TIDMECO
RNS Number : 1430X
Eco (Atlantic) Oil and Gas Ltd.
25 August 2022
25 August 2022
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Unaudited Results for the three months ended 30 June 2022
Notification of Investor Presentations
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX -- V: EOG) ,
the oil and gas exploration company focused on the offshore
Atlantic Margins, is pleased to announce its results for the three
months ended 30 June 2022. In addition, the Company is notifying
the market of an investor event to be held on 19 September 2022,
details of which can be seen below. Today's announcement follows
the recently published Full Year Results and Operational Update
announced on 1 August 2022.
Q1 Highlights:
Financials (as at 30 June 2022)
-- The Company had cash and cash equivalents of US$38,753,695, and no debt.
-- The Company had total assets of US$79.8 million, total
liabilities of US$5.9 million and total equity of US$73.9
million.
Corporate:
-- Two successful equity fundraises raising combined gross
proceeds of US$37.8 million to fund its ongoing workstreams,
including the upcoming drilling of the Gazania-1 well on Block 2B,
offshore South Africa, and further G&G work across the entire
portfolio.
-- Completion of acquisition of 100% of Azinam Group Limited
("Azinam"), including Azinam's entire offshore asset portfolio in
Orange Basin South Africa and Namibia, in return for a 16.5% equity
stake in the enlarged Group.
-- Acquisition, subject to completion, of an additional 6.25%
Participating Interest in Block 3B/4B, Orange Basin offshore South
Africa, for a consideration of US$10 million.
Operations:
South Africa
-- Post period end, the Island Innovator rig, owned by Island
Drilling Company AS, was mobilised ahead of the spud of the
Gazania-1 well on Block 2B, in Orange Basin South Africa.
-- The rig is currently offshore Spain heading to Las Palmas for
refuelling and expected to arrive at the drilling location by the
end of September 2022, subject to weather conditions. The Gazania-1
prospect is targeting a 300 million barrels light oil resource.
Namibia
-- Following recent significant hydrocarbon discoveries offshore
Namibia, Eco continues to assess options for progressing
exploration and commercial activity on its acreage.
-- Post period end, Eco announced Joint Operating Agreements
with NAMCOR, the National Petroleum Corporation of Namibia,
regarding to the Company's four operated offshore Petroleum Licence
("PEL") interests in Namibia, being PEL 97 (Cooper), PEL 98
(Sharon), PEL 99 (Guy), and PEL 100 (Tamar).
Guyana
-- Eco and its JV partners remain committed to further drilling
on the Orinduik Block and continue assessing opportunities to drill
at least two exploration wells into the light oil cretaceous
targets as soon as practical.
Investor Evening - London
Eco would like to invite current and potential shareholders to
an early evening face-to-face presentation by management, followed
by a Q&A session, on Monday, 19 September 2022. Drinks and
refreshments will be served afterwards. The event will take place
at The Brewery, 52 Chiswell Street, London EC1Y 4SD, at 5.30pm for
a 6:00pm start. Those wishing to attend are requested to register
by emailing: ecoatlantic@celicourt.uk
Investor Meet Company Presentation - Live Webinar
Eco is pleased to announce that Gil Holzman and Colin Kinley
will provide a live presentation relating to Q1 Results and
upcoming South Africa Exploration Activities via the Investor Meet
Company platform on 20 September 2022 at 3:00pm BST.
The presentation is open to all existing and potential
shareholders. Questions can be submitted pre-event via your
Investor Meet Company dashboard up until 9am the day before the
meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add
to meet ECO (ATLANTIC) OIL & GAS LTD via:
https://www.investormeetcompany.com/eco-atlantic-oil-gas-ltd/register-investor
Investors who already follow ECO (ATLANTIC) OIL & GAS LTD on
the Investor Meet Company platform will automatically be
invited.
Gil Holzman, President and Chief Executive Officer of Eco
Atlantic, commented:
"Today's update follows the detailed corporate and operations
update provided earlier this month. However, our Q1 results serve
as an important opportunity to remind investors of the significant
near-term catalysts that we see across our entire Atlantic Margin
portfolio, with near-term high impact drilling offshore South
Africa, significant interest in our Namibian portfolio and plans
taking shape with regards to our strategy for value accretion
offshore Guyana, the outlook has never been more positive.
"We are very pleased to invite current and potential investors
to meet with our Board and management team at a shareholder event
on 19 September 2022 in London and for those not able to attend in
person we hope you can make the live webinar on 20 September 2022.
We look forward to updating investors on our plans and answering
any questions. We would encourage those who are able to do so to
attend and learn more about our highly strategic acreage across the
world's most attractive exploration hot spots."
