Eco Atlantic Oil and Gas Ltd has released the review of its financial and operating performance for the three and six month period ended 30 September
In Africa, it operates in South Africa and Namibia.
The company had cash and cash equivalents of US$24.6mn and no debts as of 30 September.
Through its two wholly owned subsidiaries – Azinam Limited and Azinam South Africa Limited – Eco Atlantic holds interests in two offshore petroleum licenses in South Africa. The interests held are a 50% Operated Interest in Exploration Right Block 2B, and a 20% Working Interest in Exploration Right Block 3B/4B. On 18 November, it announced that the well was plugged and abandoned as planned. Gases normally associated with light oil were encountered throughout the drilling of the well. Block 3B/4B is located between 120-250 kms offshore western South Africa, directly south of the prolific multibillion barrels discoveries offshore Namibia. On 27 October, the Petroleum Agency of South Africa approved the operator’s application to extend the Block 3B/4B license and move into the first extension period of two years. The deed ratifying the extension is expected to be signed today.
The company also holds an 85% Operated Interest in four licenses in the Walvis Basin, offshore Namibia, the terms of which are governed by petroleum agreements between the company, its Namibia Licenses partners, and Namibia’s Ministry of Mines and Energy.
