Eco (Atlantic) sells 1% interest in Block 3B/4B to Africa Oil, announces Board changes

Eco (Atlantic) Oil & Gas Ltd., an oil and gas exploration company focused on the offshore Atlantic Margins, announced completion of its transaction with Africa Oil Corp. and Africa Oil SA Corp (AOSAC) for the sale of a 1% Participating Interest in Block 3B/4B, and replacement of a member of the board. 

Block 3B/4B update

The now completed transaction was previously announced in July 2024, in which Azinam, Eco's wholly owned subsidiary, agreed to sell and assign a 1% Participating Interest in Block 3B/4B offshore South Africa, including the associated Exploration Right and Joint Operating Agreement rights to AOSAC.

Eco now holds a fully carried 5.25% interest in Block 3B/4B Offshore South Africa, reduced from 6.25%.

“We are pleased to have received approval from the South Africa Government regarding Eco’s transaction with Africa Oil,” commented Gil Holzman, Co-founder and Chief Executive of Eco Atlantic. “This is an important milestone towards JV partners’ drilling plans on the Block in 2025. The transaction not only strengthens Eco’s balance sheet on a per-share basis but also creates significant shareholder value through a material reduction in the company’s share count. We look forward to continuing our longstanding relationship and collaboration with Africa Oil as we remain focused on maximizing value for shareholders across our portfolio.

Board replacement

As a result of completion, Africa Oil is no longer a shareholder in the company and no longer has the right to appoint a director to Eco's Board of Directors.  Accordingly, Africa Oil’s representative, Oliver Quinn, has stepped down from Eco’s Board of Directors with immediate effect.

Consequently, Eco has announced the appointment of Mrs. Emily Ferguson as a Non-Executive Director with immediate effect.  Mrs. Ferguson brings 22 years of experience in the oil and gas industry, spanning technical, commercial, and senior leadership roles, with a particular focus on exploration assets. Most recently, she spent six years at TotalEnergies, where she served as VP of Exploration for Europe, the Middle East, North Africa, and Asia until August 2024. In this role, she was responsible for overseeing exploration activities across multiple regions. Before this, Emily was the lead negotiator for E&P asset divestments and acquisitions across Europe, South America, and Africa, with a particular emphasis on Southern and Eastern Africa. Prior to her time at TotalEnergies, Emily spent 12 years at Maersk Oil, where she held roles as Head of Kurdistan and Kazakhstan Exploration Assets, as well as Head of Kenya Exploration. She holds a BSc in Geology and Petroleum Geology and an MSc in Petroleum Geology from the University of Aberdeen, Scotland.

“We are delighted to welcome Emily Ferguson to the Board,” Holzman said. “Emily is widely recognized for her inspirational leadership and the positive impact she has on teams and individuals. With over 20 years of experience in developing and monetizing exploration assets most recently with TotalEnergies, her expertise in this area will be invaluable to both the Board and the executive team as we continue to advance partnerships for our exciting exploration portfolio. We are now looking forward to a busy year for the Company across our entire portfolio and to progressing our respective farm out and drilling workstreams”