Eco (Atlantic) Oil & Gas Ltd V.EOG

Alternate Symbol(s): ECAOF

Energy Oil & Gas E&P

Eco (Atlantic) Oil & Gas Ltd. is a Canada-based oil and gas exploration company with offshore licensed interests in Guyana, Namibia, and South Africa. The Company operates a 100% working interest in the 1,354 square kilometers (km2) Orinduik Block in Guyana. The Orinduik Block is situated in shallow to deep water (70m-1,400m), approximately 170 kilometers (km) offshore Guyana in the Suriname Guyana basin. The Company holds operatorship and an 85% working interest in four offshore petroleum licenses in the Republic of Namibia, being petroleum exploration licenses (PELs) 97 (the Cooper License); 98 (the Sharon License); 99 (the Guy License); and 100 (the Tamar License), representing a combined area of approximately 28,593 km2 in the Walvis Basin. In South Africa, the Company holds an approximately 6.25% working interest in Block 3B/4B and pending government approval of a 75% operating interest in Block 1, in the Orange Basin, totaling some 37,510km2.

TSXV:EOG - Post by User

Eco (Atlantic) Oil & Gas Ltd > Use of cash

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Post by Lonegaurdian19on Dec 04, 2024 11:18am

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Post# 36345225

Use of cash

Bear with me here:

We have $6 million in cash with another $11 on the way

Current SP $.12 USD

0 costs aside from overhead (full carry for SA well)

Only positive catalysts ahead of us (drilling or farm down)

Future SP with drilling occurring or a farm down (best guess $.20 - $.30)

Short term plan

Buy back 10,000,000 shares now for $1,200,000

Reissue 7,000,000 shares (@$.20 = $1.4 mil, @$.30 = $2.1 mil)

Result: reduction of net share count of 3,000,000 shares + (after fees of -$100,000) $100,000 - $800,000 more cash on the balance sheet

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