13th May 2019 13:28
LONDON (Alliance News) - Natural resources-focused investment firm Westmount Energy Ltd said Monday it more than halved its stake in Eco Atlantic Oil & Gas Ltd in a sale that raised GBP1.3 million.
Westmount sold the 1.6 million shares in Eco Atlantic in order to utilise the funds raised to "pursue value opportunities in the emerging Guyana-Suriname Basin." The firm explained its investment in Eco Atlantic had proven to be an "outstanding investment", with return on capital invested standing at more than five times to date.
Following the sale, Westmount continues to hold a 1.5 million shares stake in Eco Atlantic, equivalent to slightly less than 1% of its total share capital.
Shares in Westmount were 4.8% higher at 15.45 pence on Monday, Eco Atlantic up 7.2% at 89.00 pence.
Related Shares:
Westmount Engy.