OrangeBasin Energies (Pty) ltd. will be carried by Navitas for the work programme, the value of the carry being capped at US$7.5 mi llion net to Eco. |
| • | 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, 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 continued to advance the licence work programme and preparations for the drilling campaign, including selection of the initial drilling target, detailed well planning, and procurement of long-lead items in anticipation of drilling permit approval. |
| • | Third-party legal proceedings around environmental authorisation in Block 5/6/7 have delayed the Department of Forestry, Fisheries and the Environment's decision on the Block 3B/4B Environmental Authorisation, a delay which remains outside Eco's control. The Company, with legal and regulatory advisers and in coordination with Joint Venture partners, continues to maintain engagement with relevant stakeholders and awaits further direction from the Department of Mineral Resources and Energy. |
| • | The Company is due to receive additional US$11.5 million from Block 3B/4B JV partners upon milestones in accordance with previously signed farm out agreements announced March 6, 2024. |
| Namibia | |
| • | Eco continued to explore options to optimise its portfolio in Namibia, as the Company shifted its geological focus to deeper proven plays in the country. |
| • | Eco 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 ") pending government approval. |
| • | Eco has continued to receive considerable interest in its licenses in Namibia and is in the process of assessing options to further progress its exploration work programmes amid a potential farm-out. |
| Guyana | |
| • | As part of the Framework Agreement, Navitas was granted the Orinduik Option giving it the right to execute a farmout agreement to farm-in to the Orinduik Block offshore Guyana such that, on exercise, Navitas will make a US$2.5 million payment to Eco and become the Operator of the block with an 80% working interest, subject, inter alia, to customary government and regulatory approvals. |
| • | Eco's remaining 20% working interest, assuming exercise of the option, will be carried in respect of the work to be performed in the Orinduik Block, which may include drilling the first exploration well or performing an appraisal programme over the existing Jethro-1 and Joe-1 heavy oil discoveries. The Orinduik carry is capped at US$11m net to Eco and excludes mobilisation costs, if any. |
| Post-period end | |
| • | As announced on January 14, 2026, Eco, together with Navitas, is engaged in ongoing, constructive discussions with the Ministry of Natural Resources ("MNR"), Government of Guyana, regarding the continuation of Eco's appraisal and exploration programme on the Orinduik Block area. |
| • | To this effect, the MNR and Guyana Geology and Mines Commission are in receipt of the relevant joint submissions from Eco Atlantic and Navitas. Eco Atlantic and Navitas continue to pursue the most efficient and value-accretive path forward that will be acceptable to the Ministry. |
| Falkland Islands | |
| Post-period end | |
| • | On January 12, 2026, Navitas signed a non-binding Memorandum of Agreement with JHI Associates Inc ("JHI"), in which Eco has a 6.6% interest, for a farm-in to acquire a 65% Working Interest in the PL001 North Falklands Basin Licence, which is adjacent to Navitas' operated Sea Lion Development. Eco expects that the parties will reach a definitive agreement in March 2026. |
Corporate Presentation
Eco also announces that a new Corporate Presentation has been published on its website and is available at the following link : https://www.ecooilandgas.com/investors/results-presentation/
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
"This period saw Eco deliver a number of important strategic and financial milestones that have transformed our business and further strengthen our platform across the Atlantic Margins. Most notably, we are now in a Strategic Partnership with Navitas, which includes option agreements over both Orinduik and Block 1 CBK. This represents a significant validation of the quality of our portfolio and, on exercise, will provide near-term capital alongside meaningful carried exposure across key assets. We look forward to deepening our collaboration with Navitas further as we explore options to maximise the potential of our world-class assets.
"In South Africa, we were pleased to see progress at Block 1 CBK, renamed in honour of the late Colin Kinley, with the approval of the 25% interest transfer to OrangeBasin Energies, reinforcing our commitment to local partnerships. While we wait to hear back from the South African Government on the environmental permitting for Block 3B/4B, we remain confident that a solution to progress the project will be found and the JV will continue its drilling preparations.
"In Guyana, we continue to work constructively with Navitas and the Government to advance the Orinduik block in a manner that is in alignment with all stakeholders and value-accretive for our investors. We look forward to providing further updates as we progress the development of our highly prospective acreage in the country.
"As part of its ongoing efforts to maximise shareholder value across its assets, Eco has shifted its strategic focus in Namibia towards proven deepwater plays. In doing so, Eco was able to secure licence extensions across its licences while also optimising its portfolio through the farmout of its interest in PEL 98. We are making significant headway in our farmout negotiations for our other acreage offshore Namibia and look forward to being able to update investors as these negotiations progress further.
"Post period end, the successful US$10 million private placement and our migration to SETS have helped to further enhance our financial flexibility and market accessibility. With a strengthened balance sheet, high-quality partners, and multiple catalysts across our jurisdictions, Eco is well positioned as we move into the rest of 2026 and beyond."
Admission and Total Voting Rights
Application is being made to the London Stock Exchange for admission of the RSU Conversion Shares to trading on AIM. It is expected that AIM Admission will take place at 8.00 a.m. (GMT) on or around 4 March 2026. Application will be made to the TSX-V for the RSU Conversion Shares to be admitted to trading on the TSX-V, with listing subject to the approval of the TSX-V and the Company satisfying all of the requirements of the TSX-V.
