International oil company Eco (Atlantic) Oil & Gas has raised $10 million through a direct subscription of new shares, strengthening its balance sheet as it advances exploration activities across its Atlantic margin portfolio. The oil and gas explorer said it issued 26.9 million new shares at 27.5 pence per share, with the new equity representing around 7.9% of the enlarged share capital. Each share is accompanied by a warrant allowing the holder to subscribe for an additional share at 40 pence, exercisable over the next three years. The proceeds will be used to fund geological and geophysical studies across the company’s offshore licenses in Guyana, Namibia and South Africa. These include data reprocessing, interpretation work and technical studies aimed at high-grading exploration prospects and supporting future drilling decisions.

Source: The North Africa Journal January 27, 2026 12:54 UTC