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Eco Atlantic Oil focuses on exiting upcoming exploration programmes in Guyana and Namibia

Tuesday, February 28, 2017 0:54
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Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG), a recent addition to London’s AIM market, has told investors it is looking forward to progressing exploration programmes in Guyana and Namibia over the coming months.

The explorer today released a third quarter results statement, for the three months ended December 31, and it took the opportunity to discuss its potentially exciting offshore projects.

“2016 was one of our most exciting years at Eco, as we continued with our operations in Namibia and shifted our focus from Ghana to Guyana,” said Gil Holzman, Eco Atlantic chief executive.

”Towards the end of 2016 we worked intensively to ensure that the company successfully listed onto AIM and our efforts were rewarded by an oversubscribed placing in early 2017.

“Following this financing, our balance sheet is extremely strong and will enable us to continue to aggressively peruse our work programs in Guyana and Namibia in the coming months.”

In Guyana, the company is partnered with Tullow Oil in the Orinduik Block (Eco owns 36.7%) where a review of 2D seismic data has established ‘significant credible leads’ and a follow-up 3D seismic programme is now planned for June and July.

Eco highlighted that the 3D programme would be larger than first anticipated, and it believes this work will give a full and comprehensive understanding of potential drilling targets.

Holzman says the decision to expand the 3D seismic comes in light of recent, significant oil discoveries in the area.

Meanwhile, in Namibia, the company and its partners have hired contractor Risk Based Solutions to deliver environmental impact assessments as they advance applications for drilling permits for prospects on the Cooper and Guy blocks.

It is anticipated that permits could be secured in the third quarter of this year.

In 2016, the company sold its interests in Ghana and advanced its AIM IPO, which completed with a £5mln funding in February.  The financial results show a continued reduction in general and admin costs – for the nine months to December 31 it amounted to C$798,000 compared to C$1.14mln in the same period of 2015.

“We continue to keep G&A levels lean and efficient and remain optimistic about the oil and gas sector. We look forward to progressing our work programs in the coming months in both Guyana and Namibia,” Holzman added.

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