Eco (Atlantic) Oil & Gas Ltd (CVE:EOG) reported a fall in current liabilities as well as in total expenses as it recorded its full-year earnings on Friday.
Current liabilities were C$2.5mln in the fourth quarter ended March 31, versus C$4.2mln in the same period in 2015.
It also garnered C$7,551 in operator fees which were absent in the previous same period, while total expenses were down nearly 20% to C$4.48mln.
The Toronto-listed company’s business is to identify, acquire, explore and develop petroleum, natural gas, and shale gas properties. The company primarily operates in the Republic of Namibia, the Republic of Ghana and the Co-Operative Republic of Guyana.
As is typical for a development stage company, the company recorded a swing into loss for the year, but that was in part because of a write-down of a licence. The company recorded a net loss for 2016 of C$5.1mln versus a profit of C$179,666 in the previous year. The net loss per share in 2016 was C$0.06.