Eco (Atlantic) Oil & Gas (CVE:EOG) reported its third quarter results on Monday which bore some better news in the current challenging global oil and gas sectors.
In the third quarter ended December 31, Eco made a net loss of $56,000, which for the year so far represents $1.1mln - down significantly from a loss of $1.5mln in the same quarter of 2014 and loss of $3m in the nine months ended December 31, 2014.
The Canadian-listed company's current operations are focused on Namibia, Ghana and Guyana.
As at December 31, 2015, the Company had total assets of $10.490mln and a net equity position of $8.536mln. This compares with total assets of $15.503mln and a net equity position of $9.233mln at December 31, 2014. The Company had liabilities of $1.954mln at December 31, compared with $11.220mln a year earlier.
The company's working capital is $4.232mln, compared with $1.595mln at December 31, 2014.
"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," said Eco Atlantic chief executive officer Gil Holzman.
"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," Holzman added.