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Eco (Atlantic) Oil and Gas Ltd. Announces Unaudited Results for 3 Months Ended 30 June 2022
Notification of Investor Presentations TORONTO, ON / ACCESSWIRE / August 25, 2022 / Eco ...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd. Announces Unaudited Results for 3 Months Ended 30 June 2022Notification of Investor PresentationsTORONTO, ON / ACCESSWIRE / August 25, 2022 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), (\"Eco,\" \"Eco Atlantic,\" \"Company,\" or together with its subsidiaries, the \"Group\"), 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 2022. In addition, the Company is notifying the market of an investor event to be held on 19 September 2022, details of which can be seen below. Today's announcement follows the recently published Full Year Results and Operational Update announced on 1 August 2022.Q1 Highlights:Financials (as at 30 June 2022)The Company had cash and cash equivalents of US$38,753,695, and no debt.The Company had total assets of US$79.8 million, total liabilities of US$5.9 million and total equity of US$73.9 million.Corporate:Two successful equity fundraises raising combined gross proceeds of US$37.8 million to fund its ongoing workstreams, including the upcoming drilling of the Gazania-1 well on Block 2B, offshore South Africa, and further G&G work across the entire portfolio.Completion of acquisition of 100% of Azinam Group Limited (\"Azinam\"), including Azinam's entire offshore asset portfolio in Orange Basin South Africa and Namibia, in return for a 16.5% equity stake in the enlarged Group.Acquisition, subject to completion, of an additional 6.25% Participating Interest in Block 3B/4B, Orange Basin offshore South Africa, for a consideration of US$10 million.Operations:South AfricaPost period end, the Island Innovator rig, owned by Island Drilling Company AS, was mobilised ahead of the spud of the Gazania-1 well on Block 2B, in Orange Basin South Africa.The rig is currently offshore Spain heading to Las Palmas for refuelling and expected to arrive at the drilling location by the end of September 2022, subject to weather conditions. The Gazania-1 prospect is targeting a 300 million barrels light oil resource.NamibiaFollowing recent significant hydrocarbon discoveries offshore Namibia, Eco continues to assess options for progressing exploration and commercial activity on its acreage.Post period end, Eco announced Joint Operating Agreements with NAMCOR, the National Petroleum Corpor...