Eco (Atlantic) Oil and Gas Ltd. Announces Results for Three-Month Period Ended 30 June 2025

Executive Summary

• Eco (Atlantic) Oil & Gas Ltd. released its unaudited financial results for the three-month period ended June 30, 2025, reporting a net loss of $1.56 million and cash reserves of $3.6 million.
• The company announced the appointment of Gadi Levin as Chief Financial Officer, effective September 2, 2025, succeeding retiring CFO Alan Rootenberg.
• Significant operational milestones include receiving the Governmental Title Award and Exploration Right for Block 1 in South Africa, and ongoing farm-out discussions in Namibia and Guyana.

Key Details

• Financial Performance (Q2 2025):
  • Net loss: $1,555,297 (compared to $1,127,059 in Q2 2024).
  • Cash and cash equivalents: $3,600,127 (down from $4,726,152 at March 31, 2025).
  • Total Assets: $20,474,323.
  • Total Liabilities: $1,521,466.
  • Total Equity: $18,952,857.
  • Basic and diluted net loss per share: $0.005.
  • Weighted average shares outstanding: 315,231,936.
• Warrant Status: All warrants in the Company have been cancelled or expired, with no warrants outstanding.
• South Africa (Block 1):
  • Eco holds a 75% interest.
  • Received Governmental Title Award and Exploration Right and Operatorship on June 4, 2025.
• South Africa (Block 3B/4B):
  • Eco holds a 5.25% Working Interest.
  • Previously sold a 1% Participating Interest to Meren Energy Inc. (formerly Africa Oil Corp) for cancellation of shares and warrants valued at ~C$11.3 million.
  • Company is due to receive an additional $11.5 million from Block 3B/4B JV partners upon reaching certain milestones.
• Namibia:
  • Company holds Operatorship and an 85% Working Interest in four offshore Petroleum Licences (PELs 97, 98, 99, and 100) totaling 28,593 km2.
  • Currently assessing options to progress exploration work programs amid a potential farm-out.
• Guyana:
  • Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block.
  • Engaged in an active farm-out process; evaluating Jethro and Joe heavy oil discoveries to determine the appropriate appraisal approach.
• Management Changes:
  • Gadi Levin appointed as CFO effective September 2, 2025. Levin is a chartered accountant with over 20 years' experience and has served as Finance Director since 2016.
  • Alan Rootenberg retired as CFO after working with the company since 2011.

Notable Quotes

• "Eco has continued to make progress across its portfolio and operations in the three months to 30 June 2025... The Orange Basin remains one of the most exciting offshore postcodes in the world with Eco's acreage strategically located at its heart." — Gil Holzman, President and CEO
• "As we look forward to the rest of 2025, Eco is in a strong position with a number of potential catalysts to create real value for the Company and its stakeholders." — Gil Holzman, President and CEO