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Energy explorer Eco Oil & Gas has released its financial results for the yearly period ending on March 31, 2019.
Eco Oil & Gas Ltd (TSXV:EOG,LSE:ECO) has released its financial results for the yearly period ending on March 31, 2019.
As quoted from the press release:
Highlights
• Financialso The company ended the financial year (31 March 2019) with cash and cash equivalents of C$25.0 million. As of 31 March 2019, Eco had total assets of C$26.7 million, total liabilities of C$1.6 million and total equity of C$25.1 million.
o The company completed the financial year )31 March, 2019( with a net profit of C$4.2 million. This resulted primarily from the Total E&P Activités Pétrolières (“Total”) farm-in on the Orinduik Block completed in November 2018 pursuant to which Eco received C$16.6 million (US$12.5 million).
• Operations – Guyana
o In September 2018, Eco announced the filing of a National Instrument 51-101 compliant resource report on the Orinduik Block, offshore Guyana, with 2.9 Billion Barrels of Oil (Equivalent) prospective resource P50 Best Estimate. The report does not take into account certain recent developments, including ExxonMobil’s Hammerhead-1 Tertiary discovery and additional Tertiary prospects. In March 2019, the Company announced an update to the report, pursuant to which the prospective resource was increased to 3.981 BBOE P50 Best Estimate.
o On 27 November 2018, Eco completed the Total farm-in deal and received the US$12.5 million and all necessary approvals and documentation to effect the 25% interest transfer in the Orinduik Block to Total. Accordingly, the working interests in the Orinduik Block became Tullow (Operator) 60 percent, Total 25 percent and Eco 15 percent.
o On 5 December 2018, Eco announced its first planned well out of two in the 2019 drilling program for the Orinduik Block. The net cost of the first well, named the Jethro-Lobe prospect, is expected to be approximately US$7 million. The prospect, which will be drilled from a conventional drillship, is an Upper Tertiary stratigraphically trapped canyon turbidite in about 1,350 meters of water. The prospect is estimated to hold 250mmbbl of gross prospective resources.
