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Eco (Atlantic) Oil and Gas Ltd. Announces Audited Results for the Year Ended 31 March 2023
TORONTO, ON / ACCESSWIRE / August 1, 2023 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXȁ...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd. Announces Audited Results for the Year Ended 31 March 2023TORONTO, ON / ACCESSWIRE / August 1, 2023 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX‐V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce its audited results for the year ended 31 March 2023.Highlights:Financials (as at 31 March 2023)The Company had cash and cash equivalents of US$3,770,614 and no debt.Eco has cash and cash equivalents of US$6.4 million on the balance sheet as at 31 July 2023.The Company had total assets of US$53,777,531, total liabilities of US$5.9 million and total equity of US$48 million.Operations:South AfricaBlock 3B/4BPost period end, the Company signed a legally binding Letter of Intent with Africa Oil to farm out a 6.25% Participating Interest in Block 3B/4B, offshore South Africa for up to US$10.5 million in cash.In March 2023, Africa Oil released a New Competent Person's Resource Report confirming that the Block contains an estimated P50 Prospective Resources of approximately four billion barrels of oil equivalent (\"BOE\"), one Billion BOE net to Eco Atlantic prior to the sale of the aforementioned Participating Interest which is expected to complete shortly.Eco, alongside its JV Partners, applied for Environmental Authorisation to undertake exploration activities in Block 3B/4B in the Orange Basin. An application was made to drill one well and one contingent well with an area of interest in the north of the Block. A comprehensive Environmental and Social Impact Assessment (\"ESIA\") process commenced in March 2023, in preparation for drilling activity on the Block.The JV partners continue to progress plans to conduct a two-well campaign on the Block in conjunction with progressing the collaborative farm out process, up to 55% gross working interest, with various potential parties.Block 2BOn November 15, 2022, a Production Right Application to the Petroleum Agency of South Africa, for Block 2B, based on the existing oil discovery of AJ-1 and potential future operations was submitted by the JV Partners.Eco continues to believe that Block 2B contains considerable hydrocarbon resources and looks forward to providing further updates as the Company looks to deliver value from the licence for all stakeholders.NamibiaFollowing the significant drilling...