Category Archives: BVI Company strategy

Eco Oil and Gas Limited Ltd reported financial results for nine months ended 31 December 2016

BVI-registered and Canada-based oil and gas exploration company Eco (Atlantic) Oil & Gas Ltd. announced its financial results for the three and nine month period ended December 31, 2016, as well as provided and update on its corporate achievement for the first half of 2017.

For the nine month period, Eco Oil & Gas reported continued reduction of general and administrative costs, compensation expenses and professional fees from a total of CDN $1,144,000 for the same period of the previous year to CDN $798,000. The BVI company has met all of its current work commitments under the various Petroleum Agreements’ and is being cost carried and sufficiently funded to continue its exploration projects for the current fiscal year.

In February 2017, Eco Oil & Gas Ltd. completed admission of its common shares to trading on the AIM market of the London Stock Exchange. CDN $8.4mln raised by the company will allow it to augment the activities achieved during the nine month period ended December 31, 2016. Company’s cash and cash equivalents make $6.9mln by the date of the report, following the admission and financing.

Also, the BVI company completed sale of its interest in Eco Atlantic Ghana Ltd. to PetroGulf Ltd., which has significantly reduced its liabilities and has allowed it to focus attention on the Guyana and Namibia operations.

Sable Mining changes its name and delists from AIM market

BVI-registered resource and mining company Sable Mining Africa Ltd has announced the results of the Extraordinary General Meeting held on October 7 2016. As a result of the company EGM, the BVI company cancelled trading of its Ordinary Shares on the AIM market, starting from 17 October 2016. Following the cancellation, the company will continue to investigate putting in place a Matched Bargain Facility to assist shareholders to trade in Ordinary Shares, and to maintain and update the website.

Also, at the EGM the resolution was passed to change the company name to Consolidated Growth Holdings Limited. From the date of trade cancellation, company’s existing website will be replaced in a new one at www.cgh-limited.com.

Andrew Groves, CEO of Sable Mining, said in his comments on the changes that the company believes the Cancellation to be in the best interests of its shareholders, and will continue to strive to maximise shareholder value following the cancellation.

Orca Exploration issued information about discussions with third parties

In July, BVI-based Orca Exploration Group Inc. issued press release as an answer to speculations regarding potential sale of the company, where announced that it is in discussions with the third parties which have made unsolicited approaches to the company relating to its sale, asset disposal, strategic investments and other transactions.

The company stated in the press release that it has not entered into any agreement and cannot assure that these discussions will lead to a binding agreement. Also, Orca will not make further announcements regarding these proposals until either an agreement has been reached or discussions are terminated.

The BVI group also announced that it has recently received a US$5.96 million payment from TANESCO against arrears. Currently, TANESCO owes Orca Exploration US$52.4 million of which US$46.0 million is overdue, and Orca continues to pursue the full repayment of arrears.

BVI company announced listing its shares on CNSX

Portage Biotech Inc., the British Virgin Islands company engaged in researching and developing pharmaceutical and biotech products, made an announcement that the common shares of Portage will be listed for trading on the Canadian National Stock Exchange effective October 28, 2013, in US currency, under the symbol PTB.U.

The shares of the BVI company will also continue to be quoted and traded on the OCBB Board of NASDAQ, under the trading symbol PTGEF.

Chief Financial Officer Mr. Kam Shah commented on company’s listing: “Portage is looking forward to this listing on the CNSX. Listing on this recognized stock exchange will provide additional liquidity to our shareholders, access to larger capital markets, make our shares eligible for tax free savings and RRSP accounts for our Canadian investors and increase our visibility and creditability as a Canadian listed public company.”