Business
Eco Atlantic Announces Annual Results for the Year Ended March 31, 2015 and Provides Business Update
TORONTO, ON / ACCESSWIRE / July 30, 2015 / Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (NSX...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco Atlantic Announces Annual Results for the Year Ended March 31, 2015 and Provides Business UpdateTORONTO, ON / ACCESSWIRE / July 30, 2015 / Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (NSX: EOG) (\"Eco Atlantic\" or \"the Company\") today reported its financial and operational results for the year ended March 31, 2015 and provides an update on recent corporate achievements and anticipated milestones for the remainder of 2015 and beginning of 2016. \nOf particular note, Eco Atlantic reported on the achievement of the following financial, operational and business milestones:\n\n \n The two farm-out agreements with AziNam Ltd and Tullow Oil plc, provided capital contribution of $5.6 million\n \n \n Operating costs on the Licenses were $12 million, however, due to being carried on the Cooper License, the net Eco Atlantic spend amounted to only $2.1 million\n \n \n General and Administrative costs were reduced by $120,000 during the year. Eco Atlantic continues to decrease operational and overhead costs and increase management's efficiency\n \n \n Cash and cash equivalents as of March 31, 2015 was $10.5 million and as of July 27, 2015 is approximately $10 million\n \n \n Execution of 1,000 km2 3D Seismic program on the Cooper License\n \n \n Commencement of the processing by PGS of the 3D Seismic program on the Cooper License together with block partners Tullow Oil, AziNam and NAMCOR\n \n \n Execution of 1,100 km 2D Seismic program on the Guy License\n \n \n Commencement of the processing by PGS of the 2D Seismic program on the Guy License together with block partners AziNam and NAMCOR\n \n \n Acquisition of 3,000 km 2D Seismic data on the Sharon License and commencement of Interpretation\n \n \n Completion of an amalgamation with Pan African Oil Ltd. (\"PAO\") in which the Company acquired $3 million in cash and two additional Namibian petroleum exploration licenses\n \n \n Continuous efforts to strengthen the Company's assets portfolio through acquisition of new prospective blocks in stable and oil proven provinces around the globe\n \n \n Signing of a JOA on the Ghana License between all Block partners and the GNPC\n \n\nEco Atlantic CEO, Gil Holzman stated: \"We have had an extremely productive year! Despite the very busy operational schedule, including the completion of two proprietary seismic programs, we have been able to...