Eco (Atlantic) Oil & Gas

Name

Eco (Atlantic) Oil & Gas

Legal name

Eco (Atlantic) Oil & Gas Ltd.

Website

https://ecooilandgas.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Upstream Offshore Oil & Gas Exploration

NAICS

Oil and Gas Extraction (211), Natural Gas Extraction (21113)

SIC

Oil & Gas Field Exploration Services (1382), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Drilling & Well Construction (Rig Ops, Directional, Casing, Cementing) (EUAAAAAI)

akta.pro secondary industry

Field Development & EOR/IOR for Gas (Compression, Refracturing, Reservoir Management) (EUAAAAAM)

Keywords

• Offshore oil exploration
• Upstream petroleum assets
• Petroleum license interests
• Farm-out exploration deals
• Atlantic Margin exploration

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Farm-out cash consideration: Eco receives upfront cash payments when farming down working interest to majors (e.g., $2.7M cash from BP upon completion of PEL 97/99/100 farm-out in April 2026). One-time per transaction.
2. Carried interest / partner-funded exploration: Partners carry 100% of Eco's exploration costs through current phases (BP carrying Eco fully through exploration on Namibian blocks), with future put-option structure allowing Eco to transfer up to an additional 10% interest for full carry on remaining stake, capped at $21M per well / $63M per licence.

Pricing tiers

Go-to-market motion4 records

Distribution channels4 records

Marketing channels6 records

Core offering

Eco (Atlantic) Oil & Gas is a publicly traded upstream oil and gas exploration company that acquires, operates, and develops offshore petroleum license interests across three Atlantic Margin basins (Walvis Basin, Orange Basin, Suriname-Guyana Basin). The company identifies early-stage frontier exploration opportunities, acquires working interests, and partners with tier-one oil companies that carry exploration costs in exchange for operatorship. Eco operates four offshore licences in Namibia and South Africa at 75-85% WI and holds non-operated interests in additional Guyana and Falklands assets.

Product overview

Eco (Atlantic) Oil & Gas operates a portfolio-platform architecture of high-impact offshore exploration assets across three Atlantic Margin basins, organized by geography and operatorship status. The core operated portfolio consists of four operated working interests in Namibia (Cooper/PEL97, Guy/PEL99, and Tamar/PEL100 at 85% WI each) and South Africa (Block 1 at 75% WI), complemented by the Orinduik Block in Guyana (100% WI). The non-operated portfolio includes the Canje Block in Guyana (indirect ~1.3% via JHI Associates), Block 3B/4B in South Africa (5.25% via Azinam subsidiary), and the PL001 North Falklands Basin Licence (via JHI's 100% operated interest). Eco has partnered with major industry players including BP (Namibia farm-out), ExxonMobil and TotalEnergies (Canje), Navitas Petroleum (Falklands/Orinduik/Block 1 CBK), and Shell/TotalEnergies (Block 3B/4B) to develop these assets with material de-risking through joint ventures and strategic partnerships.

