Eco (Atlantic) Oil & Gas (EOG) Q4 2026 earnings summary

Executive summary

• Ended the year with $10.7 million in cash and no debt, following a $10 million equity raise and migration to the LSE SETS platform.

• Completed major farm-down agreements in Namibia (to BP) and South Africa (to Navitas), securing significant carried interests and cash payments.

• Acquired JHI Associates, increasing exposure to the Falkland Islands and aligning with Navitas in the region.

• Board changes included the appointment of Keith Hill as Non-Executive Chairman and the passing of COO Colin Kinley.

Financial highlights

• Cash and cash equivalents rose to $10.7 million from $4.7 million year-over-year.

• Total assets increased to $30.7 million from $21.6 million; total equity at $17.8 million.

• Net loss for the year widened to $7.5 million from $2.3 million, mainly due to impairment charges and increased operating expenses.

• Operating loss was $6.97 million, with a basic and diluted net loss per share of $0.023.

• Cash flow from operations was negative $3.7 million, offset by $10.1 million from financing activities.

Outlook and guidance

• Expects to transition to semi-annual financial reporting, discontinuing quarterly reports.

• Anticipates regulatory approvals and deal completions across the portfolio, with exploration activity expected to increase.

• Ongoing discussions with Guyana's Ministry of Natural Resources for a new Orinduik Block license, with completion expected in Q3 2026.