Eco Atlantic Oil & Gas has raised US$10 million (about N$190 million) through a direct equity subscription from Israeli-based investors to strengthen its capacity to advance offshore exploration activities in Namibia alongside its broader Atlantic Margin portfolio.
The AIM- and TSX-V-listed explorer said on 23 January 2026 that it had entered into binding agreements with Israeli institutional investors to subscribe for 26,909,091 new shares at an issue price of 27.5 pence per share, equivalent to the company’s closing price on AIM the previous day.
The subscription will see Eco issue one warrant for each new share, exercisable over three years at 40 pence per share, providing additional potential upside funding if exercised.
For Namibia, the capital injection provides additional financial flexibility as Eco continues to mature its offshore acreage in the Orange and Walvis basin systems, where it holds interests alongside major international partners.
Namibia remains a core part of the company’s strategy, given the scale of discoveries made offshore in recent years and the country’s growing role in the global exploration landscape.
Eco said the net proceeds will be directed primarily toward geological and geophysical work, with US$5 million (around N$95 million) allocated to technical studies across its licence portfolio, including Namibia.
A further US$2.5 million (about N$47.5 million) will be used to identify and pursue new venture opportunities, while the balance will support general and administrative activities.
President and chief executive officer Gil Holzman said the funding represented a strong endorsement of Eco’s asset base and strategy.
He said the participation of long-term institutional investors would allow the company to accelerate key work programmes in Namibia, Guyana and South Africa through 2026 while maintaining balance sheet discipline.
“This funding strengthens our financial position and provides us with the flexibility to accelerate key technical and corporate work programmes across our licences in Guyana, Namibia and South Africa throughout 2026,” Holzman said.
Once admitted to trading, the new shares will represent about 8.5% of Eco’s existing issued share capital and just under 8% on an enlarged basis.
Admission to trading on AIM is expected around 30 January 2026, subject to regulatory approvals, including TSX Venture Exchange clearance.
Following admission, Eco’s issued share capital will stand at 342.1 million shares.
The company said the enlarged capital base positions it to advance its offshore exploration agenda in Namibia at a time when international interest in the country’s petroleum basins remains high, and competition for high-quality acreage continues to intensify.
