London and Toronto-listed Eco Atlantic Oil & Gas booked a deeper second-quarter loss, as it continued to develop prospects in Guyana and Namibia.
Shares, in a report on Friday, said net losses for the three months through June amounted to 8.9m Canadian dollars, compared to losses of C$0.9m on-year.
As at 30 June, the company had C$42.2m in cash and cash equivalents.
“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,” Gil Holzman, President and Chief Executive Officer of Eco Atlantic said.
Holzman said the year-to-date has been a transformational period for the Company, and with a significant oil discovery, a very strong balance sheet and a portfolio rich with prospects and opportunities in both Guyana and Namibia, “we look forward to an exciting future.”