Business
Eco Atlantic Announces 2nd Quarter Financial Results and Provides Business Update
TORONTO, ON / ACCESSWIRE / November 30, 2016 / Eco (Atlantic) Oil & Gas Ltd. (TSX-V: EO...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco Atlantic Announces 2nd Quarter Financial Results and Provides Business UpdateTORONTO, ON / ACCESSWIRE / November 30, 2016 / Eco (Atlantic) Oil & Gas Ltd. (TSX-V: EOG) (\"Eco Atlantic\" or \"the Company), announces that it has reported its financial and operational results for the three and six month periods ended September 30, 2016, and provides an update on recent corporate achievements and anticipated milestones for the remainder of calendar year 2016 and 2017.\nEco Atlantic reported on the following financial, operational, and business milestones:\nGuyana: Together with Tullow Oil, the operator of the block, the partners have advanced through a detailed review of regional 2D, and have established significant credible leads in its Orinduik Canyon Play Fairways that warrant a comprehensive 3D survey, which we expect to commence in 2017.\nNamibia: Processing and interpretation of the 870 km2 3D survey is being finalized and will be presented to the Block partners and the Government of Namibia during December 2016.\nCompletion of the first phase of Interpretation of the 1,100 Km2 3D seismic survey on the Cooper License, offshore Namibia.\nGhana: Company completed the sale of its interest in Eco Atlantic Ghana Ltd. to PetroGulf Ltd. in order to significantly reduce liabilities and focus attention on our Guyana operations. As part of the sales agreement, approximately $1.8 million of liabilities included in our balance sheet as of September 30, 2016, which related to future payments in respect of the license will be written off.\nContinued reduction of general and administrative costs, compensation expenses, and professional fees from a total of $976,000 for the six months ended September 30, 2015 to $579,000 for the six month period ended September 30, 2016. Eco Atlantic has met all of its current work commitments under the various Petroleum Agreements' and is being cost carried and sufficiently funded to progress its exploration commitments for the fiscal year ahead.\nEco Atlantic CEO, Gil Holzman stated: \"The last six months have been busy as always, as we aggressively advance our work program in Guyana, following the recent discoveries of a 1bn barrels commercial field by Exxon. The sale of our interest in Ghana will help focus our attention on Guyana. This sale has extinguished our liabilities relating to this license...