Saturday, January 28, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home Market

Eco Atlantic Oil and Gas Ltd says renewable spin-out Solear could IPO later this year

8 months ago
in Market
Eco Atlantic Oil and Gas Ltd says renewable spin-out Solear could IPO later this year
Share on FacebookShare on Twitter


“We are very excited about both the near-term opportunities that Solear brings,” said Gil Holzman.

Latest Oil News

Chevron profits slip as oil and gas prices fall

Chevron profits slip as oil and gas prices fall

January 27, 2023
Big Oil’s cash bonanza | Financial Times

Big Oil’s cash bonanza | Financial Times

January 26, 2023
NYC pension schemes test support for climate action at bank meetings

NYC pension schemes test support for climate action at bank meetings

January 25, 2023
Oilfield services groups cheer ‘structural upcycle’ after highly profitable year

Oilfield services groups cheer ‘structural upcycle’ after highly profitable year

January 24, 2023

Eco Atlantic Oil and Gas Ltd (LON:ECO) has renamed its new renewable energy venture Solear Ltd as it seeks a possible spin-out later this year.

In January, it partnered with Nepcoe Capital Partners to launch a joint venture company to source, acquire and develop a pipeline of renewable power opportunities – initially named Eco Atlantic Renewables.

The new name better reflects the standalone nature of the business, the company said.

READ: Eco Atlantic launches solar venture

Solear, which is funded by a US$6mln loan from Eco, last month acquired its first asset which is a fully contracted, permitted, and build ready project in Greece.  The first project, known as Kozani, is expected to be followed by opportunities in other southern European countries, including Spain, Italy, and Greece.

Eco noted that Solear is targeting a ‘financing event’ this year, which could come in the form of a private financing and/or stock market IPO.

“Our recent strategic investment into Solear Ltd. demonstrates our drive and determination to use our cash reserves wisely alongside high impact exploration drilling,” said chief executive Gil Holzman.

“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”

Oil business funded for exploration

For the oil and gas business, meanwhile, Thursday’s financial results statement for the nine-month period ending December 31 highlighted that the company remains fully funded for its participation in a planned two well exploration programme offshore Guyana.

At December the company had US$16.35mln of cash and the pre-revenue firm reported a net loss of US$642,375.

Operationally, the company said multiple light sweet oil drilling prospects are currently being reviewed. High graded prospects are being lined up for drilling.

The company said that Guyana continues to be one of the most prolific exploration regions in the world, hosting more than 9bn barrels of oil discovered in the last five years in blocks neighbouring the company’s Orinduik block.

“We continue to work with our partners in the Orinduik block to finalise drilling selection and look forward to recommencing drilling activity in the coming months,” Gil Holzman said.

“We remain very confident in Guyana’s prospectivity as a hydrocarbon basin and the upside potential it offers. The recent increase in oil prices makes our existing discoveries in Guyana and drilling prospects inventory ever more attractive.”



www.proactiveinvestors.co.uk

Tags: AtlanticEcoGasIPOoilRenewableSolearspinoutyear
Previous Post

Senior Canadian officials unite to support offshore industry

Next Post

Oil prices go up Tuesday

Related Posts

Chevron profits slip as oil and gas prices fall

Chevron profits slip as oil and gas prices fall

by Oil Market News
January 27, 2023
0

Chevron announced record earnings for 2022 but its fourth-quarter profits slipped from previous months in a sign that Big Oil’s...

Big Oil’s cash bonanza | Financial Times

Big Oil’s cash bonanza | Financial Times

by Oil Market News
January 26, 2023
0

This article is an on-site version of our Energy Source newsletter. Sign up here to get the newsletter sent straight to...

NYC pension schemes test support for climate action at bank meetings

NYC pension schemes test support for climate action at bank meetings

by Oil Market News
January 25, 2023
0

New York City has filed demands for tougher climate change action from US banks on behalf of retirement schemes worth...

