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Eco (Atlantic) Oil and Gas Ltd Announces Results for the Three Months Ended 30 June 2023
Unaudited Results for the three months ended 30 June 2023 TORONTO, ON / ACCESSWIRE / August 30...
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 2023Unaudited Results for the three months ended 30 June 2023TORONTO, ON / ACCESSWIRE / August 30, 2023 / 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 three months ended 30 June 2023.Highlights:Financials (as at 30 June 2023)The Company had cash and cash equivalents of US$2.4 million and no debt.Eco has cash and cash equivalents of US$4.7 million as at 30 August 2023.The Company had total assets of US$53.31 million, total liabilities of US$3.56 million and total equity of US$49.75 million.Operations:GuyanaPost Period end, on 10 August 2023, the Company signed a Sale Purchase Agreement for its wholly owned subsidiary, Eco Guyana Oil and Gas (Barbados) Limited to acquire a 60% Operated Interest in Orinduik Block, offshore Guyana, through the acquisition of Tullow Guyana B.V., a wholly owned subsidiary of Tullow Oil Plc. in exchange for a combination of upfront cash and contingent consideration.Eco, via its wholly owned subsidiary Eco (Atlantic) Guyana Inc, currently holds a 15% working interest in the Orinduik Block. On completion of the Transaction, which is subject to certain market-standard conditions precedent, including customary Government and JV partner approvals, Eco, as operator and majority interest holder in the Orinduik Block, intends to drive the exploration process and focus on its strategy to attract new partners to join the license and proactively engage in drilling.South AfricaBlock 3B/4BPost period end, on 17 July 2023, the Company issued 1,200,000 shares to the Lunn Family Trust in place of the US$500,000 cash consideration due in respect of the acquisition of the 6.25% interest in Block3B/4B from the Lunn Family Trust as previously announced on 27 June 2022.On 11 July 2023, the Company signed a legally binding Letter of Intent with Africa Oil to farm out a 6.25% Participating Interest in Block 3B/4B, offshore South Africa for up to US$10.5 million in cash. On 14 August 2023, the parties signed the final Assignment and Transfer agreement. Additional US$2.5m cash consideration is expected to be received upon Government of SA approval of the transfer, with the initial consideration of US$2.5m al...