The Company's unaudited financial results for the three months
ended 30 June 2022, together with Management's Discussion and
Analysis as at 30 June 2022, are available to download on the
Company's website at www.ecooilandgas.com and on Sedar at
www.sedar.com .
The following are the Company's Balance Sheet, Income
Statements, Cash Flow Statement and selected notes from the annual
Financial Statements. All amounts are in US Dollars, unless
otherwise stated.
Balance Sheet
June 30, March 31,
------------------------------------------------
2022 2022
------------------------------------------------ ------------------------- --------------------
(Unaudited) (Audited)
------------------------- --------------------
Assets
Current assets
Cash and cash equivalents 38,753,695 3,438,834
Short-term investments 52,618 52,618
Government receivable 53,261 27,487
Amounts owing by license partners, net 324,388 -
Accounts receivable and prepaid expenses 229,749 257,911
Assets held for sale 1,983,419 2,061,734
------------------------------------------------ ------------------------- --------------------
41,397,130 5,838,584
Investment in associate 9,184,859 9,277,162
Petroleum and natural gas licenses 29,253,034 30,753,034
------------------------------------------------ ------------------------- --------------------
Total Assets 79,835,023 45,868,780
------------------------------------------------ ------------------------- --------------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities 3,441,593 1,931,823
Current liabilities related to assets
held for sale 597,971 473,254
Warrant liability 1,810,778 3,241,762
------------------------------------------------
Total current liabilities 5,850,342 5,646,839
Total liabilities 5,850,342 5,646,839
------------------------------------------------ ------------------------- --------------------
Equity
Share capital 112,855,965 63,141,609
Shares to be issued - 20,766,996
Restricted Share Units reserve 569,919 267,669
Warrants 14,778,272 7,806,000
Stock options 1,325,230 958,056
Foreign currency translation reserve (1,421,357) (1,309,727)
Accumulated deficit (54,123,348) (51,408,662)
------------------------------------------------ ------------------------- --------------------
Total Equity 73,984,681 40,221,941
------------------------------------------------ ------------------------- --------------------
Total Liabilities and Equity 79,835,023 45,868,780
------------------------------------------------ ------------------------- --------------------
Income Statement
Three months ended
June 30,
---------------------------------------------------
2022 2021
-------------------------- -----------------------
(Unaudited) (Unaudited)
-------------------------- -----------------------
Revenue
Interest income 20,127 4,524
-------------------------- -----------------------
20,127 4,524
Operating expenses :
Compensation costs 269,309 203,760
Professional fees 219,685 38,959
Operating costs 1,943,451 382,865
General and administrative costs 257,290 108,397
Share-based compensation 1,001,219 5,822
Interest expense - 3,404
Foreign exchange loss (gain) 284,427 (45,931)
-------------------------- -----------------------
Total operating expenses 3,975,381 697,276
-------------------------- -----------------------
Operating loss (3,955,254) (692,752)
Fair value change in warrant liability 1,430,984 -
Share of losses of company accounted for at
equity (92,303) -
-------------------------- -----------------------
Net loss for the period from continuing operations (2,616,573) (692,752)
Loss from discontinued operations, after-tax (98,113) (132,872)
Net loss for the period (2,714,686) (825,624)
Foreign currency translation adjustment (111,630) 13,249
Comprehensive loss for the period (2,826,316) (812,375)
-------------------------- -----------------------
Net loss for the period attributed to:
Equity holders of the parent (2,714,686) (804,617)
Non-controlling interests - (21,007)
-------------------------- -----------------------
(2,714,686) (825,624)
========================== =======================
Basic and diluted net loss per share attributable
to equity holders of the parent (0.009) (0.004)
========================== =======================
Weighted average number of ordinary shares
used in computing basic and diluted net loss
per share 293,654,835 184,697,723
========================== =======================
Cash Flow Statement
Three months ended
June 30,
---------------------------------------------
2022 2021
(Unaudited) (Unaudited)
-------------------- -----------------------
Cash flow from operating activities
Net loss from continuing operations (2,616,573) (692,752)
Net loss from discontinued operations (98,113) (132,872)
Items not affecting cash:
Share-based compensation 1,001,219 5,822
Depreciation and amortization - 19,169
Accrued interest - 3,404
Revaluation of warrant liability (1,430,984) -
Share of losses of companies accounted for at
equity 92,303 -
Changes in non--cash working capital:
Government receivable (25,774) 20,614
Accounts payable and accrued liabilities 1,681,064 (116,781)
Accounts receivable and prepaid expenses 28,162 (13,152)
Receipt on account of shares - 1,940,021
Reallocation to discontinued operations cashflows (171,294) -
Net change in non-cash working capital items relating
to discontinued operations 203,032 -
Advance from and amounts owing to license partners 1,175,612 5,863
--------------------------------------------------------- -------------------- -----------------------
(161,346) 1,039,336
--------------------------------------------------------- -------------------- -----------------------
Cash flow from investing activities
Investment in associate - (10,000,000)
Short-term investments - 1,500,022
--------------------------------------------------------- -----------------------
- (8,499,978)
--------------------------------------------------------- -------------------- -----------------------
Cash flow from financing activities
Proceeds from private placements, net 35,587,837 -
35,587,837 -
--------------------------------------------------------- -------------------- -----------------------
Increase (decrease) in cash and cash equivalents 35,426,491 (7,460,642)
Foreign exchange differences (111,630) 8,313
Cash and cash equivalents, beginning of period 3,438,834 11,807,309
--------------------------------------------------------- -------------------- -----------------------
Cash and cash equivalents, end of period 38,753,695 4,354,980
--------------------------------------------------------- -------------------- -----------------------
Notes to the Financial Statements
Basis of Preparation
The Condensed Interim Consolidated financial statements of the
Company have been prepared on a historical cost basis with the
exception of certain financial instruments that are measured at
fair value. Historical cost is generally based on the fair value of
the consideration given in exchange for assets.
