Business
Eco (Atlantic) Oil and Gas Limited Announces Unaudited Results and Business Update
TORONTO, ON / ACCESSWIRE / February 27, 2019 / Eco (Atlantic) Oil & Gas Ltd (AIM: ECO, TS...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Limited Announces Unaudited Results and Business UpdateTORONTO, ON / ACCESSWIRE / February 27, 2019 / Eco (Atlantic) Oil & Gas Ltd (AIM: ECO, TSX-V: EOG), the oil and gas exploration company with licences in highly prospective regions in Guyana and Namibia, is pleased to announce its results for the three and nine months ended 31 December 2018 and to provide a corporate and operational update. Highlights:· Financialso The Company ended the third financial quarter (and calendar year end) with cash and cash equivalents of CAD 25.7 million, total assets of CAD 28.1 million, total liabilities of CAD 0.8 million and total equity of CAD 27.3 million.o As a result of the Total E&P Activités Pétrolières (\"Total\") farm-in deal income, which amounted to CAD 16.8 million (USD 12.5 million), the Company completed the three and nine months period ended 31 December 2018 with a net profit of CAD 14.4 million and CAD 11.3 million, respectively. · Operations - Guyanao Eco announced the filing of a National Instrument 51-101 compliant resource report on the Orinduik Block, offshore Guyana, with 2.9 Billion Barrels of Oil (Equivalent) prospective resource P50 Best Estimate. The report does not take into account certain recent developments, including ExxonMobil's Hammerhead-1 Tertiary discovery and additional Tertiary prospects.o On 27 November 2018, Eco completed the Total farm-in deal and received the USD 12.5 million and all necessary approvals and documentation to effect the 25% interest transfer in the Orinduik Block to Total. Accordingly, the working interests in the Orinduik Block are now Tullow (Operator) 60%, Total 25% and Eco 15%.o On 5 December 2018, Eco announced its first planned well out of two in the 2019 drilling program for the Orinduik Block. The net cost of the first well, named the Jethro-Lobe prospect, is currently expected to be approximately USD 7.6 million. The prospect, which will be drilled from a conventional drillship, is an Upper Tertiary stratigraphically trapped canyon turbidite in about 1,350 meters of water. The prospect is estimated to hold 250mmbbl of gross prospective resources with the 'Chance Of Success' estimated by Eco to be 44%.o On 20 February 2019, Eco announced that, along with its partners, Total and Tullow, it has contracted a rig, the Stena ...