Eco (Atlantic) O&G - Market Update
In light of the COVID-19 pandemic, Eco continues to take all of the recommended measures to protect the welfare of its personnel. Ensuring the safety of employees remains a major priority for the business and the Company has taken steps to secure their health, safety and well-being at this difficult time. As such, Eco has curtailed all travel and has installed a Company-wide work from home policy until such time as Government restrictions are lifted.
In parallel, given the recent lower oil price environment and current market conditions, since
The Company continues to monitor its operating budget for 2020 and to work closely with its partners to discuss and plan next steps. To date, Eco has met all of its work commitments for 2020 under the various petroleum agreements offshore
The Company will continue to update the market on developments as appropriate.
For more information, please visit www.ecooilandgas.com or contact the following:
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+1 (416) 250 1955
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+44(0)781 729 5070
+44 (0) 20 7409 3494
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+44 (0) 20 3207 7800
+44 (0) 20 8434 2754
+44 (0) 20 7905 8500
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
Notes to editors
The Group aims to deliver material value for its stakeholders through oil exploration, appraisal and development activities in stable emerging markets, in partnership with major oil companies, including Tullow, Total and Azinam.
Jethro-1 was the first major oil discovery on Orinduik Block. The Jethro-1 encountered 180.5 feet (55 meters) of net high-quality oil pay in excellent Lower Tertiary sandstone reservoirs which further proves recoverable oil resources. Joe-1 is the second discovery on the Orinduik Block and comprises high quality oil-bearing sandstone reservoir with a high porosity of Upper Tertiary age. The Joe-1 well encountered 52 feet (16 meters) of continuous thick sandstone which further proves the presence of recoverable oil resources.
This information is provided by RNS, the news service of the
Quick facts: Eco Atlantic Oil & Gas Ltd
Market Cap: £37.4 m
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