Eco Atlantic Oil & Gas Ltd (UK) (TSE:EOG) has released an update.
Eco Atlantic Oil & Gas Ltd. has announced a strategic agreement to farm out a significant interest in their South African offshore Block 3B/4B to industry giants TotalEnergies and QatarEnergy. With this deal, Eco Atlantic will retain a 6.25% stake and stands to receive up to $32.1 million, including various payments and a full carry on JV costs for drilling up to two wells. This partnership underscores the block’s potential, amplified by recent nearby discoveries, and positions Eco Atlantic alongside experienced international operators.
For further insights into TSE:EOG stock, check out TipRanks’ Stock Analysis page.