Eco Atlantic Finalizes Strategic Stake Sale

Eco Atlantic Oil & Gas (TSE:EOG) has released an update.

Eco Atlantic Oil & Gas Ltd. has successfully completed the sale of a 13.75% stake in Block 3B/4B in the Orange Basin, South Africa, to TotalEnergies and QatarEnergy, with TotalEnergies taking over as the new operator. This strategic move has not only reinforced the company’s balance sheet by securing immediate milestone payments totaling $8.3 million but also promises additional payments upon the commencement of drilling. The deal allows Eco Atlantic to enhance its financial position and focus on advancing exploration activities in Guyana and Namibia without diluting shareholder value.

For further insights into TSE:EOG stock, check out TipRanks’ Stock Analysis page.