Eco Oil & Gas (CVE:EOG) said on Monday it has granted a total of 965,000 stock options to certain directors, officers and consultants of the company for achievements which include the significant new Guyana block acquisition in partnership with Tullow Oil.
The company said it had also substantially reduced General & Administrative and other costs in order to preserve cash.
"We continue our hard work to further identify and materialise various corporate and operational opportunities, as well as improving management efficiency and cash preservation," said Gil Holzman, president and chief executive officer of Eco Atlantic.
Eco Oil & Gas shares fell by 9.1% to C$0.20 on Monday.