**S**
For more information, please visit www.ecooilandgas.com or
contact the following :
Eco Atlantic Oil and Gas c/o Celicourt +44 (0) 20
8434 2754
Gil Holzman, CEO
Colin Kinley, COO
Alice Carroll, Head of Corporate Sustainability +44(0)781 729 5070
Strand Hanson Limited (Financial &
Nominated Adviser) +44 (0) 20 7409 3494
James Harris
James Bellman
Berenberg (Broker) +44 (0) 20 3207 7800
M atthew Armitt
Detlir Elezi
Echelon Capital (Financial Adviser
N. America Markets)
Ryan Mooney +1 (403) 606 4852
Simon Akit +1 (416) 8497776
Celicourt (PR) +44 (0) 20 8434 2754
Mark Antelme
Jimmy Lea
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018 (as amended).
Notes to editors:
About Eco Atlantic:
Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused
oil & gas exploration company with offshore license interests
in Guyana, Namibia, and South Africa. Eco aims to deliver material
value for its stakeholders through its role in the energy
transition to explore for low carbon intensity oil and gas in
stable emerging markets close to infrastructure.
Offshore Guyana in the proven Guyana-Suriname Basin, the Company
holds a 15% Working Interest in the 1,800 km(2) Orinduik Block
Operated by Tullow Oil. In Namibia, the Company holds Operatorship
and an 85% Working Interest in four offshore Petroleum Licences:
PELs: 97, 98, 99, and 100, representing a combined area of 28,593
km(2) in the Walvis Basin.
Offshore South Africa, Eco is Operator and holds a 50% working
interest in Block 2B and a 20% Working Interest (to be increased to
a 26.25% Working Interest, subject to Completion of the Acquisition
announced 27 June 2022) in Blocks 3B/4B operated by Africa Oil
Corp., totalling some 20,643 km (2) .
Cautionary Notes:
This news release contains certain "forward-looking statements",
including, without limitation, statements containing the words
"will", "may", "expects", "intends", "anticipates" and other
similar expressions which constitute "forward-looking information"
within the meaning of applicable securities laws. Forward-looking
statements reflect the Company's current expectations, assumptions,
and beliefs, and are subject to a number of risks and uncertainties
that could cause actual results to differ materially from those
anticipated. These forward-looking statements are qualified in
their entirety by the inherent risks and uncertainties surrounding
future expectations.
Important factors that could cause actual results to differ
materially from expectations include, but are not limited to,
general economic and market factors, competition, the effect of the
global pandemic and consequent economic disruption, and the factors
detailed in the Company's ongoing filings with the securities
regulatory authorities, available at www.sedar.com . Although
forward-looking statements contained herein are based on what
management considers to be reasonable assumptions based on
currently available information, there can be no assurance that
actual events, performance or results will be consistent with these
forward-looking statements, and our assumptions may prove to be
incorrect. Readers are cautioned not to place undue reliance on
these forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements either as a result of new information, future events or
otherwise, except as required by applicable laws.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
QRFMZGZRRDRGZZM
(END) Dow Jones Newswires
August 25, 2022 02:00 ET (06:00 GMT)
Grafico Azioni Eco (atlantic) Oil & Gas (LSE:ECO)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Eco (atlantic) Oil & Gas (LSE:ECO)
Storico
Da Lug 2023 a Lug 2024
