It has completed the sale of a 37.5% stake in its South African Block 1 CBK licence to Navitas Petroleum, banking a $4m cash payment and handing over operatorship.
Fresh resource estimates from partner Navitas Petroleum on PL001 and Block 1 CBK give Eco Atlantic's dual-basin strategy the scale earlier farm-outs never delivered.
Navitas Petroleum's updated prospective resource figures for PL001 and Block 1 CBK give Eco Atlantic Oil & Gas a clearer read on the scale of two of its key partnered assets.
It has received the final regulatory consent needed to complete its farm-out of an 85% interest in Namibia's PEL 98 to Lamda Energy, with transaction documentation now being finalised.
"We are excited about the coming months and the number of additional corporate, operational and financial catalysts that lie ahead," said Gil Holzman.
Navitas will pay US$4m, assume operatorship with a 37.5% working interest and carry Eco for up to US$7.5m of the Block 1 CBK work programme, subject to regulatory approvals.
It has obtained the Ontario Superior Court final order for its acquisition of JHI Associates, clearing a key legal hurdle as it moves to add a 35% participating interest in PL001 offshore the Falkland Islands.
The small-cap oil & gas firm has taken a key procedural step towards sealing the deal.