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viewEco Atlantic Oil & Gas Ltd

Results for the three months ended June 30 2019

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RNS Number : 9971J
Eco (Atlantic) Oil and Gas Ltd.
23 August 2019
 

23 August 2019

 

ECO (ATLANTIC) OIL & GAS LTD.

("Eco", "Eco Atlantic", "Company" or, together with its subsidiaries, the "Group")

 

Unaudited Results for the three months ended June 30 2019 and Business Update


Eco (Atlantic) Oil & Gas Ltd (AIM: ECO, TSX-V: EOG), the oil and gas exploration company with licences in highly prospective regions in Guyana, where the Company recently announced a major oil discovery, and Namibia is pleased to announce its results for the three months ended 30 June 2019 and to provide a corporate and operational update.

 

Highlights:

·    Financials

The Company ended the quarter to 31 March 2019 with cash and cash equivalents of CAD 25.0 million.

During the first quarter of the financial year the Company completed its previously announced private placement raising net proceeds of CAD 21.6 million.

As at 30 June 2019, Eco had total assets of CAD 43.8 million, total liabilities of CAD 5.7 million and total equity of CAD 38.1 million.

As at 30 June 2019, the Company had CAD 42.2 million in cash and cash equivalents.

As of today, the Company currently has approximately CAD 35.7 million in cash and cash equivalents.

 

·    Operations - Guyana

On 12 August 2019, the Company announced a major oil discovery on its Orinduik offshore petroleum license in Guyana (the "Guyana License"). The Jethro-1 exploration well was drilled by the Stena Forth drillship to a final depth of 14,331 feet (4,400 meters) in approximately 1,350 meters of water. Evaluation of logging data confirms that the Jethro-1 is the first discovery on the Guyana License and comprises high-quality oil-bearing sandstone reservoir of Lower Tertiary age. It encountered 180.5 feet (55 meters) of net high-quality oil pay in excellent Lower Tertiary sandstone reservoirs which supports recoverable oil resources. The well was cased and is awaiting further evaluation to determine the appropriate appraisal activity.

Following the completion of the Jethro-1 well, the Stena Forth drill ship will move to our next target, Joe-1. The Joe-1 location is a shallower target and is expected to spud by the end of August 2019. The company will update the market upon spud of the Joe-1 well.

 

Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented: 

"We ended our first financial quarter (30 June 2019) with a very strong balance sheet, which has enabled us to comfortably and successfully drill our first well and announce our first discovery offshore Guyana. This was the first well of our 2019 drilling program and begins a period of significant exploration activity. The drillship is on its way to our next target in Guyana, Joe-1, where we will, together with our partners Total and Tullow Oil (operator), commence the spudding of our second well in the coming days and expect to have results in second half of September.

"The year-to-date has been a transformational period for the Company, and with a significant oil discovery, a very strong balance sheet and a portfolio rich with prospects and opportunities in both Guyana and Namibia, we look forward to an exciting future."

 

The Company's unaudited financial results for three months ended 30 June 2019, together with Management's Discussion and Analysis as at 30 June 2019, are available to download on the Company's website at www.ecooilandgas.com and on Sedar at www.sedar.com.

The following are the Company's Balance Sheet, Income Statements, Cash Flow Statement and selected notes from the annual Financial Statements. All amounts are in Canadian Dollars, unless otherwise stated.

 

Balance Sheet

          

June 30,


March 31,

2019

2019

Assets

Unaudited


Audited

Current assets




Cash and cash equivalents

                        42,182,873


                              25,007,479

Short-term investments

                               74,818


                                    74,818

Government receivable

                               21,699


                                    33,104

Accounts receivable and prepaid expenses

                               50,338


                                    80,926


                        42,329,728


                              25,196,327





    Petroleum and natural gas licenses

                          1,489,971


                               1,489,971





Total Assets

                        43,819,699


                              26,686,298





Liabilities




Current liabilities

Accounts payable and accrued liabilities

                             135,402


                                  423,513

    Advances from and amounts owing to license partners, net

                          5,534,921


                               1,127,675

Total Liabilities

                          5,670,323


                               1,551,188





Equity




Share capital

                        71,924,613


                              50,025,998

Restricted Share Units reserve

                             111,493


                                  111,493

Warrants

                                       -  


                                    52,775

Stock options

                          3,218,582


                               3,184,658

Accumulated deficit

                       (37,105,312)


                            (28,239,814)

Total Equity

                        38,149,376


                              25,135,110





Total Liabilities and Equity

                        43,819,699


                              26,686,298

 

 

 

Income Statement



Three months ended

June 30,



2019


2018



Unaudited

Revenue





Interest income


                            169,795


                          8,843



                            169,795


                          8,843

Operating expenses:




  

Compensation costs


                            216,295


                       233,366

Professional fees


                              24,190


                         69,416

Operating costs


                         8,258,131


                       468,500

General and administrative costs


                            527,165


                       291,719

Share-based compensation


                              58,857


                          1,487

Foreign exchange gain


                             (49,345)


                     (186,819)






Total expenses


                         9,035,293


                       877,669






Net loss and comprehensive loss


                        (8,865,498)


                     (868,826)






Net comprehensive loss attributed to:





