Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG) chief executive Gil Holzman has told investors that the explorer has started to look for new opportunities.
Holzman, in the explorer’s first quarter results, highlighted the company has been able to engage in seeking new potential assets and explore new transactions due to its strong balance sheet.
The explorer, which listed in London earlier this year is, meanwhile, advancing its exploration project offshore Guyana where it is partnered by Tullow Oil and is neighboured by ExxonMobil’s very large Liza, Snoek, and Payara discoveries where the US major sees between 2.25 bn and 2.75 bn barrels of recoverable oil resources.
At the moment, Eco and Tullow are at the seismic exploration stage of their project, albeit the venture is about two years ahead of schedule. The expanded seismic programme covering some 2,550 square kilometres is now nearing completion in the Orinduik Block.
WATCH: An incredibly busy 2018 for Eco Atlantic with drill campaigns in Namibia and Guyana
The company reported a loss in the three months ended June
Summing up the period, Holzman said: “We are pleased to present our operational update and financial report for the three months ended 30 June 2017.
“During our first financial quarter for the year, we, together with our partner on the Orinduik Block offshore Guyana, have significantly advanced the shooting of the 2,550km2 3D seismic survey.
READ: Eco Atlantic looks forward to high impact exploration in Namibia and Guyana
He added: "On the financial side, we are spending more time in the UK broadening our investor base.
“Our strong balance sheet, together with our progression on our existing licences, has enabled us to start to engage in seeking new potential assets and explore new transactions.
“We are confident that the remaining fiscal year will be as productive and successful as 2017."
The pre-production explorer reported a loss of US$2.12mln loss for the three months ended June 30, and it ended the period with in excess of C$4.9mln of cash and had C$5.4mln of working capital.