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Eco (Atlantic) Oil and Gas Ltd. Announces Results for the six months ended 30 September 2021
Unaudited Results for the six months ended 30 September 2021 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 2021Unaudited Results for the six months ended 30 September 2021Corporate and Operational UpdateTORONTO, ON / ACCESSWIRE / November 26, 2021 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO, TSX-V:EOG), the oil and gas exploration company with licences in the proven oil province of Guyana and the highly prospective basins of Namibia, is pleased to announce its results for the three and six months ended 30 September 2021, alongside a corporate and operational update.Results Highlights:Financials:Cash and cash equivalents of US$6.22 million and no debt as of 30 September 2021.Raised US$4.9m in the form of a private placement in July 2021.Total assets of US$19.9 million, current liabilities of US$626,381 and total equity of US$16.7 million as of 30 September 2021.Operations during and post-period end:GuyanaOn 28 June 2021, Eco subscribed for 5,000,000 new common shares in JHI Associates Inc. (\"JHI\"), which holds a 17.5% interest in the Canje Block offshore Guyana, representing 6.4% of JHI's share capital. Eco was also issued a warrant to subscribe for a further 9,155,471 new common shares in JHI at an exercise price of US$2.0 per share for a period of eighteen months, which, if exercised in full, ceteris paribus, will provide Eco with a 10% interest in JHI on a fully diluted basis.On the Canje Block, Guyana, Eco received a detailed update from JHI Associates Inc. on 30 October 2021 that ExxonMobil had successfully and safely drilled the Sapote-1 well. The well recorded hydrocarbon shows while drilling and in the logging sequence, in a deeper interval than anticipated, but had no shows in the upper primary objective horizon. With sidewall coring and wireline logging complete, ExxonMobil will now work to define the reservoir properties, including porosity and permeability, and the cored samples will be analysed for hydrocarbons.On the Orinduik Block, the JV Partners (Eco Atlantic (15% working interest (\"WI\")), Tullow Guyana B.V. (\"Tullow\") (Operator, 60% WI) and TOQAP Guyana B.V. (\"TOQAP\") (25% WI)) are advancing towards finalisation of the target selection process and updating the drilling targets inventory. The partnership aims to establish firm targets in the near-term and advance towards drilling.NamibiaIn October 2021, Eco completed draft...