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 Chief Executive Gil Holzman.
Current stock price: 22.95 pence
Year-to-date change: down 1.3%
By Ife Taiwo; [email protected]
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