Oilfield services groups cheer ‘structural upcycle’ after highly profitable year

Oilfield services groups cheer ‘structural upcycle’ after highly profitable year

by Oil Market News
January 24, 2023
0

The “Big Three” international oilfield services groups last year registered their most profitable 12 months since the heyday of the...

EU/diesel: loss of Russian imports supportive for independent refiners

EU/diesel: loss of Russian imports supportive for independent refiners

by Oil Market News
January 23, 2023
0

On the whole, the ban on Russian crude oil has worked well. It has lowered revenues for Russia without causing...

Dutch government aims to close Europe’s largest gasfield this year

Dutch government aims to close Europe’s largest gasfield this year

by Oil Market News
January 22, 2023
0

The Netherlands wants to close Europe’s largest gasfield this year because it is “very dangerous” to keep operating it, according...

Next Post
Oil prices go up Tuesday

Oil prices go up Tuesday

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Top 5 Things to Watch in Markets in the Week Ahead

Top 5 Things to Watch in Markets in the Week Ahead

8 months ago
Canadian Overseas Petroleum Limited arranges up to £2mln of equity funding to boost

Canadian Overseas Petroleum Limited arranges up to £2mln of equity funding to boost

9 months ago
Oil Price | HPCL | HPCL share price: Fuel prices will average out in long run;

Oil Price | HPCL | HPCL share price: Fuel prices will average out in long run;

9 months ago
Investors rush to US oil and gas bonds as energy prices boost finances

Investors rush to US oil and gas bonds as energy prices boost finances

9 months ago
U.S. public pension funds seen turning to more ‘aggressive’ investment

U.S. public pension funds seen turning to more ‘aggressive’ investment

9 months ago
ADVERTISEMENT
Bob Simpson’s TXO Energy goes public, soars 10% on first trading day

Bob Simpson’s TXO Energy goes public, soars 10% on first trading day

January 27, 2023

Internet of Things-as-a-Service to Enable Improved Opportunities

January 27, 2023

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

January 27, 2023

White House blasts Big Oil stock buybacks again as Chevron profits double

January 27, 2023

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

January 27, 2023

Trinity To Spud Jacobin Well In Second Quarter Of 2023

January 27, 2023

Crude Oil

German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

January 27, 2023
Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

January 26, 2023
Opinion | Should the Strategic Petroleum Reserve Be Used Now?

Opinion | Should the Strategic Petroleum Reserve Be Used Now?

January 25, 2023
Rising Crude, Oil Products Inventories Weigh On Oil Prices

Rising Crude, Oil Products Inventories Weigh On Oil Prices

January 24, 2023

Investing

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

January 27, 2023
ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

January 26, 2023
Chevron goes big with new $75 billion buyback, surpassing Exxon’s By Investing.com

Chevron goes big with new $75 billion buyback, surpassing Exxon’s By Investing.com

January 25, 2023
Oil falls $2/barrel on economic jitters, U.S. crude stock build By Reuters

Oil falls $2/barrel on economic jitters, U.S. crude stock build By Reuters

January 24, 2023

Market

Chevron profits slip as oil and gas prices fall

Chevron profits slip as oil and gas prices fall

January 27, 2023
Big Oil’s cash bonanza | Financial Times

Big Oil’s cash bonanza | Financial Times

January 26, 2023
NYC pension schemes test support for climate action at bank meetings

NYC pension schemes test support for climate action at bank meetings

January 25, 2023
Oilfield services groups cheer ‘structural upcycle’ after highly profitable year

Oilfield services groups cheer ‘structural upcycle’ after highly profitable year

January 24, 2023

OPEC

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

January 27, 2023
Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

January 26, 2023
Oil Steadies as Traders Look to China, OPEC for Fresh Triggers

Oil Steadies as Traders Look to China, OPEC for Fresh Triggers

January 25, 2023
FG tasks 2023 OPEC’s President on attracting investments in oil

FG tasks 2023 OPEC’s President on attracting investments in oil

January 24, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.