Eco (Atlantic) Oil & Gas Ltd V.EOG

Alternate Symbol(s): ECAOF

Energy Oil & Gas E&P

Eco (Atlantic) Oil & Gas Ltd. is a Canada-based oil and gas exploration company with offshore licensed interests in Guyana, Namibia, and South Africa. The Company operates a 100% working interest in the 1,354 square kilometers (km2) Orinduik Block in Guyana. The Orinduik Block is situated in shallow to deep water (70m-1,400m), approximately 170 kilometers (km) offshore Guyana in the Suriname Guyana basin. The Company holds operatorship and an 85% working interest in four offshore petroleum licenses in the Republic of Namibia, being petroleum exploration licenses (PELs) 97 (the Cooper License); 98 (the Sharon License); 99 (the Guy License); and 100 (the Tamar License), representing a combined area of approximately 28,593 km2 in the Walvis Basin. In South Africa, the Company holds an approximately 6.25% working interest in Block 3B/4B and pending government approval of a 75% operating interest in Block 1, in the Orange Basin, totaling some 37,510km2.

TSXV:EOG - Post by User

Eco (Atlantic) Oil & Gas Ltd > New Press Release - Eco (Atlantic) Oil and Gas Ltd. Announces Sale of 6.25% WI in Block 3B/4B

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Comment by Stampederon Jul 11, 2023 11:41am

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Post# 35535527

RE:New Press Release - Eco (Atlantic) Oil and Gas Ltd. Announces Sale of 6.25% WI in Block 3B/4B

Interesting that 6.25 is the same percentage that Eco acquired from Ricocure annouced June of last year. My take on this is that the current structure of the JV presented issues for parties looking to farm-in. I take this as a positive sign that a hurdle is being removed that would enable a major to farm into the block in a meaningful way. If that were the case I wouldn't be surprised if AO was no longer the operator.

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