Eco (Atlantic) Oil & Gas Ltd. (CVE:EOG) has implemented firm cost controls that significantly helped to stem losses in its latest quarter ending on June 30, the company reported on Monday.
Eco recently reported a year-on-year 40% reduction of general and administrative costs, compensation expenses and professional fees down to C$1.5mln for 2016, down from C$2.5mln.
In the latest report, Eco noted that operating costs, for example, were at C$385,254, spent largely on data acquisition, technical consulting and analysis in connection with various licenses in Guyana, Ghana and offshore Namibia. During the same period last year, operating costs were at C$1,551,195.
Compensation costs were likewise down. The company incurred compensation expenses of C$107,912 in the latest quarter, compared to C$189,401 from the same quarter last year.
Eco is an international oil and gas exploration company with headquarters in Toronto, Canada.