Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) chief executive Gil Holzman told investors it remains “very positive about what the future holds” as the explorer released its financial results statement for the twelve months ended March 31.
It comes as the company has broadened and diversified its portfolio, picking up assets offshore South Africa whilst its acreage offshore Guyana benefits from the advancement of third-party owned and operated projects nearby.
"The past 12 months have seen us make considerable progress as a business, increasing our geographic footprint and overall acreage considerably, growing the company in some of the most active and exciting oil and gas exploration regions on the globe,” Holzman said.
“This, combined with the improved commodity price conditions, means that interest in exploration activity in the areas where Eco has strategically important acreage has increased significantly.”
Holzman added: "Our acquisition of Azinam has paved the way for our exciting near-term drilling campaign at Block 2B, offshore South Africa.
“The Gazania-1 well, in which we hold a 50% WI, is targeting a 300 million barrel light oil resource, which, if successful, would be transformational for Eco and the partners on the Block. We remain on track to spud the well in September with the rig mobilising from Norway in the next two weeks and we will provide updates as appropriate.”
Eco highlighted that it is now focussing exclusively on high impact oil and gas exploration projects, and specifically, progressing its near-term drilling opportunities offshore South Africa, Namibia and Guyana.
"Given the significant corporate activity over the last 12-18 months, as a company we remain very positive about what the future holds and our ability to generate returns for all our stakeholders,” the Eco chief executive said.
“The company possesses highly strategic acreage in exploration hot spots, a robust balance sheet with over US$37m in cash, an entrepreneurial and ambitious management team, and the potential for considerable operational catalysts that can create material and sustainable value for shareholders.
“As ever, we are excited about what the coming months will bring and look forward to updating the market on our progress over the coming months."