Differentiator

Problem solved

Functional benefit

Products and services

• Orinduik Block (Guyana) 100% working interest in the 1,354 km² Orinduik Block in the Suriname-Guyana basin, situated in shallow water (70-1,400 m), 170 km offshore Guyana. Located 11 km up-dip from ExxonMobil's Liza discovery. Two oil discoveries at Jethro-1 and Joe-1 made in 2019 with high quality reservoirs containing mobile heavy crude.
• Canje Block (Guyana) Indirect ~1.3% working interest in the Canje Block offshore Guyana operated by ExxonMobil, located ~180 km offshore covering ~4,800 km² in deep to ultra-deep water (1,700-3,000 m). Eco holds interest via 6.6% stake in JHI Associates Inc which holds 17.5% working interest. Adjacent to prolific Stabroek Block.
• Cooper License (PEL 97, Namibia) Operated 85% working interest in the Cooper Block covering 5,788 km² in shallow water (100-500 m) within the Walvis Basin offshore Namibia. Partners include NAMCOR (10%) and Tangi Trading Enterprise cc (5%). Targeting the Osprey Lead, an 882 million barrel Aptian/Albian source fed oil target.
• Guy License (PEL 99, Namibia) Operated 85% working interest in the Guy Block covering 11,457 km² in deep water (1,500-3,000 m) within the Walvis Basin offshore Namibia. Partners include NAMCOR (10%) and Lotus Explorations (Pty) Ltd (5%). 1,000 km 2D survey completed plus 870 km² of 3D survey completed in 2016.
• Tamar License (PEL 100, Namibia) Operated 85% working interest in the Tamar Block covering 5,648 km² in deep water (2,500-3,000 m+) within the Walvis Basin offshore Namibia. Partners include NAMCOR (10%) and Moonshade Investment Ltd (5%). 1,000 km 2D survey complete and interpreted.
• Block 1 (South Africa) Operated 75% working interest in Block 1 in the Orange Basin offshore South Africa, 19,929 km² in area, located on the Namibian border. Acquired June 2024 via 100% owned subsidiary Azinam South Africa Limited, which farms in from OrangeBasin Oil and Gas. Partner Tosaco Energy (Proprietary) Limited holds 25%.
• Block 3B/4B (South Africa) 5.25% interest (via Azinam subsidiary) in Block 3B/4B offshore western South Africa covering 17,581 km² in water depths 300-2,500 m. Operator TotalEnergies South Africa (33%) with partners Qatar Energy (24%), Ricocure (19.75%), and Africa Oil Corp. (17%). 10,000 km² GeoStreamer 3D survey reprocessed in 2022.
• PL001 North Falklands Basin Licence (via JHI Associates) 100% operated interest held by JHI Associates in PL001 North Falklands Basin Licence covering 1,126 km² at ~500 m water depth, with 3.1 billion barrels Best Estimate across 52 prospects and 42 leads. Eco currently holds ~6.6% in JHI and is acquiring 100% via stock-for-stock exchange (~US$52.3M, signed March 2026). Adjacent to Navitas-operated Sea Lion development.

Named customers2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

21 partnerships are on record, tiered flagship, core and minor.

