Eco (Atlantic) Oil and Gas Ltd. (ECAOF)

[douginil]

Thanks to Oilman Jim’s Letter - 10/29/2023.

Eco (Atlantic) Oil & Gas (CA: EOG, UK: ECO) announced director share purchases: 216,135 by Gil Holzman at 9.5p, 200,000 by Peter Nicol at 10.05p, 57,000 by Gadi Levin at CAD$0.175 and 60,000 by Alan Friedman at CAD$0.175. The share price has been sliding for some time, but firmed up slightly on these buys. Eco recently acquired from Tullow an additional 60% interest in the Orinduik block, Guyana, and now has a 75% interest, becoming operator. The company says it intends to drive the exploration process and focus on its strategy to attract new partners to join the licence and proactively engage in drilling. The other current project is Block 3B/4B, offshore South Africa in which Eco now has a 20% stake. A new competent persons report released by the operator earlier this year confirmed that the block contains estimated P50 prospective resources of approximately four billion barrels of oil equivalent and an application has been made to drill one well and one contingent well in the north of the block. Like Orinduik above, funding for the drilling again relies on a farm-out.