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.
· 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.
· 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
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