TORONTO, ONTARIO, November 30, 2016, Eco (Atlantic) Oil & Gas Ltd. (EOG.V) ("Eco Atlantic" or "the Company) announces that it has reported its financial and operational results for the three and six month periods ended September 30, 2016, and provides an update on recent corporate achievements and anticipated milestones for the remainder of calendar year 2016 and 2017.
Eco Atlantic reported on the following financial, operational and business milestones:
Guyana: Together with Tullow Oil, the operator of the block, the partners have advanced through a detailed review of regional 2D, and have established significant credible leads in its Orinduik Canyon Play Fairways that warrant a comprehensive 3D survey, which we expect to commence in 2017.
Namibia: Processing and interpretation of the 870 km2 3D survey is being finalized and will be presented to the Block partners and the Government of Namibia during December 2016
Completion of the first phase of Interpretation of the 1,100 Km2 3D seismic survey on the Cooper License, offshore Namibia.
Ghana: Company completed the sale of its interest in Eco Atlantic Ghana Ltd. to PetroGulf Ltd. in order to significantly reduce liabilities and focus attention on our Guyana operations. As part of the sales agreement, approximatively $1.8 million of liabilities included in our balance sheet as of September 30, 2016, which related to future payments in respect of the license will be written off.
Continued reduction of general and administrative costs, compensation expenses and professional fees from a total of $976,000 for the six months ended September 30, 2015 to $579,000 for the six month period ended September 30, 2016. Eco Atlantic has met all of its current work commitments under the various Petroleum Agreements' and is being cost carried and sufficiently funded to progress its exploration commitments for the fiscal year ahead.
Eco Atlantic CEO, Gil Holzman stated: "The last six months has been busy as always, as we aggressively advance our work program in Guyana, following the recent discoveries of a 1bn barrels commercial field by Exxon. The sale of our interest in Ghana will help focus our attention on Guyana. This sale has extinguished our liabilities relating to this license and will significantly improve our working capital going forward. In Namibia, we have completed the 3D Seismic program on our Guy license with our Block partners Azinam, and preparing for next steps. " Holzman concluded that: "We continue to reduce G&A and exposure to our non-core assets and liabilities and remain optimistic about the oil and gas sector, as we adjust our portfolio of licenses. We look forward progressing our work programs in the coming months in both Guyana and Namibia."
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the acquisition and development of unique upstream petroleum opportunities around the world. The Company’s objective is to identify technically merited prospective new and developing projects in frontier areas allowing low cost entry. In Guyana, the company holds the Orinduik petroleum license, partially carried by Tullow Oil, through our subsidiary Eco Atlantic Guyana.
In Namibia through wholly owned subsidiaries, the Company currently holds interests, some carried, in four offshore petroleum licenses in the Walvis Basin.
Eco Atlantic enjoys strong local presence in the countries in which it operates and has a longstanding relationship with the energy and oil and gas sectors throughout Africa and other maturing exploration plays internationally.
Forward Looking Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: Certain information in this press release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expects” and similar expressions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with oil and gas production and exploration, marketing and transportation; retention of and ability to attract Company personnel, regulatory approvals, loss of markets; volatility of commodity prices; currency and interest rate fluctuations; imprecision of reserve estimates; environmental risks; competition; inability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to income tax, environmental laws and regulatory matters. Readers are cautioned that the foregoing list of factors is not exhaustive.
Although Eco Atlantic believes in light of the experience of its officers and directors, current conditions, expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Eco Atlantic can give no assurance that they will prove to be correct. The forward-looking statements contained in this press release are made as of the date hereof and Eco Atlantic undertakes no obligation to update publicly or revise any forward- looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
For More Information on Eco Atlantic Contact:
President and Chief Executive Officer
Executive Vice President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.