Eco (Atlantic) Oil & Gas Ltd (CVE:EOG), a Canada-based development stage company operating in Namibia and Ghana, reported a narrower loss in the latest quarter.
Net loss shrank to $38,539, breakeven per share, for the July-to-September quarter, from $646,617, or $0.01 loss per share, for the year-earlier period, the Toronto, Canada-based company said in a statement.
No analyst estimate was available for comparison.
The company, which acquires and explore petroleum, natural gas, shale gas, and coal bed methane, has no revenue producing operations and said it continues to manage its costs, focusing on its higher potential licenses.
Eco said it continues to seek funding in the capital markets and to pursue additional joint venture and farm-in opportunities with other suitable companies having access to capital, in order to meet its exploratory commitments and development strategy for the next 18 months.
On October 9, Eco said it has completed the processing of the 1,097 km 3D Seismic Survey on the Cooper Block.
On November 30, the company said it has completed its previously announced acquisition of a 50.51% interest in the Ghana Block.
The company is currently engaged in the exploration and development of its properties to determine whether commercially exploitable quantities of oil and gas are present.
The shares closed flat at C$0.170 on Monday. The stock is up 6.3% so far this year.