⬆️⬆️⬆️ REVENUE ⬆️ ⬆️ ⬆️17 Dec 2024 12:33
Abstract from latest RNS....
Revenue during the six-month period multiplied to USD7.5 million from USD1.7 million.
The company said it had no debt and USD8.0 million in cash and cash equivalents at the end of September.
Eco Atlantic said it had also received the first payment of USD8.3 million from its joint venture partners following the completion of the farm-down of a block offshore South Africa.
The company expects an additional USD11.5 million during 2025 when further deadlines are reached. Eco Atlantic said this move demonstrates its commitment to its South African portfolio while maintaining exposure to the "highly prospective" Orange Basin.
Chief Executive Officer Gil Holzman said: "Eco also increased its exposure to South Africa's Orange Basin growing offshore energy acreage through the acquisition of a 75% working interest in block 1, while taking the strategic decision to relinquish block 2B. Both of these developments further indicate Eco's ability to take strategically prudent decisions to maximise the company's exposure to exciting jurisdictions. With active farm-out discussions ongoing in Namibia and Guyana, we are well-positioned to capitalise on high levels of interest from potential partners in these exciting exploration regions."