Latest news with #MineralandPetroleumResourcesDevelopmentAct
The Citizen
14-05-2025
- Business
- The Citizen
Millions unaccounted for as ex-mine bosses face court over fraud
Millions meant for mine rehabilitation allegedly embezzled as former executives and a top official face court. Ronica Ragavan, Pushpaveni Govender and Joel Raphela appearing before the Randburg Magistrate's Court after they were arrested on Tuesday. Picture: Supplied Several former mining bosses, their mining firm and a senior former civil servant are expected to appear in High Court in Johannesburg today for reportedly embezzling funds meant for mining rehabilitation. Those expected in court include former deputy director-general of the then department of mineral and resources Joel Raphela, Ronica Ragan, Pushpaveni Govender, Optimum Coal Mine, Koornfontein Mines and Tegeta Exploration and Resources. During the trial that started on Monday, the group pleaded not guilty to 11 charges that include Contravention of Regulation 4 of the Mineral and Petroleum Resources Development Act, Contravention of Regulation 7 of the National Environmental Act, money laundering, forgery, uttering and perjury. Ex-mine bosses pleaded no guilty to 11 charges Investigating Directorate Against Corruption spokesperson Henry Mamothame said the court appearance emanated from the alleged fraud linked to the rehabilitation of Koornfontein mine. Ragavan was then director and Govender a trustee. ALSO READ: Ex-govt official arrested over 'looting' of Gupta mine rehabilitation funds gets R20,000 bail 'In December 2015, Oakbay Investments entered into a sale of shares and claims agreement with Glencore for the acquisition of shares in Optimum and Koornfontein mine. 'The agreement was for Tegeta to take control of the Optimum Mine Rehabilitation Trust and the Koornfontein Rehabilitation Trust. 'On 8 April, 2016, the sale agreements were deemed to have been fulfilled, resulting in the department giving consent in terms of the regulations, for the disposal of 100% control of Optimum and Koornfontein to Tegeta. Millions reportedly embezzled 'The Coal Supply Agreement was supposed to continue until December 2018,' said Mamothame. Millions were reportedly embezzled, he said. ALSO READ: Gupta associates arrested over looting of Optimum, Koornfontein funds released on bail Mining Affected Communities United in Action (Macau) spokesperson Magnificent Mndebele said the trial was a reflection of what Macua's investigation had unearthed. Their investigation, which spans 11 audited mining communities across six provinces showed how the R284 million in legally obligated Social and Labour Plan funds remained unaccounted for. R284 million unaccounted for According to auditor-general Tsakani Maluleke's report released in 2023, there were 6 100 abandoned mines and 1 170 mine openings countrywide. Maluleke urged government to speed up rehabilitation of the abandoned mines, as they posed health, safety and environmental hazards for nearby communities.
Yahoo
27-02-2025
- Business
- Yahoo
Eco (Atlantic) Oil and Gas Ltd. Announces Results for Three & Nine Months Ended 31 Dec 2024
TORONTO, ON / / February 27, 2025 / Eco (Atlantic) Oil & Gas Ltd. AIM:ECO)(TSX‐V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce its results for the three and nine months ended 31 December 2024. Highlights: Financials The Company had cash and cash equivalents of US$6.03 million and no debt as at 31 December 2024. The Company had total assets of US$27.18 million, total liabilities of ~US$82 thousand and total equity of US$26.35 million as at 31 December 2024. Operations: South Africa Block 1 Eco announced the acquisition of Block 1, Offshore South Africa Orange Basin, in June 2024. Through its 100% owned subsidiary Azinam South Africa Limited ("Azinam South Africa"), the Company will farm-in and acquire a 75% Working Interest from OrangeBasin Oil and Gas (Proprietary) Limited and will become Operator of a new Exploration Right (the "Block 1Acquisition"). Further updates on the plans for the licenses will be made once the final requisite government approvals have been received. Block 3B/4B In January 2025, Eco received approval from the Government of the Republic of South Africa, under Section 11 of the Mineral and Petroleum Resources Development Act, in relation