(Alliance News) - Eco Atlantic Oil & Gas Ltd on Friday reported a narrowed interim loss and remains upbeat looking ahead.
Eco Atlantic, an oil and gas exploration company focused on Guyana and Namibia, posted a net loss of USD1.2 million in the six months to end-September, narrowed from USD1.5 million. Total operating expenses fell to USD1.2 million from USD1.5 million.
Revenue remained insubstantial as Eco isn't yet producing.
Looking ahead, Chief Executive Gil Holzman said: "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 Associates Inc will generate considerable opportunity and value going forward."
Canje block off the shores of Guyana. In June, Eco acquired a 6.4% interest, with the option to increase its stake to 10%, in JHI Associates.
Eco shares were down 3.8% to 19.01 pence each in London. Energy stocks were under pressure on Friday after the discovery of a potentially more transmissible variant of Covid-19, raising fears about widespread travel bans.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Eco (atlantic) (ECO)