In wake of its announcement of a potential 1 billion plus barrels of oil at its Orinduik Block offshore Guyana, Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), said Friday that it has been recognized as a 2018 TSX Venture 50™ company – an annual ranking of top-performing companies on the TSX Venture Exchange (the “TSX-V”) over the last year.
The TSX Venture 50™ comprise the top 10 companies listed on the TSX Venture Exchange in each of the five major industry sectors – mining, oil & gas, clean technology & life sciences, diversified industries and technology. This is based on a ranking formula with equal weighting given to return on investment, market capitalization growth, trading volume and analyst coverage. All data was as of December 31, 2017.
Gil Holzman, President and CEO of Eco Atlantic said, “We are delighted to be included into the TSX Venture 50 for 2018. This achievement is a recognition of the Company’s performance as well as the delivery of our strategy. It is also a reflection of the Company’s strong performance since its admission to AIM in February 2017. We have licences in two highly prospective regions and have partnered with some of the top companies in our industry, so we are confident that 2018 promises to be yet another exciting year for the Company, not only on our own licences, but also given the busy activity on the neighbouring oil licences in both Namibia and Guyana.”
On February 21 the company announced its Guyana operations update, stating that, along with operator Tullow Oil – a 60% interest holding partner in the Orinduik Block – leads have been identified with the potential to contain in excess of 1 billion barrels of oil equivalent.
The leads Eco said are updip from the Liza discoveries located on the Stabroek Block and are currently being evaluated and matured to prospect status on recently acquired 3D survey data.
Eco (Atlantic) Guyana Inc., the Company’s subsidiary, currently holds a 40% Working Interest in the Orinduik Block.