Eco Atlantic Oil & Gas Ltd (UK) (TSE:EOG) has released an update.
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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.
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