Eco Atlantic reports wider full-year net loss

(Sharecast News) - Eco Atlantic reported a widened full-year net loss of $7.5m on Thursday, compared with $2.3m a year earlier, while year-end cash more than doubled to $10.7m following a $10m equity raise. The AIM-traded offshore explorer remained debt free, with total assets of $30.7m and equity of $17.8m at 31 March.

It highlighted farm-down agreements with BP in Namibia and Navitas in South Africa, alongside progress on its proposed acquisition of JHI and discussions over a new licence for the Orinduik block offshore Guyana.

Eco also said it would move from quarterly to semi-annual financial reporting, subject to meeting the relevant eligibility requirements.

At 1228 BST, shares in Eco Atlantic Oil & Gas were down 0.34% at 58.4p.

Reporting by Josh White for Sharecast.com.

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