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Eco Atlantic Oil & Gas swings to loss on higher costs

By BFN News | 07:54 AM | Monday 13 July, 2020


Oil and gas exploration company Eco Atlantic Oil & Gas swung to an annual loss as costs swelled. For the year ended 31 March 2020, the company reported a net loss of C$26.6m compared with a profit of $4.2m on-year. Total costs jumped to C$27.2 from C$12.8m. Looking ahead, the company said it was working closely with its joint venture partners to determine its next drilling targets planned for 2021. 'We are keen to resume drilling activity on the Orinduik licence as soon as is practically possible and we look forward to updating the market as we finalise our plans for next year,' it company said. 'In Namibia, we continue to make progress with our workstreams and remain poised to benefit from the uptick in activity planned for the region over the coming 12 months.' Story provided by StockMarketWire.com

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