• ExxonMobil (operator) / TotalEnergies / Mid-Atlantic Oil & GasflagshipStrategic or Co-development Partner · 1 May 2026Canje Block (~3,500–4,800 km² offshore Guyana, 1,700–3,000m water depth) operated by ExxonMobil with partners TotalEnergies (35%), JHI (17.5%, held by Eco via 6.6% stake), and Mid-Atlantic Oil & Gas (12.5%). Three exploration wells drilled in 2021 confirmed active hydrocarbon system but no commercial volumes.
• BP (BP Namibia Energy)flagshipStrategic or Co-development Partner · 13 April 2026Farm-out agreement transferring 60% participating interest and operatorship in three offshore Namibian exploration licences (PEL 97, 99, 100) to BP. Eco retains 25%, NAMCOR 10%, local partners 5%. Eco received $2.7M cash on completion; BP carries 100% of Eco's costs through current exploration phase. Put option structure from 2028 allows Eco to transfer an additional 10% interest for full carry on remaining 15% stake, capped at $21M per well per licence (max $63M across blocks). Marks BP's entry into Namibia as operator.
• NAMCOR (Namibia's national oil company)coreStrategic or Co-development Partner · 13 April 2026NAMCOR holds 10% participating interest across Eco's PEL 97 (Cooper), PEL 99 (Guy), and PEL 100 (Tamar) in the Walvis Basin offshore Namibia (22,894 km² combined). NAMCOR remains as partner following BP farm-out completion in April 2026.
• JHI Associates, Inc.flagshipStrategic or Co-development Partner · 10 March 2026Binding agreement for Eco to acquire 100% of JHI Associates for approximately US$52.3 million via stock-for-stock exchange (~96.3 million new Eco shares representing 21.8% of expanded capital). JHI brings 35% working interest in PL001 Falkland Islands licence (adjacent to Navitas-operated Sea Lion development) and 17.5% interest in Canje Block offshore Guyana. JHI shareholders approved 100% on 12 May 2026; Ontario Superior Court final order 15 May 2026; close expected end Q3 2026 subject to Falkland Islands Government licence extension and TSX-V/AIM approvals. Eco also already held 6.6% direct interest in JHI pre-deal.
• Rockhopper ExplorationminorStrategic or Co-development Partner · 1 March 2026Rockhopper holds 35% interest in Sea Lion development, which lies adjacent to the PL001 North Falklands Basin Licence (held by JHI/Eco). Rockhopper partners with Navitas Petroleum (65% WI, operator) on Sea Lion.
• Navitas Petroleum LPflagshipStrategic or Co-development Partner · 3 December 2025Binding Framework and Options Agreement signed 3 December 2025 granting Navitas exclusive options to farm into the Orinduik Block offshore Guyana and Block 1 CBK offshore South Africa for combined payments of $6.5M, with Navitas becoming operator on exercise. Option on remaining Eco portfolio also granted. CDH advised Eco. Further expansion: Navitas signed non-binding MoA on 12 January 2026 to acquire 65% working interest in PL001 North Falklands Basin Licence from JHI (Eco holds 6.6% in JHI).
• Cliffe Dekker Hofmeyr (CDH)minorImplementation/ SI/ Consulting Partner · 3 December 2025CDH's Oil & Gas sector team advised Eco Atlantic on the strategic partnership with Navitas Petroleum, formalised through binding Framework and Option Agreements on 3 December 2025. Highlights CDH's capability in complex cross-border upstream transactions.
• TotalEnergies South AfricacoreStrategic or Co-development Partner · 1 June 2024TotalEnergies operates Block 3B/4B offshore South Africa (17,581 km², 300–2,500m water depth) with 33% interest, alongside Qatar Energy (24%), Ricocure (19.75%), Africa Oil Corp (17%), and Eco's subsidiary Azinam (5.25%). The 10,000 km² BHP GeoStreamer 3D survey was reprocessed in 2022 by the JV.
• Qatar EnergycoreStrategic or Co-development Partner · 1 June 2024Qatar Energy holds 24% interest in Block 3B/4B offshore South Africa alongside operator TotalEnergies (33%) and partners Ricocure (19.75%), Africa Oil Corp (17%), and Eco's Azinam subsidiary (5.25%).
• Africa Oil Corp.minorStrategic or Co-development Partner · 1 June 2024Africa Oil Corp holds 17% interest in Block 3B/4B offshore South Africa alongside operator TotalEnergies, Qatar Energy, Ricocure, and Eco's Azinam subsidiary (5.25%). Keith Hill (Eco Non-Executive Director) is also a Non-Executive Director of Africa Energy Corp.
• Tosaco Energy (Proprietary) LimitedminorStrategic or Co-development Partner · 1 June 2024Tosaco Energy holds 25% non-operated interest in Block 1 offshore South Africa (19,929 km² Orange Basin), with Eco's subsidiary Azinam South Africa operating at 75% WI.
• Fladgate LLPcoreImplementation/ SI/ Consulting Partner · 1 January 2017Solicitors to Eco Atlantic as to English law; located at 16 Great Queen Street, London WC2B 5DG. Advises on AIM listing compliance and UK corporate matters.
• ChitizPathak LLPcoreImplementation/ SI/ Consulting Partner · 1 January 2017Solicitors to Eco Atlantic as to Canadian law; located at 320 Bay Street, Suite 1600, Toronto, Ontario M5H 4A6. Advises on TSX-V listing and Canadian securities law matters.
• MNP LLPcoreImplementation/ SI/ Consulting Partner · 1 January 2017Auditors to Eco Atlantic; located at 50 Burnhamthorpe Road West, Mississauga ON L5B 3C2. Responsible for annual audits of consolidated financial statements.
• WSP HousecoreImplementation/ SI/ Consulting Partner · 1 January 2017Competent Person to Eco Atlantic; UK headquarters at 70 Chancery Lane, London WC2A 1AF. Prepares the Competent Persons Report (CPR) for Eco's offshore assets in Guyana, Namibia, and South Africa (most recent CPR March 2022).
• Celicourt CommunicationscoreGTM or Marketing Partner · 1 January 2017Financial PR to Eco Atlantic; located at Orion House, 5 Upper St Martin's Lane, London WC2H 9EA. Contact: Mark Antelme / Jimmy Lea. Handles media and PR enquiries for the company.
• Computershare Investor Services (Jersey) LimitedcoreImplementation/ SI/ Consulting Partner · 1 January 2017Registrar to Eco Atlantic; located at Queensway House, Hilgrove Street, St Helier, Jersey JE1 1ES. Maintains the company's share register.
• TSX Trust CompanycoreImplementation/ SI/ Consulting Partner · 1 January 2017Transfer Agent to Eco Atlantic; located at 200 University Avenue, Suite 300, Toronto ON M5H 4H1. Handles transfer and registrar services on TSX-V.
• Tangi Trading Enterprise ccminorStrategic or Co-development Partner · 1 January 2011Local Namibian partner holding 5% interest in Cooper licence (PEL 97), Walvis Basin offshore Namibia. Eco operates at 85% with NAMCOR at 10%.
• Lotus Explorations (Pty) LtdminorStrategic or Co-development Partner · 1 January 2011Local Namibian partner holding 5% interest in Guy licence (PEL 99), deepwater Walvis Basin offshore Namibia. Eco operates at 85% with NAMCOR at 10%.
• Moonshade Investment LtdminorStrategic or Co-development Partner · 1 January 2011Local Namibian partner holding 5% interest in Tamar licence (PEL 100), deepwater Walvis Basin offshore Namibia. Eco operates at 85% with NAMCOR at 10%.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Tullow Oil PLC: AIM/LSE-listed (TLW) mid-cap independent E&P with West Africa and South America production and exploration. Broader incumbent in the same Atlantic Margin space; Tullow's Ghana and Guyana operations provide a benchmark for successful Atlantic Margin frontier plays while its recent challenges (Jubilee field issues) illustrate execution risk Eco also faces.

