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Eco Atlantic Oil & Gas highlights “strong” balance sheet, details cash preservation plans

Before the coronavirus pandemic Eco had hoped multiple exploration wells could be drilled at the Orinduik block this year

Eco Atlantic Oil & Gas Ltd -

Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG) told investors it ended March with a strong balance sheet and remains funded for its anticipated share of appraisal and exploration drilling at Orinduik block, offshore Guyana.

The explorer had US$18.8mln (C$26.5mln) of cash and equivalents at the end of the month.

In a statement, the firm said its "board believes Eco will be in a robust position to progress its exploration strategy when market conditions improve and operations are able to resume.”

READ: Eco pushing for at least one new well at Orinduik

It detailed cash preservation measures including a 40% pay-cut for the board and management, termination of non-core services and cessation of business-related travel.

All work obligations for 2020 have already been satisfied under both its Guyana and Namibia asset portfolios.

Eco meanwhile noted that it continues to take all of the recommended measures to protect the welfare of its personnel, and it has put in place a company-wide work from home policy.

“Ensuring the safety of employees remains a major priority for the business and the company has taken steps to secure their health, safety and well-being at this difficult time,” it added.

Quick facts: Eco Atlantic Oil & Gas Ltd

Price: 21.5 GBX

Market: AIM
Market Cap: £39.71 m

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