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Eco (Atlantic) Oil and Gas Ltd. Announces Results for the six months ended 30 September 2020
Unaudited Results for the six months ended 30 September 2020 Corporate and Operational ...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd. Announces Results for the six months ended 30 September 2020Unaudited Results for the six months ended 30 September 2020Corporate and Operational UpdateTORONTO, ON / ACCESSWIRE / November 24, 2020 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX‐V:EOG), the oil and gas exploration company with licence interests in Guyana and Namibia, is pleased to announce its results for the three and six months ended 30 September 2020, alongside a corporate and operational update.Results Highlights:FinancialsAs at 30 September 2020, the Company had cash and cash equivalents of US$17.2 million with zero debt.Eco remains fully funded for its share (15% WI net) of its planned two exploration wells at Orinduik Block offshore Guyana.As at 30 September 2020, Eco had total assets of US$18.4 million, total liabilities of US$470,661 and total equity of US$18 million.70% reduction in general and administrative expenses as compared to same six month period in 2019, including travel costs reduction of 82% and office cost reductions of 90% in line with previously reported COVID-19 cost discipline measures.OperationsMultiple light sweet oil drilling prospects on the Orinduik block are currently being reviewed by the Company's and its licence partners (the \"JV Partners\"), with high-graded candidates being considered for the next drilling programme. The intention is to provide further definition to the Cretaceous interpretation and target selection for drilling.On 30 June 2020, the Company and its JV Partners approved a budget in the amount of approximately US$5 million through to 31 December 2020 for 3D reprocessing based on new regional results and high grading of target selection. The Company's share of this budget is US$750,000.The Company, together with its strategic alliance partners Africa Oil Corp., is currently reviewing and evaluating additional assets opportunities in both Africa and South America.Outlook:GuyanaGuyana continues to be one of the most prolific exploration regions in the world, with over nine billion barrels of oil discovered in the last five years. Eco and its JV Partners have already delivered two substantial oil discoveries on the Orinduik Block and the licence continues to offer significant upside potential.As previously reported, Eco is fully funded for further drilling on the block and, ...