Reconnaissance Energy Africa Ltd. press release

Ecora Resources optimistic about a strong finish to 2023 as transition continues

2023-10-31

TSXV - TSX Venture Exchange · Oil · Natural Gas · Natural Gas Liquids · Canada · Corporate Finance

--News Direct--

Ecora Resources PLC chief financial officer Kevin Flynn joins Proactive's Stephen Gunnion with insights on the company's third-quarter trading update.

Flynn highlighted that the 3Q performance was in line with expectations, suggesting it could be the lowest point due to a transition from the Kestrel operations in Australia towards ramping up other assets.

However, he remained optimistic about a strong finish to the year, anticipating more volumes from Kestrel in the first quarter of next year. Flynn also discussed ongoing development projects that are poised to fuel future growth. Significant focus was placed on the Voise's Bay ramp-up and the positive developments at West Musgrave in connection with BHP's operation of the activity there.

He emphasized that while catalysts will take time, Ecora is optimistic about future prospects, especially with the prospect of near-term cash flow. Furthermore, Flynn touched upon a recent $20 million deployment for the Vizcachitas copper royalty, stating that despite subdued markets, opportunities abound. With liquidity on their balance sheet, Ecora eyes assets nearing production and those requiring final capex.

Flynn reaffirmed the company's commitment to discipline, focusing on projects with substantial potential for long-term earnings growth.

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