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Eco (Atlantic) Oil and Gas Ltd says it is extremely upbeat about 2022 outlook

“We are extremely upbeat about our operational outlook for 2022; in the near-term, we look forward to updating the market on technical results of the Sapote-1 well and updated drilling plans on the Canje Block,” Gil Holzman said

Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) chief executive Gil Holzman said he’s pleased with another active period, as the explorer released interim results for the six months ended September 30.

“We have worked hard to offer a string of exploration and corporate catalysts, to create value for shareholders, and simultaneously maintain our balance sheet strength in anticipation of a busy 2022,” Holzman said in a statement.

Eco ended the first half with US$6.22mln of cash and was debt free after raising US$4.9mln in a July share placing.

Operationally the company has plenty to look forward to, as Holzman highlights.

“We are extremely upbeat about our operational outlook for 2022; in the near-term, we look forward to updating the market on technical results of the Sapote-1 well and updated drilling plans on the Canje Block, and we are confident that our investment in JHI will generate considerable opportunity and value going forward,” the Eco chief said.

“On our Orinduik block we are close to finalising the drilling targets selection process and continue to see substantial prospectivity in the light oil cretaceous section on the Block.

“Elsewhere across our portfolio, we see the current third-party exploration programmes in Namibia as potential catalysts for wider regional success. The near-term will be exciting, with TotalEnergies Venus-1 and Shell’s Graff-1 wells and in Guyana, with ExxonMobil’s Fangtooth-1 well, just north and down dip of Orinduik on the Stabroek Block testing some of the deeper sections.”

Holzman also said Solear, the company’s renewable energy business, is advancing with a number of strategic partnerships, including potential asset monetisations and further acquisitions.

In the oil and gas business, Eco meanwhile said due to strong oil prices and active M&A activity in the industry it is reviewing various opportunities to broaden its asset inventory.

Read More: Eco (Atlantic) Oil and Gas Ltd says it is extremely upbeat about 2022 outlook

2021-11-26 02:58:00

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