IN BRIEF: Eco Atlantic Loss Narrows; Plans Spin Out Of Solear JV
Thu, 25th Feb 2021 14:49
Eco Atlantic Oil & Gas Ltd - oil and gas exploration company focused on Guyana and Namibia - For the nine months ended December 31, posts net loss of USD2.1 million, narrowing significantly from USD21.1 million recorded the year prior, despite revenue plunging to USD41,779 from USD309,186. This is as total expenses fell to USD2.2 million from USD21.1 million.
Looking ahead, Eco Atlantic says it is seeking an IPO later in the year for its renewable energy joint venture Solear Ltd. We are very excited about both the near-term opportunities that Solear brings, as well as the long-term benefits that come with broadening our asset portfolio. Solear has a highly attractive pipeline of low cost, high yield solar PV projects, that have the potential to generate high IRR returns for our shareholders. As ever, we look forward to keeping the market updated on our progress over the coming months, says
Eco Atlantic Oil & Gas Ltd (AIM:ECO) | RNS | Eco (Atlantic) O&G - Unaudited Results and Corporate Update
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Solar deal launches Eco Atlantic Oil & Gas Ltd as a growing diversified energy company
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Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), the oil and gas exploration company with licences in proven oil province in Guyana and the highly prospective basins in Namibia, is pleased to announce that it has formed a new company ( Eco Atlantic Renewables ) with Nepcoe Capital Partners Ltd. ( Nepcoe ), a renewable energy developer and investment company, to source, acquire and develop an exclusive pipeline of potential high yield solar projects. Eco (Atlantic) Oil & Gas Ltd. ( Eco Atlantic ) owns 70% of Eco Atlantic Renewables and the remaining 30% is owned by Nepcoe.
Highlights · Eco Atlantic Renewables has been formed to source, acquire, and develop exclusive renewable energy projects and to create value through low cost, high yield, solar power development.
Tue, 26th Jan 2021 19:25
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
Manolete Partners PLC - insolvency litigation financing firm - Says record case completions and record completed case cash inflows . Says completed 95 cases in nine months ended December 31, at gross settlement value of GBP23.9 million, comfortably exceeding board expectations . Gross cash collected from completed cases in the first nine months of financial year up 60% annually to record of GBP9.3 million. The board expects realised profits to be above, but unrealised profits to be significantly below, market expectations and therefore for the company to be overall marginally EBIT profitable in H2, Manolete adds.