Following Admission, the issued share capital of the Company will be 345,841,027 Common Shares. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
The Company's unaudited financial statements for the three and nine month periods ended 31 December 2025 is available for download on the Company's website at www.ecooilandgas.com and on SEDAR+ at www.sedarplus.ca..
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
| December 31, | March 31, | |||
|---|---|---|---|---|
| 2025 | 2025 | |||
| Assets | ||||
| Current Assets | ||||
| Cash and cash equivalents | 2,946,643 | 4,726,152 | ||
| Short-term investments | 72,864 | 69,676 | ||
| Government receivable | 20,329 | 58,933 | ||
| Amounts owing by license partners | - | 206,818 | ||
| Accounts receivable and prepaid expenses | 64,150 | 54,550 | ||
| Total Current Assets | 3,103,986 | 5,116,129 | ||
| Non- Current Assets | ||||
| Petroleum and natural gas licenses | 16,822,274 | 16,447,274 | ||
| Total Non-Current Assets | 16,822,274 | 16,447,274 | ||
| Total Assets | 19,926,260 | 21,563,403 | ||
| Liabilities | ||||
| Current Liabilities | ||||
| Accounts payable and accrued liabilities | 1,264,812 | 1,178,785 | ||
| Total Current Liabilities | 1,264,812 | 1,178,785 | ||
| Total Liabilities | 1,264,812 | 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 | 3,825,345 | 3,209,329 | ||
| Foreign currency translation reserve | (1,559,510) | (1,527,171) | ||
| Accumulated deficit | (102,373,972) | (100,067,125) | ||
| Total Equity | 18,661,448 | 20,384,618 | ||
| Total Liabilities and Equity | 19,926,260 | 21,563,403 | ||
| Income Statement | ||||
| Three months ended | Nine months ended | |||
| December 31, | December 31, | |||
| 2025 | 2024 | 2025 | 2024 | |
| Income | ||||
| Interest income | 26 | 52,081 | 18,122 | 59,592 |
| Income from option grant | 2,000,000 | - | 2,000,000 | - |
| Total Income | 2,000,026 | 52,081 | 2,018,122 | 59,592 |
| Operating expenses | ||||
| Compensation costs | 300,965 | 255,939 | 1,006,608 | 727,251 |
| Professional fees | 315,152 | 64,689 | 565,189 | 421,177 |
| Operating costs, net | 194,331 | 550,458 | 1,669,787 | 2,097,699 |
| General and administrative costs | 82,683 | 164,086 | 476,778 | 478,699 |
| Share-based compensation | 206,086 | - | 616,016 | - |
| Foreign exchange loss (gain) | (2,455) | (69,861) | (9,409) | 7,449 |
| Total operating expenses | 1,096,762 | 965,311 | 4,324,969 | 3,732,275 |
| Net profit (loss) for the period, before taxes | 903,264 | (913,230) | (2,306,847) | (3,672,683) |
| Tax recovery | - | - | ||
| Net profit (loss) for the period, after taxes | 903,264 | (913,230) | (2,306,847) | (3,672,683) |
| Foreign currency translation adjustment | (13,822) | (38,529) | (32,339) | 5,359 |
| Comprehensive profit (loss) for the period | 889,442 | (951,759) | (2,339,186) | (3,667,324) |
| Basic and diluted net loss per share: | 0.003 | (0.002) | (0.007) | (0.010) |
| 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 | ||||
| Nine months ended | ||||
| December 31, | ||||
| 2025 | 2024 | |||
| Cash flow from operating activities | ||||
| Net loss from operations | (2,306,847) | (3,672,683) | ||
| Items not affecting cash: (non-cash / non-operating adjustment) | ||||
| Share-based compensation | 616,016 | - | ||
| Changes in non‑cash working capital: | ||||
| Government receivable | 38,604 | (8,674) | ||
| Accounts payable and accrued liabilities | 86,027 | (334,236) | ||
| Accounts receivable and prepaid expenses | (9,600) | 38,539 | ||
| Advance from and amounts owing to license partners | 206,818 | (590,482) | ||
| Cash flow from operating activities | (1,368,982) | (4,567,536) | ||
| Cash flow from investing activities | ||||
| Short-term investments | (3,188) | (61,893) | ||
| Acquisition of interest in property | (375,000) | (150,000) | ||
| Proceeds from Block 3B/4B farm-out | - | 7,834,866 | ||
| Cash flow from investing activities | (378,188) | 7,622,973 | ||
| Decrease in cash and cash equivalents | (1,747,170) | 3,055,437 | ||
| Foreign exchange differences | (32,339) | 5,359 | ||
| Cash and cash equivalents, beginning of period | 4,726,152 | 2,967,005 | ||
| Cash and cash equivalents, end of period | 2,946,643 | 6,027,801 | ||
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 | |
| Canaccord Genuity (Joint Broker) | +44 (0) 20 7523 8000 |
| Henry Fitzgerald-O'Connor, Charlie Hammond | |
| Berenberg (Joint Broker) | +44 (0) 20 3207 7800 |
| Matthew Armitt | |
| 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.