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Eco Oil reports reduced losses in stronger interim financials

Published: 20:34 22 Aug 2016 BST

Eco has managed to cut costs and stem losses with a firm hand
Eco has managed to cut costs and stem losses with a firm hand

Eco (Atlantic) Oil & Gas Ltd. (CVE:EOG) has implemented firm cost controls that significantly helped to stem losses in its latest quarter ending on June 30, the company reported on Monday.

Eco recently reported a year-on-year 40% reduction of general and administrative costs, compensation expenses and professional fees down to C$1.5mln for 2016, down from C$2.5mln.

In the latest report, Eco noted that operating costs, for example, were at C$385,254, spent largely on data acquisition, technical consulting and analysis in connection with various licenses in Guyana, Ghana and offshore Namibia. During the same period last year, operating costs were at C$1,551,195.

Compensation costs were likewise down. The company incurred compensation expenses of C$107,912 in the latest quarter, compared to C$189,401 from the same quarter last year.

Eco is an international oil and gas exploration company with headquarters in Toronto, Canada.

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