TIDMECO
RNS Number : 9567O
Eco (Atlantic) Oil and Gas Ltd.
25 August 2017
25 August 2017
ECO (ATLANTIC) OIL & GAS LTD.
("Eco Atlantic", "Company" or, together with its subsidiaries,
the "Group")
First Quarter Results for the three months ended 31 June 2017
and Operational Update
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.
Operational Highlights:
-- Nearing completion of a circa 2,550 km(2) 3D seismic survey
on the 1,800km(2) 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.
Financial Highlights:
-- 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 2,550km(2) 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 or
contact the following:
Eco Atlantic Oil and Gas +1 (416) 250 1955
Gil Holzman, CEO
Colin Kinley, COO
Alan Friedman, VP
Finlay Thomson, UK and IR manager +44 (0) 7976 248471
Strand Hanson Limited (Financial +44 (0) 20 7409
& Nominated Adviser) 3494
James Harris
Rory Murphy
James Bellman
Brandon Hill Capital Limited +44 (0) 20 3463
(Joint Broker) 5000
Alex Walker
Jonathan Evans
Robert Beenstock
Peterhouse Corporate Finance +44 (0) 20 7469
(Joint Broker) 0930
Eran Zucker
Duncan Vasey
Lucy Williams
+44 (0) 7768 537
Yellow Jersey PR 739
Felicity Winkles
Harriet Jackson
Key Financial Highlights:
Three Months Ended
June 30,
-------------------------------------------------
2017 2016
------------------------- ----------------------
Unaudited
-------------------------------------------------
Revenue
Interest income $ 6,503 $ 2,439
------------------------- ----------------------
6,503 2,439
Operating expenses:
Compensation costs 191,147 107,912
Professional fees 94,102 64,400
Operating costs 571,336 371,203
General and administrative
costs 172,575 108,006
Share-based compensation 1,078,398 10,526
Foreign exchange loss 20,928 7,109
Total expenses 2,128,486 669,156
Net loss and comprehensive
loss $ (2,121,983) $ (666,717)
========================= ======================
Net comprehensive loss attributed
to:
Equity holders of the parent $ (2,121,983) $ (666,717)
Non-controlling interests - -
------------------------- ----------------------
$ (2,121,983) $ (666,717)
========================= ======================
Basic and diluted net loss
per share attributable to
equity holders of the parent $ (0.02) $ (0.01)
========================= ======================
Weighted average number of
ordinary shares used in computing
basic and diluted net loss
per share 118,659,609 85,044,025
========================= ======================
Admission of shares to trading and Total Voting Rights
Further to the Company's announcement of 8 June 2017, the 62,500
Common Shares issued to a consultant of the Company had not, to
date, been admitted to trading on AIM. Application will be made to
the London Stock Exchange for the admission of these Common Shares
(the "Fee Shares") to trading on AIM, which is expected to take
place on 31 August 2017.
Pursuant to the Company's Restricted Share Units Plan, 433,600
new Common Shares were issued on 4 May 2017. Application will be
made to the London Stock Exchange for the admission of these new
Common Shares (the "RSU Shares") to trading on AIM, which is
expected to take place on 31 August 2017.
In addition, on 4 August 2017, the Company cancelled a further
262,500 Common Shares which had been repurchased between October
2016 and January 2017 (the "Repurchased Shares"), at a total cost
of C$52,805, under the terms of the its normal course issuer bid
set out in the Company's AIM Admission Document in which the
Company was allowed to acquire up to 6,491,870 Common Shares
("Normal Course Issuer Bid 2016"). The authorities granted to
repurchase Common Shares under the Normal Course Issuer Bid 2016
have now been exhausted and all Common Shares held in Treasury by
the Company have now been cancelled.
Following admission of the Fee Shares and the RSU Shares and
cancellation of the Repurchased Shares, the Company will have
118,483,433 Common Shares with voting rights in issue and no Common
Shares held in Treasury.
Posting of Accounts
The Company can confirm that its final results announced on 27
July 2017 will today been posted to shareholders, as
applicable.
Notes to editors
Eco Atlantic is a TSX-V and AIM listed Oil & Gas exploration
and production Company with interests in Guyana and Namibia where
significant oil discoveries have been made.
The Group aims to deliver material value for its stakeholders
through oil exploration, appraisal and development activities in
stable emerging markets, in partnership with major oil companies,
including Tullow Oil plc and AziNam.
In Guyana, Eco Guyana holds a 40% working interest alongside
Tullow Oil (60%) in the 1,800 km(2) Orinduik Block in the shallow
water of the prospective Suriname Guyana basin. The Orinduik Block
is 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.
In Namibia, the Company holds interests in four offshore
petroleum licences totaling approximately 25,000 km(2) with over
2.3 billion barrels of prospective P50 resources in the Wallis and
Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar
are being developed alongside partners, which include Tullow Oil,
AziNam and NAMCOR. Significant 3D and 2D surveys and interpretation
have been completed with drilling preparations expected to begin in
2018.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
PDMR Notifications
1. Details of the person discharging managerial
responsibilities / person closely associated
--- ------------------------------------------------------------------
a) Name Colin Kinley
--- ------------------------------- ---------------------------------
2. Reason for the Notification
--- ------------------------------------------------------------------
a) Position/status Director of the Company
--- ------------------------------- ---------------------------------
b) Initial notification/amendment Initial notification
--- ------------------------------- ---------------------------------
3. Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
--- ------------------------------------------------------------------
a) Name ECO (ATLANTIC) OIL & GAS
LTD.
--- ------------------------------- ---------------------------------
b) LEI 213800WPR7ASTDWQUW50
--- ------------------------------- ---------------------------------
4. Details of the transaction(s):section to be
repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date;
and (iv)each place where transactions have
been conducted
--- ------------------------------------------------------------------
a) Description of the Common shares of no par value
Financial instrument, in the Company
type of instrument
--- ------------------------------- ---------------------------------
Identification code CA27887W1005
--- ------------------------------- ---------------------------------
b) Nature of the Transaction Receipt of common shares
in the Company pursuant to
the conversion of restricted
share units into common shares.
--- ------------------------------- ---------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------- ----------
N/A 380,100
---------- ----------
--- ------------------------------- ---------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume
Price
--- ------------------------------- ---------------------------------
e) Date of the transaction 4 May 2017
--- ------------------------------- ---------------------------------
f) Place of the transaction London Stock Exchange, AIM
Market (XLON)
TSX Venture Exchange
--- ------------------------------- ---------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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