Business
Eco (Atlantic) Oil and Gas Ltd Announces Audited Results Year Ended 31 March 2019 & Update
ECO (ATLANTIC) OIL & GAS LTD. ("Eco", "Eco A...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd Announces Audited Results Year Ended 31 March 2019 & UpdateECO (ATLANTIC) OIL & GAS LTD.(\"Eco\", \"Eco Atlantic\", \"Company\" or, together with its subsidiaries, the \"Group\")Audited Results for the Year Ended 31 March 2019 and Business UpdateTORONTO, ON / ACCESSWIRE / July 30, 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 year ended 31 March 2019 and to provide a corporate and operational update.Highlights:· Financialso The Company ended the financial year (31 March 2019) with cash and cash equivalents of CAD 25.0 million. As of 31 March 2019, Eco had total assets of CAD 26.7 million, total liabilities of CAD 1.6 million and total equity of CAD 25.1 million.o The Company completed the financial year )31 March, 2019( with a net profit of CAD 4.2 million. This resulted primarily from the Total E&P Activités Pétrolières (\"Total\") farm-in on the Orinduik Block completed in November 2018 pursuant to which Eco received CAD 16.6 million (USD 12.5 million).· Operations - Guyanao In September 2018, 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. In March 2019, the Company announced an update to the report, pursuant to which the prospective resource was increased to 3.981 BBOE P50 Best Estimate.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 became 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 expected to be approximately USD 7 million. The prospect, which will be drilled from a conventional drillshi...