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viewEco Atlantic Oil & Gas Ltd

Unaudited Results and Business Update

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RNS Number : 9764T
Eco (Atlantic) Oil and Gas Ltd.
20 November 2019
 

 

 

20 November 2019

 

ECO (ATLANTIC) OIL & GAS LTD.

 

("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the "Group")

 

Unaudited Results for the six months ended 30 September 2019 and Business Update

Preparations underway for 2020 drilling campaign

 

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX‐V: EOG), the oil and gas exploration company with licences in Guyana and Namibia, is pleased to announce its results for the three and six months ended 30 September 2019, alongside a corporate and operational update.

 

Results Highlights:

 

Financials

 

·    As at 30 September 2019, the Company had cash and cash equivalents of CAD $30.7 million. The Company remains well funded and currently has CAD $27.9 million of cash and cash equivalents on the balance sheet.

·    During the first quarter of the financial year, Eco completed its previously announced private placement raising gross proceeds of CAD $22.6 million.

·    As at 30 September 2019, Eco had total assets of CAD $32.3 million, total liabilities of CAD $2.5 million and total equity of CAD $29.8 million.

 

Operations - Guyana

 

·    On 12 August 2019, the Company announced a major oil discovery on its Orinduik offshore petroleum license in Guyana (the "Guyana License"). Evaluation of logging data confirms that Jethro-1 is the first discovery on the Guyana License and comprises high-quality oil-bearing sandstone reservoir of Lower Tertiary age. The well was cased and is awaiting further evaluation to determine the appropriate appraisal activity.

·    On 16 September 2019, the Company announced a second oil discovery on the Guyana License. Evaluation of MWD, wireline logging and sampling of the oil confirms that Joe-1 is the second discovery on the Orinduik license and comprises high quality oil-bearing sandstone reservoir with a high porosity of Upper Tertiary age.

·    Both wells were drilled within budget, with MWD logging tool and conventional wireline, and the reservoirs were considered to be high quality sands with good permeability.   

·    Fluid samples were taken in both of the wells and were sent for analysis by the Operator.  The complete fluid analysis and report for both wells have not yet been received. However, initial results suggest that the samples recovered to date from Jethro-1 and Joe-1 are mobile heavy crudes with high sulphur content.

·    Oil tested to date appears it is not dissimilar to the commercial heavy crudes currently in production in the North Sea, Gulf of Mexico, the Campos Basin in Brazil, Venezuela and Angola.

·    The Joint Venture partners on the block have engaged a third party consultant with heavy oil development expertise to help conduct preliminary evaluations related to production and commercialisation. Evaluation work is ongoing and the partners are considering alternatives for further drilling and testing and a number of development drilling and production alternatives are now to be considered. The Company remains optimistic in considering the development scenarios and as the project progresses will define further information on plans and timing.

·    The CPR published on 18 March 2019 suggested the block potentially contains in excess of 3.9 billion Gross Prospective Oil Equivalent Resources (P50 Best) on approximately 15 identified prospects. Approximately 900 million barrels of oil in Tertiary Reservoirs and approximately 3 billion barrels of oil in Cretaceous prospects, remain to be explored. The Company is currently preparing an updated CPR, which is expected to be published after the Kanuku block Carapa well results, potentially in January 2020. 

 

Outlook

 

·    Guyana

Multiple prospects currently being reviewed with high graded candidates under consideration for a 2020 drilling programme.

Operator is preparing a budget for long lead items including wellheads and casing.

Once the final well fluid reports and related testing data for the two discoveries as well as results from other regional exploration activities, including drilling of the neighbouring Carapa well have been analysed and evaluated, an updated CPR will be published

A further update will be made on the JV Partner's drilling plans for next year in January 2020.

·    Namibia

Eco continues to progress its various work programmes offshore Namibia.

The Company plans to monitor near term drilling activity in the region and will update the market on developments as appropriate.

 

Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented: 

 

"We ended the first half of our financial year with a very strong balance sheet. After drilling our first two wells in Guyana we now have CAD $27.9 of cash and cash equivalents. These funds will be used to continue the evaluation of our two Guyana oil discoveries and to drill additional exploration and potentially appraisal wells on the block in 2020.

