RE: Canaccord Note25 Feb 2026 01:48
Hi Mick,
It was subscription the link though a friend sent it to me in PDF.
Am able to copy below , all the best -
A portfolio's value ready to be unleashed
ECO-AIM
UK Equity Research
24 February 2026
Price Target
100p
Price
42p
Canaccord Genuity view
Eco Atlantic, dual-listed on AIM and the TSX-V, has a diverse set of high potential
assets on both sides of the South Atlantic with a focus on large scale offshore oil and
gas exploration in South Africa, Namibia and Guyana - areas experiencing heightened
offshore exploration activity and significant success. The company targets early-
stage, high-impact exploration opportunities aimed at identifying potential
large offshore discoveries. Its strategy centres on early entry and farm-downs
to accelerate operational news flow and progress assets from exploration toward
development. It has already been very successful in this approach, farming out South
Africa Block 3B/4B to Total & Qatar Energy in exchange for cash and a full well carry. More
recently the arrival of Navitas Petroleum as a strategic partner marks a step change.
A new framework agreement could allow Navitas to farm into several Eco licences,
materially reducing risk around future exploration and appraisal programs in South
Africa Block 1 CBK and Guyana Orinduik licences.
We initiate coverage with a Speculative Buy and a 100p target price, valuing Eco
on a sum-of-the-parts, risked NPV10 basis. Strong Atlantic-margin positioning and the
Navitas partnership should accelerate value realisation across the portfolio, positioning
Eco strongly for the future.
Navitas partnership could drive faster value realisation
Eco Atlantic has announced a potentially game-changing strategic partnership with
Navitas, giving Navitas options to farm into Ecoโs key exploration assets in Guyana
and South Africa. Navitas has paid $2m upfront for these rights, which, if exercised,
would provide Eco with a well funded partner and significant carried exposure
to upcoming work programmes. In Guyana, Navitas can farm into an 80% operated
stake in the Orinduik Block for $2.5m cash, carrying Eco for up to $11m of exploration
or appraisal activity (net to Eco), likely focused on the Joe and Jethro discoveries. In
South Africa, Navitas can acquire a 47.5% operated stake in Block 1 CBK for $4m cash,
carrying Eco for up to $15m.
Navitas also has longer term rights to buy into Ecoโs wider portfolio, reflecting a sustained
strategic commitment. Overall, the deal should strengthen Ecoโs ability to advance its
high quality exploration assets alongside Navitas.
Fully funded and ready for next steps
In January'26, Eco raised $10m at 27.5p while also issuing c. 27m of new warrants
exercisable at 40p. The raise itself already puts Eco in a comfortable position to cover
its near-term commitments (whilst also considering potential and current carries on
projects). The warrants could add a further c. $14m, significantly strengthenin