to Eco's Assignment and Share Cancellation Agreement between Azinam, Africa Oil and Africa Oil SA Corp ("AOSAC"). The conditions precedent to the Exchange Transaction, including requisite regulatory approvals from the Government of the Republic of South Africa, TSX Venture Exchange, applicable Canadian Securities Commissions, and the relevant approvals from the Block 3B/4B Joint Venture Partners, have been satisfied and accordingly, Azinam has assigned the Assigned Interest to AOSAC and in return Africa Oil has transferred the Eco Securities which have been cancelled. Eco now holds a fully carried 5.25% interest in Block 3B/4B Offshore South Africa, reduced from 6.25%. Following the cancellation of Africa Oil's previously held in aggregate, 54,941,744 Common Shares (valued at c. $CAD11.50 million as at 29 July 2024) (the "ShareCancellation") and 4,864,865 Warrants (collectively, the "EcoSecurities"), the outstanding common share capital of the Company is now reduced to 315,231,936 Common Shares and 48,541,666 warrants. Namibia The previously announced multi-block farm out process for all or part of Eco's four offshore Petroleum Exploration Licences ("PEL"): 97, 98, 99, and 100 is ongoing. Eco holds Operatorship and an 85% Working Interest in each PEL representing a combined area of 28,593 km2 in the Walvis Basin. Eco continues to receive considerable interest in its licences and is currently assessing options to progress its exploration work programmes that will include potential farm-out partners. The Company will provide further updates as appropriate. Guyana Eco continues its discussions with interested parties regarding the farmout initiative for the offshore Orinduik Block. ExxonMobil operator of the adjacent Stabroek block announced Hammerhead as its 7th development project and the first one of heavy oil. Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented: "We continue advancing Eco's promising exploration licenses in key hydrocarbon regions. During the period, we completed our transaction with Africa Oil on Block 3B/4B, securing significant exposure to a multi-billion-barrel prospect. This deal also enabled us to cancel approximately CAD $11.5 million in shares and welcome Emily Ferguson to our Board of Directors. While the farmout processes are progressing, we are in advanced discussions on potential deals in both Namibia and Guyana and look forward to updating the market in due course. Meanwhile, offshore South Africa, we are excited about the upcoming drilling campaign on Block 3B/4B with our JV partners and the formal issuance of Block 1 in the Orange Basin. With a strong balance sheet and an additional $11.5 million expected from the 3B/4B deal upon milestone completions, Eco is well-positioned for a dynamic period of exploration and deal making." The Company's unaudited financial results and Management's Discussion and Analysis for the three and six months ended 31 December 2024 are available for download on the Company's website at and on Sedar at The following are the Company's Balance Sheet, Income Statements, Cash Flow Statement and selected notes from the annual Financial Statements. All amounts are in US Dollars, unless otherwise stated. The following are the Company's Balance Sheet, Income Statements, Cash Flow Statement and selected notes from the annual Financial Statements. All amounts are in US Dollars, unless otherwise stated. Balance Sheet December 31, March 31, 2024 2024 Assets Current Assets Cash and cash equivalents 6,027,801 2,967,005 Short-term investments 75,000 13,107 Government receivable 35,644 26,970 Amounts owing by license partners 165,821 49,578 Accounts receivable and prepaid expenses - 38,539 Total Current Assets 6,304,266 3,095,199 Non- Current Assets Petroleum and natural gas licenses 20,875,860 28,168,439 Total Non-Current Assets 20,875,860 28,168,439 Total Assets 27,180,126 31,263,638 Liabilities Current Liabilities Accounts payable and accrued liabilities 829,310 1,163,546 Advances from and amounts owing to license partners - 81,952 Total Current Liabilities 829,310 1,245,498 Total Liabilities 829,310 1,245,498 Equity Share capital 122,088,498 122,088,498 Restricted Share Units reserve 920,653 920,653 Warrants 14,778,272 14,778,272 Stock options 2,900,501 2,900,501 Foreign currency translation reserve (1,563,110 ) (1,568,469 ) Accumulated deficit (112,773,998 ) (109,101,315 ) Total Equity 26,350,816 30,018,140 Total Liabilities and Equity 27,180,126 31,263,638 Income Statement Three months ended Nine months ended December 31, December 31, 2024 2023 2024 2023 Revenue Interest income 52,081 17 59,592 1,703 52,081 17 59,592 1,703 Operating expenses: Compensation costs 255,939 208,201 727,251 629,199 Professional fees 64,689 89,877 421,177 388,437 Operating costs, net 550,458 567,682 2,097,699 1,329,063 General and administrative costs 164,086 180,744 478,699 453,786 Share-based compensation - - - 95,695 Foreign exchange loss (gain) (69,861) (111,839) 7,449 (12,094) Total operating expenses 965,311 934,665 3,732,275 2,884,086 Operating loss (913,230) (934,648) (3,672,683) (2,882,383) Other Non-Operating Charges and Write-downs Gain on settlement of liability - - - (200,640) Fair value change in warrant liability - - - 261,720 Share of losses of associate - (166,224) - (498,671) Tax recovery - - - 536,694 Net loss for the period (913,230) (1,100,872) (3,672,683) (2,783,280) Foreign currency translation adjustment (38,529) 101,779 5,359 (183,996) Comprehensive loss for the period (951,759) (999,093) (3,667,324) (2,967,276) Basic and diluted net loss per share: (0.002) (0.003) (0.010) (0.008) Weighted average number of ordinary shares used in computing basic and diluted net loss per share 370,173,680 369,421,234 370,173,680 368,987,135 Cash Flow Statement Nine months ended December 31, 2024 2023 Cash flow from operating activities Net loss from operations (3,672,683 ) (2,783,280 ) Items not affecting cash: Share-based compensation - 95,695 Fair value change in warrant liability - (261,720 ) Share of losses of companies accounted for at equity - 498,671 Changes in non???cash working capital: Government receivable (8,674 ) 4,166 Accounts payable and accrued liabilities (334,236 ) (2,897,287 ) Accounts receivable and prepaid expenses 38,539 1,449,931 Advance from and amounts owing to license partners (590,482 ) 357,449 Cash flow from operating activities (4,567,536 ) (3,536,375 ) Cash flow from investing activities Short-term investments (61,893 ) - Acquisition of interest in property (150,000 ) - Acquisition of Orinduik BV (*) - (700,000 ) Proceeds from Block 3B/4B farm-out 7,834,866 2,500,000 Cash flow from investing activities 7,622,973 1,800,000 Cash flow from financing activities - - Increase (decrease) in cash and cash equivalents 3,055,437 (1,736,375 ) Foreign exchange differences 5,359 (183,996 ) Cash and cash equivalents, beginning of period 2,967,005 4,110,734 Cash and cash equivalents, end of period 6,027,801 2,190,363 Notes to the Financial Statements Basis of Preparation The consolidated financial statements of the Company have been prepared on a historical cost basis with the exception of certain financial instruments that are measured at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for assets. Summary of Significant Accounting Policies Critical accounting estimates Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively from the period in which the estimates are revised. The following are the key estimate and assumption uncertainties considered by management. **ENDS** For more information, please visit or contact the following: Eco Atlantic Oil and Gas c/o Celicourt +44 (0) 20 8434 2754 Gil Holzman, CEO Colin Kinley, COO Alice Carroll, Executive Director Strand Hanson (Financial & Nominated Adviser) +44 (0) 20 7409 3494 James Harris James Bellman Berenberg (Broker) +44 (0) 20 3207 7800 Matthew Armitt Detlir Elezi Celicourt (PR) +44 (0) 20 7770 6424 Mark Antelme Jimmy Lea Charles Denley-Myerson About Eco Atlantic: Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore license interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure. Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in four offshore Petroleum Licences: PELs: 97, 98, 99, and 100, representing a combined area of 28,593 km2 in the Walvis Basin. Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and pending government approval a 75% Operated Interest in Block 1, in the Orange Basin, totalling some 37,510km2. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: Eco (Atlantic) Oil and Gas Ltd. View the original press release on ACCESS Newswire Sign in to access your portfolio