 

We recognise the market reaction to our last announcement on the oil quality discovered at Jethro and Joe and we are grateful for the continued support of our shareholders. This continues to be an exciting time for the Company, as the Orinduik block offers many promising prospects and we continue to work with our partners and third party experts to evaluate our first two discoveries and determine the 2020 drilling targets and budget. We expect to announce our drilling plans by the end of January 2020 and we look forward to updating our shareholders on this as appropriate."  

 

The Company's unaudited financial results for three and six months ended 30 September 2019, together with Management's Discussion and Analysis as at 30 September 2019, are available to download on the Company's website at www.ecooilandgas.com and on Sedar at www.sedar.com.

The following are the Company's Balance Sheet, Income Statements, Cash Flow Statement and selected notes from the annual Financial Statements. All amounts are in Canadian Dollars, unless otherwise stated.

 

 

Balance Sheet

 

In accordance with the Company's accounting policies, under IFRS, all our exploratory costs to date have been charged to the Company's statement of operations. Following the two discoveries on our Guyana Licenses, the Company will begin to capitalize all development related costs incurred until potential production phase.

 

 

          

September 30,

 

March 31,

2019

2019

Assets

Unaudited

 

Audited

Current assets

 

 

 

Cash and cash equivalents

        30,654,374

 

          25,007,479

Short-term investments

                74,818

 

                  74,818

Government receivable

                42,613

 

                  33,104

Accounts receivable and prepaid expenses

                50,338

 

                  80,926

 

          30,822,143

 

            25,196,327

 

 

 

 

    Petroleum and natural gas licenses

           1,489,971

 

              1,489,971

 

 

 

 

Total Assets

          32,312,114

 

            26,686,298

 

 

 

 

Liabilities

 

 

 

Current liabilities

        Accounts payable and accrued liabilities

               147,986

 

                 423,513

    Advances from and amounts owing to license partners, net

            2,328,675

 

              1,127,675

Total Liabilities

            2,476,661

 

              1,551,188

 

 

 

 

Equity

 

 

 

Share capital

          78,759,680

 

            50,025,998

Restricted Share Units reserve

               356,493

 

                 111,493

Warrants

                 70,280

 

                   52,775

Stock options

            3,278,086

 

              3,184,658

Accumulated deficit

       (52,629,086)

 

         (28,239,814)

 

 

 

 

Total Equity

          29,835,453

 

            25,135,110

 

 

 

 

Total Liabilities and Equity

          32,312,114

 

            26,686,298

 

 

 

 

Income Statement

 

Three months ended

 

Six months ended

September 30,

September 30,

 

2019

 

2018

 

2019

 

2018

 

Unaudited

 

Unaudited

Revenue

 

 

 

 

 

 

 

Interest income

            134,415

 

          88,132

 

          304,210

 

           96,975

 

            134,415

 

           88,132

 

          304,210

 

           96,975

Operating expenses:

 

 

 

 

 

 

  

Compensation costs

            342,627

 

        291,575

 

         558,922

 

        524,941

Professional fees

            289,636

 

           77,069

 

          313,826

 

         102,362

Operating costs

          6,851,804

 

     1,293,895

 

         15,109,935

 

     1,762,395

General and administrative costs

            473,423

 

        340,349

 

           1,000,588

 

         632,068

Share-based compensation

          7,409,504

 

             1,486

 

           7,468,361

 

             2,973

Foreign exchange gain

            291,195

 

         233,848

 

              241,850

 

           91,152

 

 

 

 

 

 

 

 

Total expenses

       15,658,189

 

      2,238,222

 

         24,693,482

 

     3,115,891

 

 

 

 

 

 

 

 

Net loss and comprehensive loss

      (15,523,774)

 

      (2,150,090)

 

         (24,389,272)

 

      (3,018,916)

 

 

 

 

 

 

 

 

Basic and diluted net loss per share attributable to equity holders of the parent

                 (0.09)

 

              (0.01)

 

                   (0.13)

 

              (0.02)

Weighted average number of ordinary shares used in computing basic and diluted net loss per share

      182,038,204

 

    159,195,217

 

        181,112,949

 

    158,619,131

 

 

 

Cash Flow Statement

 

 

 Six months ended

 

 September 30,

2019

 

2018

 

 Unaudited

 Cash flow from operating activities

 

 

 

 Net loss from operations

       (24,389,272)

 

      (3,018,916)

 Items not affecting cash:

 

 

 

    Share-based compensation

          7,468,361

 

