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2017

First Quarter Results for the three months ended 31 June 2017 and Operational Update

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V:EOG), the oil and gas exploration company with licences in highly prospective regions in South America and Africa, is pleased to announce it has filed its quarterly financial and operational results for the three months ended 30 June 2017.

Operational Highlights:

  • Nearing completion of a circa 2,550 km2 3D seismic survey on the 1,800km2 Orinduik Block offshore Guyana, together with our Operating Partner, Tullow Oil plc, almost two years ahead of schedule, thereby de-risking the existing defined targets located up dip and just a few kilometers from Exxon Mobil Corporation’s recent Liza, Snoek, and Payara discoveries on the Stabroek block, estimated to contain oil reserves of between 2.25 and 2.75 billion barrels of recoverable oil
  • Increased presence in the UK financial market following our successful admission to AIM in February 2017
  • Actively engaged in evaluating new assets and potential transactions that will add value to our already robust portfolio of licences.  

Financial Highlights:

  • Healthy balance sheet at the end of the period with over CAD$4.9m in cash and working capital of CAD$5.4m

Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:

“We are pleased to present our operational update and financial report for the three months ended 30 June 2017. During our first financial quarter for the year, we, together with our partner on the Orinduik Block offshore Guyana, have significantly advanced the shooting of the 2,550km2 3D seismic survey.

“On the financial side, we are spending more time in the UK broadening our investor base. Our strong balance sheet, together with our progression on our existing licences, has enabled us to start to engage in seeking new potential assets and explore new transactions. We are confident that the remaining fiscal year will be as productive and successful as 2017.”

The Company’s financial results for the three months ended 30 June 2017, together with Management’s Discussion and Analysis as at 30 June 2017, are available to download on the Company’s website at www.ecooilandgas.com and on Sedar at www.sedar.com.

For more information, please visit www.ecooilandgas.com or contact the following:

Eco Atlantic Oil and Gas +1 (416) 250 1955
Gil Holzman, CEO
Colin Kinley, COO
Alan Friedman, VP
Finlay Thomson, UK and IR manager
+44 (0) 7976 248471
 
Strand Hanson Limited (Financial & Nominated Adviser) +44 (0) 20 7409 3494
James Harris
Rory Murphy
James Bellman
 
 
Brandon Hill Capital Limited (Joint Broker) +44 (0) 20 3463 5000
Alex Walker
Jonathan Evans
Robert Beenstock
 
 
Peterhouse Corporate Finance (Joint Broker) +44 (0) 20 7469 0930
Eran Zucker
Duncan Vasey
Lucy Williams
 
 
Yellow Jersey PR +44 (0) 7768 537 739
Felicity Winkles
Harriet Jackson
 

About Eco Atlantic

Eco Atlantic is a TSX-V and AIM listed Oil & Gas exploration and production Company with interests in Guyana and Namibia where significant oil discoveries have been made.

The Group aims to deliver material value for its stakeholders through oil exploration, appraisal and development activities in stable emerging markets, in partnership with major oil companies, including Tullow Oil plc and AziNam.

In Guyana, Eco Guyana holds a 40% working interest alongside Tullow Oil (60%) in the 1,800 km2 Orinduik Block in the shallow water of the prospective Suriname Guyana basin. The Orinduik Block is up dip and just a few kilometers from Exxon Mobil Corporation’s recent Liza, Snoek, and Payara discoveries on the Stabroek block, estimated to contain oil reserves of between 2.25 and 2.75 billion barrels of recoverable oil.

In Namibia, the Company holds interests in four offshore petroleum licences totaling approximately 25,000 km2 with over 2.3 billion barrels of prospective P50 resources in the Wallis and Lüderitz Basins.  These four licences, Cooper, Guy, Sharon and Tamar are being developed alongside partners, which include Tullow Oil, AziNam and NAMCOR.  Significant 3D and 2D surveys and interpretation have been completed with drilling preparations expected to begin in 2018.