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Eco (Atlantic) Oil and Gas Ltd. Announces Results for the Three Months Ended 30 June 2021
Corporate and Operational Update TORONTO, ON / ACCESSWIRE / August 31, 2021 / Eco (Atlan...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd. Announces Results for the Three Months Ended 30 June 2021Corporate and Operational UpdateTORONTO, ON / ACCESSWIRE / August 31, 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 months ended 30 June 2021, alongside a corporate and operational update.Results Highlights:Financials:Cash and cash equivalents of US$4.85 million (including restricted deposits) and no debt as of 30 June 2021.Raised US$4.9m in the form of a private placement in July 2021.Total assets of US$17.9 million, total liabilities of $2.7 million and total equity of US$15.2 million as of 30 June 2021.Operations:Eco Atlantic Oil & GasOrinduik Block offshore Guyana - all seismic data reprocessing completed and multiple light sweet oil drilling prospects are being reviewed by Eco and its licence partners (the \"JV Partners\"), with high-graded candidates being considered for the 2022 drilling programme. The intention is to provide further definition to the upper and lower Cretaceous interpretation and target selection for drilling. Target selection is expected in Q3 2021.Continuing to evaluate additional asset opportunities in both West Africa and South America with its strategic partner and substantial shareholder Africa Oil Corp - focus on near-term high-impact exploration opportunities.Closed transaction (28 June 2021) with JHI Associates Inc. (\"JHI\"), a private company and holder of 17.5% working interest (\"WI\") in the Canje Block offshore Guyana, to acquire up to a 10% interest in JHI on a fully diluted basis (the \"JHI Transaction\") and appointment of Keith Hill, a non-executive Director of the Company, to the board of directors of JHI.The JHI Transaction increases Eco Atlantic's presence in the Guyana-Suriname basin, increasing its Guyana acreage exposure from 1,800 km2 to 6,600 km2 and providing exposure to near-term drilling, with one well drilled subsequent to the JHI Transaction on the Canje Block, Jabillo-1, and further well, Sapote-1, now drilling, and at least one planned on the Orinduik Block in 2022, subject to partner approval.Received a detailed update from JHI regarding the Jabillo-1 well in the Canje Block, o...