              2,973

    Warrants issued for services

              70,280

 

                   -  

 Changes in non‑cash working capital:

 

 

 

    Government receivable

               (9,509)

 

            (4,505)

    Accounts payable and accrued liabilities

           (275,527)

 

         (291,294)

    Accounts receivable and prepaid expenses

              30,588

 

            40,413

    Advance from and amounts owing to license partners

          1,201,000

 

          284,515

 

       (15,904,079)

 

      (2,986,814)

 

 

 

 

 Cash flow from financing activities

 

 

 

 Net proceeds from Private Placement

        21,338,853

 

                       -  

 Proceeds from the exercise of stock options

              50,345

 

                       -  

 Proceeds from the exercise of warrants

             161,776

 

                   -  

 

        21,550,974

 

                       -  

 

 

 

 

 Increase (decrease) in cash and cash equivalents

          5,646,895

 

     (2,986,814)

 Cash and cash equivalents, beginning of year

        25,007,479

 

      14,316,042

 

 

 

 

 Cash and cash equivalents, end of period

        30,654,374

 

      11,329,228

 

 

Basis of Preparation

The condensed consolidated interim financial statements of the Company have been prepared on a historical cost basis with the exception of certain financial instruments that are measured at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

 

Subsequent Events

On October 24, 2019, the Company issued 178,750 common shares, in respect of 178,750 options that were exercised at $0.30 per option. Gross consideration received amounted to $53,625.

 

 

 

**ENDS**

 

 

For more information, please visit www.ecooilandgas.com or contact the following:

 

Eco Atlantic Oil and Gas

+1 (416) 250 1955

Gil Holzman, CEO

Colin Kinley, COO

Alice Carroll, Head of Marketing and IR

 

 

 +44(0)781 729 5070

 

Strand Hanson Limited (Financial & Nominated Adviser)

 

+44 (0) 20 7409 3494

James Harris

James Bellman

 

 

Stifel Nicolaus Europe Limited (Joint Broker)

Callum Stewart

Ashton Clanfield

+44 (0)20 7710 7600

 

 

Berenberg (Joint Broker)

 

+44 (0) 20 3207 7800

Matthew Armitt

Detlir Elezi

 

 

Celicourt (PR)

 

+44 (0) 20 8434 2754

Mark Antelme

Jimmy Lea

 

Hannam & Partners (Research Advisor)

Neil Passmore

Hamish Clegg

 

Canaccord Genuity (North American Advisor)

Simon Akit

 

 

 

 

+44 (0) 20 7905 8500

 

 

 

+1 416 869 3820

 

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

 

 

Notes to editors

 

About Eco Atlantic:

Eco Atlantic is a TSX-V and AIM quoted Oil & Gas exploration and production Company with interests in Guyana and Namibia, where significant oil discoveries have been made.

 

The Group aims to deliver material value for its stakeholders through oil exploration, appraisal and development activities in stable emerging markets, in partnership with major oil companies, including Tullow, Total and Azinam.

 

In Guyana, Eco Guyana holds a 15% working interest alongside Total (25%) and Tullow Oil (60%) in the 1,800 km2 Orinduik Block in the shallow water of the prospective Suriname-Guyana basin. The Orinduik Block is adjacent and updip to ExxonMobil and Hess Corporation's Stabroek Block, on which thirteen discoveries have been announced and over 6 Billion BOE of oil equivalent recoverable resources are estimated. First oil production is expected from the deep-water Liza Field in 2020. 

 

Jethro-1 was the first major oil discovery on Orinduik Block. The Jethro-1 encountered 180.5 feet (55 meters) of net high-quality oil pay in excellent Lower Tertiary sandstone reservoirs which further proves recoverable oil resources. Joe-1 is the second discovery on the Orinduik Block and comprises high quality oil-bearing sandstone reservoir with a high porosity of Upper Tertiary age. The Joe-1 well encountered 52 feet (16 meters) of continuous thick sandstone which further proves the presence of recoverable oil resources.  

In Namibia, the Company holds interests in four offshore petroleum licences totalling approximately 25,000km2 with over 2.3bboe of prospective P50 resources in the Walvis and Lüderitz Basins.  These four licences, Cooper, Guy, Sharon and Tamar are being developed alongside partners Azinam and NAMCOR. Eco has been granted a drilling permit on its Cooper Block (Operator).

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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Market: TSX-V
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