ECO Atlantic Announces Third Quarter Results for the Nine Months Ended December 31, 2015 and Provides Business and Operational Update
Montag, 29.02.2016 20:05 von DGAP
DGAP-News: Eco (Atlantic) Oil & Gas Ltd. / Key word(s): Miscellaneous
ECO Atlantic Announces Third Quarter Results for the Nine Months Ended
December 31, 2015 and Provides Business and Operational Update
29.02.2016 / 20:00
The issuer is solely responsible for the content of this announcement.
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Toronto, Ontario--(Newsfile Corp. - February 29, 2016) - Eco (Atlantic) Oil
& Gas Ltd. (TSXV: EOG) (NSX: EOG) ('Eco Atlantic' or the 'Company') today
reported its financial and operational results for the nine-month period
ended December 31, 2015, and provides an update on recent corporate
achievements and anticipated milestones for 2016.
Eco Atlantic reported on the following financial, operational and business
milestones:
- Execution of 870 km2, 3D Seismic program during January 2016 on the Guy
License offshore Namibia, in partnership with AziNam Ltd. Processing
and interpretation is currently underway.
- Interpretation of the 3D Seismic survey on the Cooper License
progressing.
- Signing of a Joint Operating Agreement on the Three Points Deep Water
West Block offshore Ghana between all the partners, and commencement of
preparations for exploration activities.
- Completion of the acquisition of the Orinduik Block offshore Guyana, in
January 2016 in partnership with Tullow Oil, including the signing of a
10-year Petroleum Agreement, and signing a Joint Operating Agreement
with Tullow Oil as Operator.
- Quarter on quarter reduction of general and administrative costs,
compensation expenses and professional fees from a total of $551,000 in
the last quarter to $228,000 for the current quarter ended December 31,
2015. In January 2016, Eco Atlantic adopted further reductions in
general and administrative costs. These savings will be reflected in
future quarters and expected to save approximately $250,000 during
2016.
- Eco Atlantic has met all of its current work commitments under the
various Petroleum Agreements' and is being cost carried and
sufficiently funded to progress its exploration commitments for the
fiscal year ahead.
Eco Atlantic CEO, Gil Holzman stated: 'Calendar year 2015 has been
extremely busy! In Namibia, we completed the 2D seismic processing and
interpretation on our Guy license, and commenced the 870 km2 3D seismic
program. On our Cooper license, we completed the 3D seismic shoot and are
in the last stages of the data interpretation. In other regions, we have
been successful in securing an offshore license in Ghana adjacent to the
Jubilee Field and in Guyana, right next to Exxon's Liza discovery on
favorable terms, thus expanding our portfolio of international oil and gas
licenses.' Looking ahead, Holzman added: 'We are excited about our
expanding portfolio and the progress we are making in all regions. We
continue to believe that the markets will positively turn during 2016 and
credit Eco Atlantic's robust portfolio.'
The Company's financial statements, and Management Discussion and Analysis,
are available on the System for Electronic Document Analysis and Retrieval
(SEDAR) website at www.sedar.com.
About Eco Atlantic
Eco Atlantic is an oil and gas exploration company focused on the
acquisition and development of unique upstream petroleum opportunities
around the world. The Company's objective is to identify technically
merited prospective new and developing projects in frontier areas requiring
low cost entry. In Namibia through wholly owned subsidiaries, the Company
currently holds interests, some carried, in four offshore petroleum
licenses covering more than 32,000 square kilometers in the Walvis and
Lüderitz Basins.
In Ghana, Eco Atlantic also holds and operates an interest in the Deepwater
Cape Three Points West Deep Water offshore block, covering 944 square
kilometers, and in Guyana, Eco Atlantic holds an interest in the 1,800
square kilometer Orinduik offshore block.
Eco Atlantic enjoys strong local presence in the countries in which it
operates and has a longstanding relationship with the energy and oil and
gas sectors throughout Africa and other maturing exploration plays
internationally.
Forward Looking Statements
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: Certain information
in this press release constitutes forward-looking statements under
applicable securities law. Any statements that are contained in this press
release that are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements are often identified
by terms such as 'may', 'should', 'anticipate', 'expects' and similar
expressions. Forward-looking statements necessarily involve known and
unknown risks, including, without limitation, risks associated with oil and
gas production and exploration, marketing and transportation; retention of
and ability to attract Company personnel, regulatory approvals, loss of
markets; volatility of commodity prices; currency and interest rate
fluctuations; imprecision of reserve estimates; environmental risks;
competition; inability to access sufficient capital from internal and
external sources; changes in legislation, including but not limited to
income tax, environmental laws and regulatory matters. Readers are
cautioned that the foregoing list of factors is not exhaustive.
Although Eco Atlantic believes in light of the experience of its officers
and directors, current conditions, expected future developments and other
factors that have been considered appropriate that the expectations
reflected in this forward-looking information are reasonable, undue
reliance should not be placed on them because Eco Atlantic can give no
assurance that they will prove to be correct. The forward-looking
statements contained in this press release are made as of the date hereof
and Eco Atlantic undertakes no obligation to update publicly or revise any
forward- looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.
For More Information on Eco Atlantic Contact:
Gil Holzman Alan Friedman
President and Chief Executive Officer Executive Vice President
gil@ecooilandgas.com Alan@ecooilandgas.com
Tel: +972.508884529 Tel: +1.416.250.1955
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this press release.
Click on, or paste the following link into your web browser, to view
the associated documents
http://www.newsfilecorp.com/release/19423
News Source: Newsfile
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Language: English
Company: Eco (Atlantic) Oil & Gas Ltd.
Canada
ISIN: CA27887W1005
End of News DGAP News Service
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