Equity holders of the parent


                        (8,865,498)


                     (866,815)

Non-controlling interests


                                      -  


                         (2,011)



                        (8,865,498)


                     (868,826)

Basic and diluted net loss per share attributable to equity holders of the parent


                                 (0.05)


                          (0.01)

Weighted average number of ordinary shares used in computing basic and diluted net loss per share


                     180,184,880


                 157,676,832

 

 

 

Cash Flow Statement


Three months ended


June 30,

2019


2018


Unaudited

Cash flow from operating activities




Net loss from operations

                    (8,865,498)


                     (868,826)

Items not affecting cash:




   Share-based compensation

58,857


1,487

Changes in non‑cash working capital:




   Government receivable

11,405


3,858

   Accounts payable and accrued liabilities

(288,111)


(352,174)

   Accounts receivable and prepaid expenses

30,588


25,362

   Advance from and amounts owing to license partners

                      4,407,246


(152,779)


(4,645,513)


(1,343,072)





Cash flow from financing activities




Net proceeds from Private Placement

21,586,756


                                           -  

Proceeds from the exercise of stock options

72,375


                                           -  

Proceeds from the exercise of warrants

                         161,776


                               -  


21,820,907


                                           -  





Increase (decrease) in cash and cash equivalents

17,175,394


(1,343,072)

Cash and cash equivalents, beginning of year

25,007,479


14,316,042





Cash and cash equivalents, end of period

                    42,182,873


                   12,972,970

 

Basis of Preparation

The condensed consolidated interim financial statements of the Company have been prepared on a historical cost basis with the exception of certain financial instruments that are measured at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

 

Subsequent Events

On 12 August 2019, the Company announced a major oil discovery on the Guyana License. The Jethro-1 exploration well was drilled by the Stena Forth drillship to a final depth of 14,331 feet (4,400 meters) in approximately 1,350 meters of water. Evaluation of logging data confirms that the Jethro-1 is the first discovery on the Guyana License and comprises high-quality oil-bearing sandstone reservoir of Lower Tertiary age. It encountered 180.5 feet (55 meters) of net high-quality oil pay in excellent lower Tertiary sandstone reservoirs which supports recoverable oil resources. The well was cased and is awaiting further evaluation to determine the appropriate appraisal activity.

 

**ENDS**

 

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

 

 

 

 

Strand Hanson Limited (Financial & Nominated Adviser)

+44 (0) 20 7409 3494

James Harris

Rory Murphy

James Bellman

 

 

Stifel Nicolaus Europe Limited (Joint Broker)

Callum Stewart

Nicholas Rhodes

Ashton Clanfield

+44 (0)20 7710 7600

 

 

Berenberg (Joint Broker)

 

+44 (0) 20 3207 7800

Matthew Armitt

Detlir Elezi

 

 

 

Blytheweigh (PR)

+44 (0) 20 7138 3204

Tim Blythe

Julia Tilley

Jane Lenton

 

 

Hannam & Partners (Research Advisor)

Neil Passmore

Hamish Clegg

 

Canaccord|Genuity (North America Advisor)           

 Simon Akit                                                                                        

 

 

 

+1 (416) 869 3820

 

 

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.

 

 

 

Notes to editors

 

About Eco Atlantic:

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, Total and Azinam.

 

In Guyana, Eco Guyana holds a 15% working interest alongside Total (25%) and Tullow Oil (60%) in the 1,800km2 Orinduik Block in the shallow to deep water (70m - 1,350m) of the prospective Suriname-Guyana basin. The Orinduik Block is adjacent and updip to ExxonMobil's Stabroek Block, on which thirteen discoveries have been announced and over 6bboe of oil equivalent recoverable resources are estimated. First oil production is expected from the deep-water Liza Field in 2020.

 

Jethro-1 is a major oil discovery on Orinduik Block. The Jethro-1 encountered 180.5 feet (55 meters) of net high-quality oil pay in excellent Lower Tertiary sandstone reservoirs which supports recoverable oil resources.

 

The Joe prospect is a stratigraphic channel fill and overbank sand body that trends to the northwest on the northern part of the Orinduik Block in approximately 700 meters of water. It is a Tertiary feature. The targeted prospect is estimated by Gustavson Associates to hold 148.3mmboe of gross unrisked prospective oil resources (P50) and the Chance of Success is also estimated to be 43.2%.

 

In Namibia, the Company holds interests in four offshore petroleum licences totalling approximately 25,000km2 with over 2.3bboe of prospective P50 resources in the Walvis and Lüderitz Basins.  These four licences, Cooper, Guy, Sharon and Tamar are being developed alongside partners Azinam and NAMCOR. Eco has been granted a drilling permit on its Cooper Block (Operator).

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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Quick facts: Eco Atlantic Oil & Gas Ltd

Price: 59.6

Market: TSX-V
Market Cap: £109.9 m
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Eco Atlantic's Gil Holzman discusses analysis on Joe and Jethro discoveries

Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG) chief executive Gil Holzman discusses with Proactive London's Andrew Scott the findings of analysis from its two new offshore discoveries. Initial results from Jethro-1 and the Joe-1 indicate that both discoveries comprise mobile heavy crudes...

3 days, 21 hours ago