Final Results for the three and six months ended 30 September 2017 and Business Update
23.11.2017 | FSCwire
Toronto, Ontario (FSCwire) - 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 its results for the three and six months ended 30 September 2017.
Operational Highlights:
- Together with its operating partner, Tullow Oil (“Tullow”), the Company has completed a circa 2,550 km2 3D seismic survey on the 1,800 km2 Orinduik Block, offshore Guyana, almost two years ahead of schedule, thereby de-risking the existing defined targets located up dip and just a few kilometers from Exxon’s recent Liza, Snoek, Turbot-1, and Payara discoveries on the Stabroek block containing oil reserves estimated at 2.8 billion barrels of recoverable oil. Processing has commenced in October 2017 is expected to be completed in January 2018.
- The Company, as operator of the Cooper Block, offshore Namibia, has published a public notice for Environmental Clearance Certificate (ECC) for drilling an exploration well on the Block, a key clearance required ahead of potential drilling on the Block.
Financial Highlights:
- Through the Company’s subsidiary, Eco Atlantic (Guyana) Inc. (“Eco Guyana”), we entered into an option agreement that provides Total E&P Activités Pétrolières, (a wholly owned subsidiary of Total SA) (“Total”), with an option to acquire a 25% Working Interest in the Orinduik Block. Total paid US$ 1 million for the option. Total has 120 days from the date of receipt of the 3D seismic data to exercise the option in return for a US$12.5 million cash payment to Eco Guyana.
- On November 13, 2017, the Company entered into an agreement with Africa Oil Corp. (“AOC”) whereby AOC subscribed for 29,200,000 shares in the Company for gross proceeds of $14 million.
- The Company and AOC also entered into a Strategic Alliance Agreement to identify new projects to add to the Company’s portfolio. The completion of the subscription, share issuance and transfer of funds was completed on November 16, 2017.
- Current cash on hand of approximately CAD$16.4 million.
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public://news_release_pdf/ecoatlantic11232017.pdf
Source: Eco Oil and Gas Ltd. (TSX Venture:EOG, LSE:ECO)
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