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Third Quarter Results (Cash C$10MM vs MC C$8MM)
www.ecooilandgas.com/news/index.php?&content_id=97
Advancement of License Milestones, Carried Exploration Activity, and Stronger Balance Sheet Including Cash of over CAD$10 million
Toronto – February 25, 2015 – Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic”) (TSX-V:EOG, NSX:EOG) today reported its financial and operational results for the three and nine month periods ending December 31, 2014 and provides an update on recent corporate achievements and anticipated milestones for the remainder of 2015.
Of particular note, Eco Atlantic reported on the achievement of the following operational and business milestones:
•Execution of 1,000 km2 3D Seismic program on the Cooper License;
•Execution of 1,100 km 2D Seismic program on the Guy License;
•Acquisition of 3,000 km 2D Seismic program on the Sharon License;
•Completion of an amalgamation with Pan African Oil Ltd. (“PAO”) in which the Company acquired $2.9 million in cash and two additional Namibian petroleum exploration licenses; and
•An amended Farmout agreement with AziNam Ltd pursuant to which the Company transferred a portion of its working interest in the Offshore Licenses in exchange for, among other things, an aggregate of $4.2 million in cash. The Farmout Transaction closed on February 4, 2015 and cash was received on February 24, 2015 increasing the treasury to $10.3m;
•Continuous decrease in operational and overhead costs, and corporate business development including capture of new acreage opportunities in low cost, highly prospective oil provinces
when there is blood on the streets ..
doubled up last week, as soon as oil turns, so will eco imo,
also a potential takeover is always possible, with shares trading below cash, fully carried on one block in Namibia, partial carried on others, 60,000km² of acreage in Namibia and some interesting new acreage in Ghana only a few km² away from Tullow's Jubilee field (~84,000boe/day)
GLA
Current Market Cap ~US$7.35MM vs Cash ~US$8MM ...
+US$3.1MM, +13,000km², totalling up >US$8MM, >61,000km2 (Namibia onshore&offshore)
"Merger" - More Namibian Acreage, more Cash $$$
Eco Atlantic Announces Its Wholly-Owned Subsidiary And Pan African Oil Complete Amalgamation
www.ecooilandgas.com/news/index.php?&content_id=95
Toronto – January 29, 2015 – Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic”) (TSX-V:EOG, NSX:EOG) and Pan African Oil Ltd. (“Pan African”) (TSX-V:PAO) are pleased to announce that they have completed the previously announced amalgamation transaction (the “Amalgamation”) of Pan African and 1864361 Alberta Ltd., a wholly-owned subsidiary of Eco Atlantic (“Subco”).
In accordance with the amalgamation agreement dated December 19, 2014, among Pan African, Eco Atlantic and Subco, the former shareholders of Pan African will receive 0.323 of a common share of Eco Atlantic (an “Eco Share”) in exchange for each common share of Pan African (a “PAO Share”) formerly held. The resulting corporation from the Amalgamation is a wholly-owned subsidiary of Eco Atlantic through which Eco Atlantic will operate Pan African’s Namibian oil and gas exploration licenses. Additionally, Eco Atlantic has acquired approximately $3.1 million in cash, before transaction costs.
Eco Atlantic CEO, Gil Holzman stated: “We welcome Pan African shareholders as new shareholders of Eco Atlantic. The amalgamated company will have a significant treasury that combined with the cash to be received on the close of the farm-out with Azinam Ltd. (as announced on January 5, 2015) will be in excess of $8 million. Eco Atlantic will have no material obligations to fund for at least 18 months, while the various programs are financed by our partners on the blocks. Eco Atlantic emerges as financially secure, with a quality portfolio of assets, in one of Africa’s most exciting basins, with world class partners assisting in the management and finance of the exploration programs. Eco Atlantic has managed to navigate itself through the volatile oil markets and ensure continuity and maintenance of significant interest in its various oil blocks.”
