has released their results for Q2 2019 which featured a major oil discovery on its Orinduik license in Guyana and solid financials, including over £21 million in cash and cash equivalents.
The company also reported total assets of nearly £27 million, meaning Eco is fully funded for their 2020 multi-well campaign at Orinduik.
The Jethro-1 well has been completed and the next target, Joe-1, is scheduled to spud by the end of the month.
Commenting on Eco’s future endeavors, President and CEO Gil Holzman noted, “We ended our first financial quarter (30 June 2019) with a very strong balance sheet, which has enabled us to comfortably and successfully drill our first well and announce our first discovery offshore Guyana.
This was the first well of our 2019 drilling program and begins a period of significant exploration activity.
The drillship is on its way to our next target in Guyana, Joe-1, where we will, together with our partners Total and Tullow Oil (operator), commence the spudding of our second well in the coming days and expect to have results in [the] second half of September.”
For more news and updates on Eco (Atlantic) Oil & Gas:
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