Eco Atlantic Oil and Gas Ltd (LON:ECO, CVE:EOG) chief executive Gil Holzman is looking forward to a ‘high impact’ 2018 as the company’s recent progress sets the explorer up for drill campaigns in both Namibia and Guyana next year.
The company, which raised £5mln in a February AIM listing, on Thursday reported on what Holzman described as “another successful and extremely busy” period.
READ: Eco Atlantic kicks off seismic exploration campaign offshore Guyana
Final results, for the year ended March 31, showed a healthy balance sheet with the company finishing the twelve month period with C$6mln, though, investor focus will likely be on the positive commentary around the group’s plans.
Just yesterday, the company confirmed that a significantly expanded new 3D seismic campaign is now underway for the Orinduik Block which is located in the vicinity of ExxonMobil’s big recent discoveries - Liza, Snoek, and Payara - offshore Guyana which the American oil major estimates to hold between 2.25bn and 2.75bn barrels of crude.
Eco and partner Tullow Oil are shooting the new seismic as a precursor to their own exploration drill planning.
Elsewhere, offshore Namibia, the company’s licences for the Cooper, Sharon and Guy areas were renewed and work is now focussed on advancing drill permit applications and preparations for future exploration programmes.
“Our strong balance sheet now enables us to execute on our critical short-term milestones, which we believe we will be able to achieve in the coming year, in preparation for hopefully high impact drilling campaigns in both Namibia and Guyana towards the fiscal year 2018," Holzman said.
He added: "The highlights speak for themselves, where on one hand we made progress on all of our licenses, and on the other managed to significantly reduce non-operational expenses.
“The concurrent AIM listing and financing coupled with the significant developments on our core assets in Guyana and Namibia are compelling.”
The pre-revenue explorer reported a C$3.5mln net loss for the year.