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Eco (Atlantic) Oil and Gas Ltd. Announces Unaudited Results and Corporate Update
Unaudited Results for the three and nine months ended 31 December 2023 Corporate and Operati...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd. Announces Unaudited Results and Corporate UpdateUnaudited Results for the three and nine months ended 31 December 2023Corporate and Operational UpdateTORONTO, ON / ACCESSWIRE / February 27, 2023 / Eco (Atlantic) Oil & Gas Ltd. (\"Eco,\" \"Eco Atlantic,\" \"Company,\" or together with its subsidiaries, the \"Group\") (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 and nine months ended 31 December 2022, and to provide a corporate and operational update.Highlights:Financials (as at 31 December 2022)The Company had cash and cash equivalents of US$14.5 million and no debt as at 31 December 2022.The Company had total assets of US$68.0 million, total liabilities of US$17.8 million and total equity of US$50.1 million as at 31 December 2022.Operations:South AfricaBlock 2BIn November 2022, the JV Partners submitted a Production Right Application to the Petroleum Agency of South Africa (\"PASA\"), based on the existing oil discovery of AJ-1 and potential future operations.Following the drilling of the Gazania-1 well in November 2022, further analysis of the well data is being undertaken to determine next steps on the Block.Eco and its JV partners continue to believe that Block 2B contains considerable hydrocarbon resources and further updates will be made in due course on how the JV partners will look to deliver value from the licence for the benefit of all stakeholders.Block 3B/4BIn December 2022, Eco received regulatory approval from the Department of Mineral Resources and Energy (\"DMRE\") of South Africa and Petroleum Agency South Africa (\"PASA\") in respect of its acquisition of an additional 6.25% participating interest in the Block (the \"Acquisition\"), giving Eco an overall interest of 26.25%.As the final instalment of the share consideration due in respect of the Acquisition, Eco is issuing an additional 1,666,666 common shares to the Lunn Family Trust, the Vendor (the \"Final Consideration Shares\").The Company and its JV partners are progressing plans to conduct a two-well campaign on Block 3B/4B and in addition continue to progress the collaborative farm-out process, up to 55% gross working interest in the Block, with various potential parties.The JV Partners have selected a leading ...