Latest update March 10th, 2026 2:08 PM
Eco Atlantic raises US$10M from Israeli investors for works offshore Guyana, other jurisdiction
(Kaieteur News) – Canadian firm Eco (Atlantic) Oil & Gas Ltd. has raised US$10 million through the subscription of new shares with Israeli based investors to accelerate work in Guyana, Namibia and South Africa throughout 2026.
President and Chief Executive Officer Gil Holzman said the funding strengthens the company’s financial position and provides flexibility to accelerate key technical and corporate work programmes, while maintaining a strong balance sheet and preserving significant upside for shareholders.
“We are delighted to welcome a number of leading Israeli institutional investors to our share register through this US$10 million direct subscription. Their participation and long-term commitment represents a strong endorsement of the quality of our Atlantic Margin portfolio, our exploration and value-creation strategy, and our disciplined, capital-efficient approach,” he stated.
President and Chief Executive Officer of Eco (Atlantic) Oil & Gas Ltd., Gil Holzman
Eco recently announced that its Orinduik Block licence expired on January 14, 2026, but noted that provisions under the Petroleum Act allow it to retain rights to its Jethro-1 and Joe-1 discoveries while its appraisal programme is under review.
However, Eco noted that it is in talks with the Ministry of Natural Resources on the continuation of its appraisal and exploration activities on the Orinduik Block, as the licence for the offshore area has reached the end of its second renewal term.
The company said it is working alongside its partner Navitas Petroleum LP, an Israeli company in what it described as “ongoing, constructive discussions” with the ministry regarding the way forward for the block.
Late last year, Eco entered a binding framework agreement and two option agreements with Navitas Petroleum for the Orinduik Block and Block 1 CBK offshore South Africa. Navitas will pay an initial US$2 million to secure the two option agreements.
The Canadian firm has been in talks with prospective partners for some time in relation to the farm-in of the Orinduik Block, for the next phase of exploration. The Orinduik option grants Navitas the right, within 12 months and upon paying an additional US$2.5 million, to farm-in to the Orinduik Block and taking up 80 per cent working interest and operatorship. It was explained that Eco’s remaining 20 per cent share will be fully carried for upcoming work, including drilling and exploration well or appraising the Jethro-1 and Joe-1 heavy oil discoveries. Also, the Orinduik carry is capped at US$11 million net to Eco, excluding mobilisation costs.
Eco has been assessing its Jethro-1 and Joe-1 discoveries, which are located in the lower and upper tertiary formations of the Orinduik Block. Both contain heavy oil, and Eco had been conducting further analysis to determine whether development is feasible. The company previously noted that the proximity of the Orinduik Block finds to ExxonMobil Guyana Limited’s Stabroek Block, where the Government of Guyana recently approved a Petroleum Production License (PPL) for Exxon’s seventh project (Hammerhead) has renewed its interest in the Jethro discovery.
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