Africa Oil Corp (AOIFF)

[douginil]

Eco (Atlantic) Oil & Gas

July 13, 2020

[[ Thanks to Malcy's blog ]]

Results today from Eco to 31/3, all old news and all you really need to know is that the Company had cash of $26.5m, no debt and is fully funded for its share of further appraisal and exploration drilling costs at the Orinduik Block offshore Guyana of $$120m (gross).

Further work continues in Guyana assessing well data and reprocessing 3D seismic and the company expects ‘at least’ two wells in 2021. Gil Holzman, President and CEO says ‘We are keen to resume drilling activity on the Orinduik licence as soon as is practically possible and we look forward to updating the market as we finalise our plans for next year’.

It should not be forgotten that Eco has a ‘strategic position’ in Namibia which it reminds us is core to its investment case and the company is monitoring increasing interest in the country. I have been expecting some farm-in/out activity in the country for a while but there is plenty yet to come. Back to Gil Holzman, “In Namibia, we continue to make progress with our workstreams and remain poised to benefit from the uptick in activity planned for the region over the coming 12 months. We have a strategic acreage position in Namibia, which we believe will be highly valuable for us and for potential future partners as near-term further drilling activity in the region takes place.

Eco continues to do well, it is in a very strong position in both geographies and although would have liked better markets and less flaky partners but there are few companies in the sector with as much upside when the time comes…



Read at:
https://www.malcysblog.com/2020/07/oil-price-president-eco-atlantic-and-finally/