Business
ECO Atlantic Announces Third Quarter Results for the Nine Months Ended December 31, 2015 and Provides Business and Operational Update
TORONTO, ON / ACCESSWIRE / February 29, 2016 / Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"ECO Atlantic Announces Third Quarter Results for the Nine Months Ended December 31, 2015 and Provides Business and Operational UpdateTORONTO, ON / ACCESSWIRE / February 29, 2016 / Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) (NSX: EOG) (\"Eco Atlantic\" or the \"Company\") today reported its financial and operational results for the nine-month period ended December 31, 2015, and provides an update on recent corporate achievements and anticipated milestones for 2016.\nEco Atlantic reported on the following financial, operational and business milestones:\n- Execution of 870 km2, 3D Seismic program during January 2016 on the Guy License offshore Namibia, in partnership with AziNam Ltd. Processing and interpretation is currently underway.\n- Interpretation of the 3D Seismic survey on the Cooper License progressing.\n- Signing of a Joint Operating Agreement on the Three Points Deep Water West Block offshore Ghana between all the partners, and commencement of preparations for exploration activities.\n- Completion of the acquisition of the Orinduik Block offshore Guyana, in January 2016 in partnership with Tullow Oil, including the signing of a 10-year Petroleum Agreement, and signing a Joint Operating Agreement with Tullow Oil as Operator.\n- Quarter on quarter reduction of general and administrative costs, compensation expenses and professional fees from a total of $551,000 in the last quarter to $228,000 for the current quarter ended December 31, 2015. In January 2016, Eco Atlantic adopted further reductions in general and administrative costs. These savings will be reflected in future quarters and expected to save approximately $250,000 during 2016.\n- 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: \"Calendar year 2015 has been extremely busy! In Namibia, we completed the 2D seismic processing and interpretation on our Guy license, and commenced the 870 km2 3D seismic program. On our Cooper license, we completed the 3D seismic shoot and are in the last stages of the data interpretation. In other regions, we have been successful in securing an offshore license in Ghana adjacent to the Jubilee Field and in Guyana, right next to Ex...