Eco Atlantic Completes Strategic Transaction and Announces Board Changes

Eco Atlantic Oil & Gas ( (TSE:EOG) ) just unveiled an update.

Eco Atlantic Oil & Gas Ltd. has successfully completed a transaction involving the sale of a 1% Participating Interest in Block 3B/4B offshore South Africa to Africa Oil SA Corp. This transaction included the cancellation of a significant number of common shares and warrants held by Africa Oil, which strengthens Eco’s balance sheet by materially reducing the company’s share count. Furthermore, this move aligns with drilling plans on the Block for 2025. Additionally, Eco announced a change in its board, with Emily Ferguson replacing Africa Oil’s representative, Oliver Quinn. Ferguson brings over 20 years of experience in the oil and gas industry, enhancing Eco’s leadership team as the company advances its exploration initiatives.

More about Eco Atlantic Oil & Gas

Eco Atlantic Oil & Gas Ltd. is a TSX-V and AIM-quoted company focused on oil and gas exploration across the Atlantic Margin, with offshore license interests in countries like Guyana, Namibia, and South Africa. The company aims to explore low carbon intensity oil and gas in stable emerging markets, close to infrastructure, as part of its energy transition strategy.

YTD Price Performance: 11.63%

Average Trading Volume: 714,433

Technical Sentiment Consensus Rating: Hold

Current Market Cap: £43.09M

Find detailed analytics on EOG stock on TipRanks’ Stock Analysis page.