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

[douginil]

Eco (Atlantic) Oil & Gas

June 10, 2024

(Thanks to Oilman Jim's letter)

Eco (Atlantic) Oil & Gas (EOG.V ECO.L ECAOF EOI.F) announced the farm-in to Block 1 offshore South Africa Orange Basin. The company is acquiring a 75% working interest and will become operator. Block 1 is 19,929 km2 in area and is located on the Namibian Border in South Africa. The Eastern side of the block is approximately 174 km off the South African shoreline and the block reaches out some 263 km West into deep water in the Orange Basin. Terms are as follows: $150,000 payable upon signing, $225,000 payable upon issuance of Government title transfer and $375,000 payable upon a TSX-V/AIM compliant resource report to be commissioned by Eco. The company will carry the remaining 25% interest through the budget and work program for the first three years up to an agreed sum of $2.3 million of a total work program. The block has significant 2D and 3D seismic data already completed and no additional seismic acquisition or drilling of wells is planned in the three-year carried period.

Oilman Jim's Letter has moved to beehiiv

https://oilman.beehiiv.com/p/oilman-jims-letter-june-9-2024?utm_source=substack&utm_medium=email