In connection with the Amalgamation, Eco Atlantic will issue to the former security holders of Pan African, 18,842,326 Eco Shares, 1,397,834 stock options of Eco Atlantic and 2,971,154 common share purchase warrants of Eco Atlantic. After giving effect to the completion of the Amalgamation, Eco Atlantic will have 91,901,987 Eco Shares issued and outstanding, 8,517,834 Eco Shares reserved for issuance upon the exercise of outstanding Eco Atlantic stock options, and a further 7,908,495 Eco Shares reserved for issuance upon exercise of outstanding Eco Atlantic common share purchase warrants.
Shareholders of Pan African will be sent a transmittal letter specifying the number of Eco Shares such shareholders will receive pursuant to the Amalgamation (being the number of Eco Shares obtained by multiplying the number of PAO Shares held by such shareholder immediately prior to the closing of the Amalgamation by 0.323) and will request such shareholders to surrender for cancellation the certificates representing their PAO Shares.
The PAO Shares have been de-listed from the TSX Venture Exchange effective as of the close of trading January 28, 2015.
About Pan African
Pan African Oil is an Africa-focused oil and gas explorer. Through its wholly-owned subsidiary, Pan African Oil Namibia (Pty) Ltd., Pan African operates two licenses offshore Namibia which cover close to 13,000 square kilometers. Pan African has completed the first term work commitments for both licenses and has identified a new and potentially very prospective geological fairway.
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the new and bourgeoning energy play in Namibia. Through a wholly owned Namibian subsidiary (“Eco Namibia”), it holds four petroleum licenses issued by the Government of the Republic of Namibia. Offshore in the Walvis Basin, Eco Atlantic holds three license blocks covering more than 25,000 square kilometers (6,177,000 acres). Eco Atlantic holds an additional license block covering 23,000 square kilometers (5,683,000 acres) which includes both onshore and offshore areas. Founded in 2008, Eco Namibia enjoys a strong local presence and has a longstanding relationship with the energy and oil and gas sector in Namibia and the region. The terms and conditions of these licenses are regulated by agreements signed by Eco Namibia with the Government of the Republic of Namibia in March 2011, as amended.
ECO Atlantic & HRT sharing Data in Namibia
HRT could be interested in farming into Eco's Blocks offshore Namibia.
Also with a Market Cap of only US$13.5MM Eco could be on the Radar for a potential Take Over or Merger.
(Colin Kinley, Chief Operating Officer of Eco Atlantic)
www.ecooilandgas.com/news/index.php?&content_id=91
"Importantly, we received approval to tie this survey into the recently drilled wells of our neighbors, HRT, enabling both HRT and ourselves to better understand the basin. We engaged the same ship and crew to complete this work and we benefited from Azinam’s field management. Our confidence in establishing a resource is increasing as we progress the Exploration"
I really like the fact Companies are working together offshore Namibia to get a clearer picture how to read the Seismic and find the proper Reservoirs with (commercial) Light Oil.
GLA
...started 2D seismic acquisition on Guy Block (Namibia)
Eco (Atlantic) Oil & Gas begins 2D seismic survey on its Guy block
www.proactiveinvestors.com.au/companies/news/59010/-eco-atlantic-oil-gas-begins-2d-seismic-survey-on-its-guy-block-59010.html
expect next farmout soon..
GLA
Namibia expects 5 wells in 2015/16 (Tullow, SHELL,...)
www.bloomberg.com/news/2014-11-10/namibia-expects-explorers-to-drill-up-to-five-oil-wells-in-2016.html
interesting with Tullow as our Partner..
