SOURCE: Eco (Atlantic) Oil and Gas Ltd

August 25, 2017 02:00 ET

Eco (Atlantic) Oil and Gas Ltd Announces First Quarter Results for the three months ended 31 June 2017 and Operational Update

TORONTO, ON--(Marketwired - Aug 25, 2017) - Eco (Atlantic) Oil and Gas Ltd (TSX VENTURE: EOG) (AIM: ECO)

TSXV: EOG; AIM: ECO

25 August 2017

ECO (ATLANTIC) OIL & GAS LTD.
("Eco Atlantic", "Company" or, together with its subsidiaries, the "Group")

First Quarter Results for the three months ended 31 June 2017 and Operational Update

Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG; AIM: ECO), the oil and gas exploration company with licences in highly prospective regions in South America and Africa, is pleased to announce it has filed its quarterly financial and operational results for the three months ended 30 June 2017.

Operational Highlights:

  • Nearing completion of a circa 2,550 km2 3D seismic survey on the 1,800km2 Orinduik Block offshore Guyana, together with our Operating Partner, Tullow Oil plc, almost two years ahead of schedule, thereby de-risking the existing defined targets located up dip and just a few kilometers from Exxon Mobil Corporation's recent Liza, Snoek, and Payara discoveries on the Stabroek block, estimated to contain oil reserves of between 2.25 and 2.75 billion barrels of recoverable oil
  • Increased presence in the UK financial market following our successful admission to AIM in February 2017
  • Actively engaged in evaluating new assets and potential transactions that will add value to our already robust portfolio of licences.

Financial Highlights:

  • Healthy balance sheet at the end of the period with over CAD$4.9m in cash and working capital of CAD$5.4m

 For more information, please visit www.ecooilandgas.com or contact the following:

Eco Atlantic Oil and Gas +1 (416) 250 1955
Gil Holzman, CEO
Colin Kinley, COO
Alan Friedman, VP
Finlay Thomson, UK and IR manager



+44 (0) 7976 248471

Strand Hanson Limited (Financial & Nominated Adviser)

+44 (0) 20 7409 3494
James Harris
Rory Murphy
James Bellman
 
Brandon Hill Capital Limited (Joint Broker) +44 (0) 20 3463 5000
Alex Walker
Jonathan Evans
Robert Beenstock
 
Peterhouse Corporate Finance (Joint Broker) +44 (0) 20 7469 0930
Eran Zucker
Duncan Vasey
Lucy Williams
 
Yellow Jersey PR +44 (0) 7768 537 739
Felicity Winkles
Harriet Jackson
 

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