Business
Eco (Atlantic) Oil and Gas Ltd Announces Full Year Results and Operational Update
TORONTO, ON / ACCESSWIRE / August 1, 2022 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX&#...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd Announces Full Year Results and Operational UpdateTORONTO, ON / ACCESSWIRE / August 1, 2022 / 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 results for the year ended 31 March 2022.Results Highlights:FinancialsAs at 31 March 2022, the Company had cash and cash equivalents of US$3,403,885 and no debt.As at 31 March 2022, the Company had total assets of US$45.9 million, total liabilities of US$5.6 million and total equity of US$40.2 million.In April and June 2022, post period end, Eco successfully raised combined gross proceeds of US$37.8 million to fund its ongoing workstreams, with the Company's cash balance as at 29 July 2022 being US$37.7 million.CorporateDuring the period, Eco announced a number of strategic acquisitions and/or investments in line with the Company's strategy to expand its high impact exploration portfolio and deliver stakeholder value:The acquisition of 100% of Azinam Group Limited (\"Azinam\"), including Azinam's entire offshore asset portfolio in Orange Basin South Africa and Namibia, in return for a 16.5% equity stake in the enlarged Group. This transaction completed on 11 March 2022 and was formally approved by the TSXV on 11 May 2022.The acquisition of an additional 6.25% Participating Interest in Block 3B/4B, Orange Basin offshore South Africa, for a consideration of US$10 million, which would provide the Company with a total 26.5% interest in the Block. The Company is awaiting satisfaction of the conditions precedent to completion of this transaction, including regulatory approval, and further announcements will be made in due course.On 14 March 2022, the strategic acquisition of JHI Associates Inc. (\"JHI\"), including JHI's 17.5% Working Interest (\"WI\") in the Canje Block offshore Guyana, was announced, however, on 14 June 2022 this transaction was terminated,. Eco remains a significant shareholder in JHI with a holding of 7.3% (with an option to increase its shareholding to 11%).OperationsOn 21 March 2022, Eco announced an updated Competent Person's Resource Report (\"CPR\") on its assets offshore Guyana, Namibia and South Africa.The report highlights Attributable Best Estimate, Prospective Resources:Guyana (Orinduik Block) - Net to Eco 681 mmbbls...