Eco (Atlantic) Oil & Gas Ltd V.EOG

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

Sale of 6.25% WI in Block 3B/4B to Africa Oil Corp. for up to $10.5mTORONTO, ON / ACCESSWIRE / July 11, 2023 / Eco (Atlantic) Oil & Gas Ltd. ("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the "Group") (AIM:ECO)(TSXV:EOG), the oil and gas exploration company focused on the...read article.

[Stampeder]

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'

[Lonegaurdian19]

Gil basically did an equity raise at $.48 CAD with Ricocure with some additional cash at the time worth $10,000,000 for the 6.25% Now assuming AOI meets all the commitments we get $10,500,000 for the same thing. Given the current SP this is looking like the right move.  

[argaiv]

I assume your calculations are correct and I will add the following comment.  I will drink to that.

[sam0408]

Now that Eco have done this deal with Africa Oil, I would like to see them take a 20% stake in AO's recently acquired Equatorial Guinea block EG-18. https://www.farmoutangel.com/assets/equatorial-guinea-block-eg-18/