3D Survey on Cooper block completed
"Eco (Atlantic) Oil & Gas completes 3D survey on Cooper block, data anticipated shortly"
www.proactiveinvestors.com/companies/news/58143/eco-atlantic-oil-gas-completes-3d-survey-on-cooper-block-data-anticipated-shortly-58143.html
expect update on resources in 1Q15,
potential Drilling in 2H15
GLA
"The-Early-Bird-Catches-The-Worm" - Commencement Of 3D Seismic Survey
US$15MM Market Cap vs potential Multi Billion Barrel well 2015/16
Eco Atlantic Announces Commencement Of 3D Seismic Survey On Cooper Block, Offshore Namibia
www.ecooilandgas.com/news/index.php?&content_id=86
Toronto, October 16, 2014 - Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic" or the "Company") (TSX-V:EOG, NSX:EOG) is pleased to announce that it has commenced its planned 1,097 km2 3D Seismic Survey (the "Survey") on the Cooper block (the "Block") located in the Walvis Basin, offshore Namibia.
In its capacity as the Operator of the Block, the Company has entered into a service agreement with PGS Geophysical Ltd., who will use its proprietary high resolution GeoStreamer technology to perform the Survey. The significant Survey, covering more than 1,000 km2, is expected to be completed during the month of November 2014. Eco Atlantic is fully carried through the processing and interpretation of the Survey and has a 45% working interest in the Block.
If drilling targets are identified on the Block, Tullow has the option to acquire an additional 15% working interest in exchange for a full carry of Eco Atlantic's cost through the drilling of an exploration well, and the repayment of an additional 17.14% of Eco Atlantic's past costs.
As described in the Company's news release dated February 18, 2014, the Company received a Gross Prospective Unrisked Resource Lead Report prepared by Gustavson Associates LLC of Colorado, on the Block, supporting a P50 Best Estimate of 4.5 billion barrels of gross prospective oil over the existing targets.
Eco Atlantic holds a 45% carried working interest, Tullow holds a 25% working interest, AziNam Ltd. holds a 20% working interest, and NAMCOR holds a 10% carried working interest in the Cooper Block.
Colin Kinley, Chief Operating Officer of Eco Atlantic commented: "We are very pleased with the progress on the Cooper block; we have secured PGS's GeoStreamer technology to complete the 1,097 km2 survey across very interesting targets selected by our exploration team and partners. The survey is underway right now and we anticipate to be completed in November2014. AziNam is contributing its very capable expertise to the completion of the Survey and, once completed, we are happy to have secured the unique experience of Tullow to lead the processing and interpretation of the acquired data. Tullow is a world leading expert in interpretation of off continent sand flows and structural targets as evidenced by its current discoveries and production offshore Ghana in a very similar geologic environment. We hope to identify the drilling targets and move on to drilling Cooper in accordance with our work program."
GLA
New license in Ghana 15km from Tullow discovery
Eco Atlantic And Partners Receive Ghana Parliamentary Ratification
Of Petroleum Agreement For Oil Block In Tano-Cape Three Points Basin, Offshore Ghana
www.ecooilandgas.com/news/index.php?&content_id=81
"Toronto – July 29th, 2014 – Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic” or the “Company”) (TSX-V:EOG, NSX:EOG) is pleased to announce that the Parliament of the Republic of Ghana has ratified a petroleum agreement (the “Agreement”) pursuant to which the Company may acquire a 50.51% interest in the Deepwater Cape Three Points West Block, located in the Tano Cape Three Points Basin, offshore Ghana (the “Block”), adjacent to Tullow Oil plc.’s (“Tullow”) significant producing Jubilee Oil Field. Eco (Atlantic) has been qualified as Operator of the Block. The Agreement is final and pending execution by the parties. The Agreement is conditional upon the execution of a Joint Operating Agreement for the Block, among other conditions.
Partners in the Block include Eco Atlantic, through its wholly owned subsidiary Eco Atlantic (Ghana) Ltd., which will hold 50.51%; A-Z Petroleum Products Ghana Limited (“A-Z”), which will hold 32.14%; the Ghana National Petroleum Company (“GNPC”) which will hold 13%, and GNPC Exploration and Production Company Limited, which will hold 4.35%. The contract area is approximately 944km² in water depth between 800m and 2,000m. The Block is adjacent to Tullow’s Jubilee Oil Field, which is producing in excess of 100,000 barrels of oil per day. It also shares an eastern boundary with the former OCTPS Block, a northern boundary with the Eni Cape Three Points Block, and a western boundary with the Hess Deep Water Cape Three Points Block. The Agreement provides for a term of a total of 25 years, subject to the discovery of oil within the first seven years.
