Press

Eco (Atlantic) Oil & Gas - First Quarter Results and Operational Update

Posted by OilVoice Press - OilVoice

29-Aug-2018


Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), the oil and gas exploration company with licences in highly prospective regions in South America and Africa, is pleased to announce its unaudited results for the three months ended 30 June 2018 and provide a corporate and operational update.

Corporate Highlights:

·     Guyana

o  Eco has worked closely with the Tullow team through the processing and interpretation of the Orinduik survey, and as each batch of data has been delivered to Eco the data sets have been sent to Total.  We  anticipate delivery of the final data sets to Total in September 2018, which will trigger the commencement of the 120-day exercise period under the terms of the Total option. Once the final report has been provided to Total, an update will be provided to shareholders.

o  Gustavson Associates is currently in the process of preparing a 51-101 compliant Competent Person's Report ("CPR") for the Orinduik Block, based on the recent 3D interpretation. Eco expects that the CPR will be finalised during September 2018.

·     Namibia

o  The Company was granted a one-year extension to the First Renewal Exploration Period for all of its Namibia Licenses to March 2019 by the Namibia Ministry of Mines and Energy. Each license will then enter the Second Renewal Period, which in turn has a two-year exploration phase which can be extended by a third year at the discretion of the Ministry.

o  The Company continues to monitor developments in this region, specifically the results of the two wells which are scheduled to be drilled during Q3 and Q4 2018 on PEL 37 (Tullow Oil) and PEL 71 (Chariot Oil and Gas) in the Walvis Basin. The results of these wells are expected to add a significant amount of information to the overall understanding of the petroleum systems in the Basin, including the blocks held by the Company.

·     New Ventures

o  In line with the Company's strategy, Eco is actively identifying, evaluating and negotiating additional upstream project opportunities.

·     Financial highlights

o  The Company ended the quarter with cash and cash equivalent of CAD$13.0 million, total assets of CAD$15.4 million, total liabilities of CAD$226 thousand and total equity of CAD$15.1 million

Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented: 

"During the last three months we have focused on completing our careful interpretation of the Orinduik data set and will shortly be issuing the final report to Total that moves us one step closer to triggering the exercise period for their option to farm into 25% of our Orinduik Block stake  which will add USD$12.5 million to our cash reserves if exercised. We continue to receive very interesting findings as our 3D interpretation progresses in Guyana, and, coupled with the recent additional Exxon discoveries in the adjacent Block, our partners continue to make excellent progress on the pre-drilling engineering and resource evaluation.

"Similarly, we have spent the last quarter advancing our Namibian assets, including the extension of the current exploration period across all of our licences through to March 2019, the beginning of the second two year Renewal Period. We have also been identifying and evaluating new opportunities in other frontier regions."



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

EOGEco AtlanticEco Atlantic Oil & GasResultsEarningsOperational UpdateAIMTSXGuyanaNamibia

More items from oilvoice


Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice


Posted 2 months agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 6 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 10 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 10 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 10 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice