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AfrOil NEWS IN BRIEF AfrOil

MOVES zero debt and remains fully funded for its share the business.
(15% WI net) of further appraisal and explora- The Company has decreased its total non-ex-
Scot Evans appointed tion drilling at Orinduik Block offshore Guyana ploration expenses, including general and
administration expense and compensation
of up to three wells at $120mn (gross).
CEO of ReconAfrica $19.2mn, total liabilities of $372,138 and total June 30, 2020 (Q1-2021), when compared to the
As at June 30, 2020, Eco had total assets of costs incurred during the three months ended
Reconnaissance Energy Africa (ReconAfrica equity of $18.8mn. three months ended March 31, 2020 (Q4-2020),
is pleased to announce the Company’s Board 58% cost reduction this quarter in response by 58%.
of Directors has appointed Scot Evans as Chief to COVID-19 strict cost cutting measures taken The action generated material significant sav-
Executive Officer effective August 24, 2020. He as of April 2020. ings and has ensured the business remains well
will succeed Jay Park, who will become Chair- The Company has changed its presentation capitalised, with no debt on the balance sheet, for
man of the Board. currency from Canadian Dollars to US Dollars its 2021 drilling and exploration plans.
Evans, most recently the Company’s Chief to better reflect the business activities and future Gil Holzman, President and Chief Execu-
Operating Officer, is an energy industry leader operations which will be predominantly in US tive Officer of Eco Atlantic, commented: “The
with a combined 35 years of experience with Dollars, and to improve investors’ ability to com- Company has made significant strides towards
Exxon and Halliburton. Prior to joining Recon- pare the Company’s results to its industry peers. advancing its asset portfolio in 2020. Due to the
Africa in November, 2019, Evans was Vice Operations, Guyana: The Orinduik JV part- actions taken, Eco remains well capitalised and
President of Halliburton’s Integrated Asset ners are further defining the Orinduik geolog- fully funded for a further drilling campaign in
Management and Technical Consulting organ- ical modeling, previous discoveries, prospects Guyana and additional activity elsewhere.
isations, where he grew production from 20,000 maturation and drilling targets selection. The “In Guyana, we have made excellent progress
to over 100,000 barrels of oil equivalent per day Partners are also reviewing and incorporating with high grading and further defining multiple
(boepd), creating the equivalent of a Mid-Cap the latest Kanuku Block Carapa-1 light oil dis- highly prospective drilling prospects. Alongside
upstream oil company. His experience in the US covery up dip and behind Orinduik and addi- our JV Partners, we firmly believe in the upside
spans the Permian, Eagle Ford and Monterey tional regional exploration information into potential of the Block and we look forward to
plays, and internationally in Algeria, Kuwait, the models. The intention is to provide further recommencing drilling activity in 2021. We look
India, Angola, Ecuador and Mexico. He is an definition to the Cretaceous interpretation and forward to updating the market on our plans in
expert in developing new field resources. target selection for drilling. the coming months.
“With the announcement of the exceptional On June 30, 2020, the Company and its “In Namibia, we continue to see increasing
success of our recent funding initiative, Scot Partners on the license approved a budget in interest in the country’s offshore oil potential,
Evans will provide the right balance of leader- the amount of approximately $5mn through to especially with another set of exploration wells
ship, operational and technical excellence as the December 31, 2020, for 3D reprocessing based planned by other operators over the coming 12
Company now focuses on executing its high on new regional results and target selection. The months. We have an important strategic acreage
impact drilling programme in opening the deep Company’s share of this budget is $750,000. position offshore Namibia and expect any suc-
Kavango Basin,” stated Park. Outlook, Guyana: Alongside its JV Partners, cessful drilling activity in the region to benefit us.
The Company would like to thank Park for multiple drilling prospects on the license are “Despite the challenging macro backdrop,
his valued leadership of ReconAfrica to date. In currently being reviewed. High-graded can- Eco has a resilient business model and has
his role as Chairman of the Board, the Company didates will be considered for the next drilling taken decisive action to preserve the Company’s
will continue to benefit from Park’s guidance and programme. Eco remains fully funded for a fur- liquidity. We continue to benefit from strategi-
depth of knowledge in international oil and gas ther drilling programme on the Orinduik Block cally important acreage positions in two explo-
law. and, subject to JV Partner approval, anticipates ration hotspots and from a strong partnership
ReconAfrica is a junior oil and gas company drilling at least two exploration wells into light and cooperation with our biggest shareholder
engaged in the opening of the newly discovered oil Cretaceous targets in 2021. Further updates Africa Oil Corp., and I look forward to updating
deep Kavango Sedimentary Basin, in northeast- on this matter will be made as appropriate. the market on developments over the coming
ern Namibia and northwestern Botswana where The Orinduik JV partners are Eco Atlantic months.”
the Company holds petroleum licenses compris- (15% working interest (‘WI’)), Tullow Guyana Eco (Atlantic) Oil & Gas, August 20 2020
ing approximately 8.75mn contiguous acres. (Operator, 60% WI) and Total E&P Guyana
ReconAfrica, August 25 2020 (25% WI).
Outlook, Namibia: Eco continues to benefit
from a strategically significant acreage position
PERFORMANCE in-country and is progressing its various work
programmes offshore Namibia. The company is
Eco (Atlantic) releases witnessing an increased interest from multiple
IOCs in Namibia.
unaudited Q2-2020 results ing drilling activity in the region, which could
The Company continues to monitor upcom-
Eco (Atlantic) Oil & Gas, the oil and gas potentially see up to five exploration wells drilled
exploration company with license interests in on behalf of ExxonMobil, Total, Maurel & Prom,
Guyana and Namibia, has announced its results Shell and ReconAfrica in the next 12 months,
for the three months ended 30 June 2020, along- expected to start Q4-2020.
side a corporate and operational update. Corporate: Due to the COVID-19 pandemic
Financials: As at June 30, 2020, the Company and lower oil price environment, Eco took deci-
had cash and cash equivalents of $17.9mn with sive action to quickly reduce costs throughout

Week 34 26•August•2020 www. NEWSBASE .com P19