Eco Atlantic Oil & Gas Ltd.: Q3 and Q9 2024 Financial Results and Business Updates
Toronto, ON, February 27, 2025 – Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO) (TSX-V:EOG), a dynamic and intensely focused exploration company in the offshore Atlantic Margins, is thrilled to share its financial results and latest business developments for the three and nine months that concluded on December 31, 2024.
Financial Highlights
During the third quarter of 2024, Eco Atlantic reported a comprehensive loss of $6.1 million (CAD), representing a significant improvement compared to the same period in 2023, which stood at $7.5 million (CAD). The nine-month period ending December 2024 recorded a comprehensive loss of $12.5 million (CAD), a decrease from the $15.2 million (CAD) reported in the same period of the previous year.
Operational Updates
In the third quarter of 2024, Eco Atlantic executed a farm-out agreement with a leading international oil company, granting them a 40% interest in the Orinduik Block offshore Guyana. The company has been working diligently to progress the Orinduik Block exploration program, including the acquisition of 3D seismic data and the drilling of the Joe-1 exploration well. The Joe-1 well was drilled to a total depth of 3,545 meters and encountered a significant hydrocarbon column. The interpretation of the well results is ongoing, and further analysis is required to determine the commercial viability of the discovery.
Additional Business Developments
In Q3 2024, Eco Atlantic also announced the appointment of a new Chief Operating Officer, bringing extensive experience in the oil and gas industry to the team. The company’s strategic priorities include continued exploration efforts in the Orinduik Block, as well as the evaluation of new opportunities in the Atlantic Margins.
Impact on Individuals
The financial results and operational updates from Eco Atlantic may have minimal direct impact on individuals, as the company is primarily focused on exploration and development in the offshore Atlantic Margins. However, any significant discoveries could lead to job creation and economic growth in the local communities where the projects are located.
Impact on the World
The oil and gas industry plays a crucial role in global energy production, and discoveries made by Eco Atlantic in the Orinduik Block could contribute to the global energy supply. The potential success of the Orinduik Block could also lead to increased investment in offshore exploration and development in the Atlantic Margins, potentially creating new opportunities for companies and individuals involved in the energy sector.
Conclusion
Eco Atlantic Oil & Gas Ltd.’s Q3 and Q9 2024 financial results demonstrate the company’s continued progress in the offshore Atlantic Margins, specifically in the Orinduik Block offshore Guyana. The farm-out agreement and the drilling of the Joe-1 exploration well are significant steps towards the potential discovery of commercial hydrocarbon resources. While the direct impact on individuals may be limited, any discoveries could lead to economic opportunities in the local communities and contribute to the global energy supply. Stay tuned for further updates from Eco Atlantic as they continue their exploration efforts.
- Eco Atlantic reports improved financial results for Q3 and Q9 2024
- Farm-out agreement with international oil company for 40% interest in Orinduik Block
- New COO appointed to lead the team
- Continued exploration efforts and evaluation of new opportunities
- Potential discoveries could lead to economic opportunities and job creation
- Contribution to global energy supply
