Eco (Atlantic) Oil and Gas Ltd. (ECAOF)

[pro_s2009]

Cenkos comment today :

Eco (Atlantic) Oil & Gas N/R (ECO.L, 27.5p, £80m) final results. As at 31 March 2022, the Company had cash of US$3.4m and no debt. As at 31st March 2022, the Company had total assets of US$45.9m, total liabilities of US$5.6m and total equity of US$40.2m.

Post period, Eco successfully raised gross proceeds of US$37.8m, with the Company’s cash balance as at 29 July 2022 being US$37.7m.

In March 2022, Eco announced an updated CPR on its assets, highlighting prospective resources of 681mmbbls of oil and 544Bcf of gas in Guyana, 864mmbbls of oil and 309Bcf in South Africa and 6,705mmbbls of oil and 6.6Tcf of gas in Namibia.

Eco and its partners are assessing all opportunities to drill at least two exploration wells into the light oil cretaceous targets in Guyana as soon as possible.

In Namibia, Eco highlights that it is witnessing considerable interest in its licences post the Venus and Graff discoveries, and is currently assessing options as to how best move forward with progressing exploration and commercial activity on them.

In Block 2B, offshore South Africa, the JV partners remain on track to drill the Gazania-1 well in September 2022.