Colin Kinley, Chief Operating Officer of Eco Atlantic commented: “The Three Points West block is a fantastic opportunity for Eco Atlantic to step into an active and oil producing region. The Block is adjacent to the Tullow - Kosmos License and only 15 kilometers southeast of the current Tullow discovery and production. The targets of interest on the Block are on trend with the over 20 other oil discoveries in the immediate area. The Block is already almost entirely covered with a recent 3D survey and this will allow us to move quickly through the reprocessing and interpretation process and on to drilling.”
Gil Holzman, President and CEO of Eco Atlantic, commented: “We are very pleased with the ratification of the Agreement by the Parliament of the Republic of Ghana. The Block has been the focus of interest for many international E&P companies, and so we are thankful that the government accepted our application in this highly competitive environment. This represents an amazing opportunity for Eco Atlantic’s West Africa offshore exploration efforts and expending strategic portfolio. While we remain very much focused on our Namibian highly prospective licenses, especially after recently bringing in Tullow as our new partner, together with our partners in Ghana, A-Z and GNPC Explorco, we are aiming to add significant value to our portfolio and for our shareholders."
Interview with Gondwana Oil
who was one of many companies who failed to get this license:
caesarsreport.com/freereports/CaesarsReport_2014-04-07.pdf
"Will have access to data on approximately
$200M worth of exploration expenditures"
"As under the Ghanaian law, exploration companies have to relinquish a part of their blocks after a certain time frame. Due to this downsizing requirement, Hess (NYSE:HES) and ENI (NYSE:E; ENI.MI) had to give up parts of their blocks and chose to focus on the parts where most of the exploration has been conducted. As both the Hess and ENI blocks were bordering each other and both companies had to downsize their blocks, a new large and contiguous block was created by the Ghanaian government, and potentially interested parties were submitting requests to negotiate an earn-in deal with the government."
"Keep in mind that both Hess and ENI spent approximately $200M on this block and when they had to relinquish the license, they also had to hand over the data to the Ministry of Mines and Energy as well. We will have access to data on approximately $200M worth of exploration expenditures. We will use the previous exploration program as a starting point and this will allow us to conduct further exploration very efficiently as we will already know which areas will be prioritized over others. "
GLA
Potential free carried Multi-Billion-Barrel-Well with TullowO&G in 2015
The farmout of Eco Atlantic's Cooper Block offshore Namibia to Tullow O&G could be one of the greatest deals ever made in offshore Namibia:
www.marketwatch.com/story/tullow-oil-to-farm-into-eco-atlantics-cooper-block-offshore-namibia-resulting-in-a-full-carry-on-enlarged-3d-seismic-program-and-exploration-well-2014-07-17?reflink=MW_news_stmp
if Tullow decides to drill (which will happen imo)
the farmout would be worth (my estimates based on news release):
~ US$1.6MM back costs (30% + 15%))
~ US$3MM for 30% 3D seismic acquisition
~ US$15.9MM (30% costs to drill capped at $53 Million)
________________________________________________________
~ US$20.5MM
This values 100% of the Block at US$51.25MM pre 3D seismic acquisition,
but more importantly the farmout might lead to a free carried well for Eco Atlantic in 2015, potential targets are huge:
..these are only prospects of one Block out of five where Eco Atlantic is operating in offshore Namibia (offshore 2012A, 2213A, 2213B, 2111B, 2211A; (onshore 2114, 2013B, 2014B)). ~25,000km² acreage in Walvis Basin where HRT petroleo and Galp Energia discovered (non commercial) light oil with their Wingat well in 2013:
The discovery of light oil and hundreds of metres thick prolific source rock by HRT & Galp attracted Tullow Oil to farm in to neighboring Blocks of Eco Atlantic and Pancontinental in Walvis Basin, I expect further farmout deals for the other Blocks (Sharon & Guy) and up to three potentially free carried wells in 2015/16/17 giving investors of Eco Atlantic the opportunity to be part of a multi Billion Barrel multi well drilling compaign.
