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Eco Atlantic net losses rise

By BFN News | 08:07 AM | Friday 25 August, 2017


Net losses at Eco (Atlantic) Oil & Gas rose to $2.1m in the three months to the end of June - up from $666,717 a year ago. The group said completion of a circa 2,550 sq km 3D seismic survey on the 1,800 sq km Orinduik Block offshore Guyana, together with its operating partner, Tullow Oil, was nearing completion almost two years ahead of schedule, thereby de-risking the existing defined targets located up dip and just a few kilometres 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 The group said it had an increased presence in the UK financial market following its successful admission to AIM in February and it was actively engaged in evaluating new assets and potential transactions that would add value to its robust portfolio of licences. It said it had a healthy balance sheet at the end of the period with over C$4.9m in cash and working capital of C$5.4m. President and chief executive Gil Holzman said: "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 2,550 sq km 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." At 8:07am: (LON:ECO) Eco Atlantic Oil Gas Ltd Com Shs Npv Di share price was 0p at 18.63p Story provided by StockMarketWire.com

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