Direct peers

• Impact Oil & Gas Limited: Privately-held Atlantic Margin-focused frontier exploration company with material South Africa and Namibia acreage. Eco's VP Operations Keely Pearce was previously at Impact Oil & Gas where she was on the team that discovered the Venus field offshore Namibia, making Impact a direct comp for talent and asset overlap.
• Chariot Limited: AIM-listed (CHAR) Atlantic Margin-focused transitional energy company with offshore Morocco and Brazil licences. Closest direct peer in terms of pure-play Atlantic Margin exploration strategy and AIM listing; both companies pursue farm-out-driven exploration with tier-one partners.
• Savannah Energy PLC: AIM-listed (SAV) upstream and midstream energy company focused on frontier and emerging markets in Africa (Nigeria, Niger, Chad, Cameroon, South Sudan). Similar small-cap AIM-listed model with frontier-market portfolio exposure and similar institutional investor base to Eco Atlantic.
• Tower Resources PLC: AIM-listed (TRP) small-cap oil & gas exploration company with frontier acreage in Cameroon, South Africa, and Namibia. Comparable to Eco in market capitalisation tier, AIM listing, and dependence on farm-out partners to fund drilling in emerging African basins.
• Africa Energy Corp. TSX-V-listed (AFE) Atlantic Margin-focused exploration company holding interests in Block 2B (South Africa) and the exploration right immediately adjacent to TotalEnergies' Block 3B/4B. Keith Hill (Eco's Chairman) is also a Non-Executive Director of Africa Energy, evidencing direct corporate linkage and overlapping Atlantic Margin portfolio.
• Africa Oil Corp. Toronto-listed (TSX:AOI) frontier Africa-focused upstream oil & gas exploration company with a similar portfolio-platform architecture. Eco's newly-appointed Chairman Keith Hill was previously President & CEO of Africa Oil Corp., and the two companies share institutional investor overlap including Africa Energy Corp.
• Seacrest Azimuth Group: Bermuda-based portfolio company holding multiple upstream oil & gas interests globally through subsidiaries. Alice Carroll (Eco's VP Business Development) previously worked at Seacrest Azimuth Group, evidencing talent overlap and a comparable multi-asset, partner-led exploration model.
• Gran Tierra Energy Inc. NYSE/TSX-listed (GTE) small-mid cap independent E&P focused on onshore and offshore exploration in Colombia and Ecuador. Comparable to Eco in small-mid cap frontier exploration profile and similar dependence on farm-outs/JVs, though Gran Tierra has production cash flow.
• Panoro Energy ASA: Oslo-listed (OSE:PEN) independent E&P focused on offshore Africa with producing assets in Equatorial Guinea and Gabon plus exploration acreage. Comparable to Eco in offshore Africa portfolio construction and small-mid cap frontier development model, though Panoro has production cash flow Eco lacks.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/EcoAtlanticOil
• YouTubeyoutube.com/@ecoatlanticoilandgas
• LinkedInlinkedin.com/company/eco-atlantic-oil-gas

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries5 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eco (Atlantic) Oil & Gas