With a current market cap of below US$20MM I expect a potential 5 to 10 bagger before the drill bit even starts turning,
only from the business of farming down and making prospects drill ready.
In the success case of discovering Billions of Barrels the sky is the limit!
(100 Bagger and more is possible)
GLA
After 3 dusters by hrt ..the last post from Feb seems like the over statement of the year.. lol. Namibia is still in the early days... But I can't afford anymore dusters
2013 year of offshore Namibia . Stay tuned
Damm u chariot for being empty! I brought a boatload of eog in the .50s now have to wait it out... I think hrp is digging next in the Namibia offshore??
Shareholder meeting sept 12. Maybe some news coming.
This is a hidden gem in my opinion. I've studied this play for a while now and like what I have found.
Wow.. Where did everyone go? After doing dd on this it looks like a really good play on offshore Namibia ... Should one of the other guys hit the next few months... I see this doubling on the news ... And 3x by next yr.
This is going to run huge by the looks of it. Thanks for the charts
Noble Energy Provides Operational Highlights
Read more: http://www.oilvoice.com/n/Noble_Energy_provides_operational_highlights_at_Howard_Weil_conference/d9a67333ff52.aspx#ixzz1qDlnrDwQ
*Gross production reached 60 thousand barrels per day (MBbl/d) from the Aseng field offshore West Africa. Through mid-March, Aseng has produced 7.3 million barrels of oil with nearly 100% run time.
*Net risked resources have increased to 8 billion barrels of oil equivalent (BBoe), up 8 percent from 7.4 BBoe in November 2011. The increase reflects performance of the horizontal Niobrara program, including further derisking of acreage in Northern Colorado outside of the Wattenberg field, and new exploration opportunities onshore U.S. and offshore West Africa.
Signed a natural gas sales contract for 2.7 to 3.5 trillion cubic feet (Tcf) with Israel Electric Corporation resulting in total gross contracted sales of 3.9 to 4.7 Tcf of natural gas from Tamar. The expected gross revenue of the existing six sales contracts totals $27 to $32 billion.
Charles D. Davidson, the Company's Chairman and CEO, will present at the conference on Monday, March 26, 2012 at 10:05 a.m. Central Time.
Marketing Campaign
As most here will know already Julia Maxwell is Eco Atlantic's Manager of IR. She is very good at her job, and has the credentials to back it up.
I had written her about the effect of NYC's marketing campaign on EOG this week... she writes back this morning:
"(In NYC) We had a day full of meetings with various funds and institutional clients, In addition to that, we have 2.5 days in TO (all institutional) and an additional 2 days in UK (all institutional) on Monday and Tuesday of next week."
"As for institutional investment, we have seen some funds enter already and we have some institutional support from various funds who participated in our last financing."
From there we had a quick telephone conversation minutes ago:
1./ NYC Instutiions have yet to buy in but will SOON
2./ Cal: " Lid is being kept on the stock so they can buy....."..... no denial
3./ The marketing team is off to Namibia soon, then Vancouver, Calgary roadshows, then LA for a big one. These are all pre-set up meetings with insitutions.
TTFN,
Cal
Just wanted to say "thank you" for the very helpful and informative charts!
Have a good day,
see you on stockhouse,
Neo
When did ECAOF start trading on OTC???
TD Ameritrade has not entered it...you have to trade thru Broker...
thanks
CharlieB
Welcome All the the Eco Atlantic board!
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