Latest news with #Section11
Yahoo
2 days ago
- Business
- Yahoo
Eco (Atlantic) Oil and Gas Ltd. Announces Exploration Right & 75% Interest in Block 1
Eco Atlantic Secures Exploration Right and Transfer of 75% Interest in Block 1 - South Africa's Orange Basin TORONTO, ON / / June 4, 2025 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), a leading independent oil and gas exploration company focused on the Atlantic Margin, is pleased to announce that, further to the Farm-In Agreement announced on 5 June 2024, formal approval has been received from the South Africa Department of Mineral and Petroleum Resources for both the Exploration Right and Section 11 transfer. Accordingly, Eco has now secured a 75% Working Interest and full Operatorship of Block 1 offshore South Africa - one of the most strategically positioned assets in the highly prospective Orange Basin. The Section 11 approval was the final condition precedent to establishing full legal transfer of Eco's working interest in Block 1 from Tosaco Energy (Proprietary) Limited ("Tosaco"), and the associated milestone payment has been made by Eco. This acquisition, completed through Eco's wholly owned subsidiary Azinam South Africa Limited ("Azinam"), significantly expands the Company's Southern African Orange Basin footprint and positions it as a key Operator at the forefront of one of the world's most active and hydrocarbon-rich basins. The remaining 25% interest is held by Tosaco. Block 1, which spans a vast 19,929km², straddles the border between South Africa and Namibia - directly adjacent to recent world-class discoveries by Galp Energia (Mopane), Shell (Graff, La Rona), TotalEnergies (Venus), Rhino Resources (Capricornus-1X), and the legacy Kudu Gas Field. The block offers full margin transect coverage from the shoreline to deepwater (shore to 263km offshore, in water depths up to 1,000m), encompassing both shallow and deepwater exploration potential. As previously announced, Eco has already acquired and is analyzing an extensive and high-quality dataset, including both 2D and 3D seismic surveys and regional well logs. The block includes the historic Soekor AF-1 gas discovery, which tested at 32.4 MMscfd, and Soekor AE-1, which encountered oil and gas shows which provides clear evidence of an active petroleum system. The Company anticipates launching a formal farm-out process in respect of its interest in Block 1 in August 2025, with respect to which further updates will be provided in due course. Block Summary: Area: 19,929km² offshore South Africa Location: Strategically positioned on the South Africa-Namibia maritime border Extent: From shoreline to ~263km offshore, covering the full margin transect Geological Scope: Broad spectrum of shallow and deepwater oil and gas prospects Water Depths: Shallow shelf to deepwater environments up to 1,000 meters Proven Petroleum System: Adjacent and geologically analogous to multiple recent discoveries: Galp Energia - Mopane, Shell - Graff and La Rona, TotalEnergies - Venus, Rhino Resources - Capricornus-1X (light oil), Historic Soekor Discoveries - AF-1 (32.4 MMscfd gas test) and AE-1 (oil and gas shows), Kudu Gas Field Eco Atlantic remains committed to disciplined, value-driven exploration. With a strong technical foundation, entrepreneurial execution, and an unwavering focus on high-impact opportunities, it continues to position itself as a trusted partner in unlocking frontier basins and delivering long-term shareholder value. The Company has established itself well in Namibia with four Blocks currently being reviewed by international players to farm-in and has a near term drilling opportunity in Guyana that it is currently negotiating with partners to participate in the block. Gil Holzman, Co-Founder and CEO of Eco Atlantic, commented: "As the Orange Basin continues to demonstrate its world-class hydrocarbon proof and potential, Eco's executive team has worked relentlessly over the past 18 months to secure a premier asset on the South African side of the basin. With the successful approval and execution of the Exploration Right and 75% Working Interest award, we are proud to have secured one of the largest and prospective blocks in the entire basin with a known hydrocarbon footprint - Block 1 - located directly on the South Africa-Namibia maritime border. Block 1 adds to our portfolio in the Orange basin which also includes Block 3B/4B operated by TotalEnergies. "We are grateful for the productive collaboration with the Government of South Africa and its key agencies, particularly our valued partners at the Petroleum Agency South Africa ("PASA"). I was honoured to attend the signing ceremony yesterday at PASA's offices in Cape Town. This milestone reflects the dedication and strategic focus of our leadership team in securing an asset with existing hydrocarbon evidence and significant upside potential and aligning with our strategy to partner directly with governments to secure agreements in high potential secure jurisdictions and to lay groundwork for future partnerships. "Our technical team has already begun analysing the extensive, high-quality 2D and 3D seismic, and well logs data, which materially accelerates our path to drilling while reducing early-stage exploration costs and timelines. The block's prior discoveries, including tested gas flows and oil shows, confirm the presence of an active petroleum system. "Initial interpretation is underway, and we are in the process of delineating early leads to develop the exploration strategy. We are already seeing significant inbound interests from international oil companies and mid-tier partners. As a result, we anticipate launching a formal farm-out process in August with further updates to follow in due course." ENDS For more information, please visit or contact the following. Eco Atlantic Oil and Gas c/o Celicourt +44 (0) 20 8434 2754 Gil Holzman, Chief Executive OfficerColin Kinley, Chief Operating OfficerAlice Carroll, Head of Corporate Sustainability Strand Hanson (Financial & Nominated Adviser) +44 (0) 20 7409 3494 James HarrisJames Bellman Berenberg (Broker) +44 (0) 20 3207 7800 Matthew ArmittCiaran WalshDetlir Elezi Celicourt (PR) +44 (0) 20 7770 6424 Mark AntelmeJimmy LeaCharles Denley-Myerson About Eco Atlantic: Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore license interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure. Offshore Guyana, in the proven Guyana-Suriname Basin, the Company operates a 100% Working Interest in the 1,354 km2 Orinduik Block. In Namibia, the Company holds Operatorship and an 85% Working Interest in four offshore Petroleum Licences: PELs: 97, 98, 99, and 100, representing a combined area of 28,593 km2 in the Walvis Basin. Offshore South Africa, Eco holds a 5.25% Working Interest in Block 3B/4B and a 75% Operated Interest in Block 1, in the Orange Basin, totalling approximately 37,510km2. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements Certain information set forth in this document contains forward-looking information and statements including, without limitation, management's business strategy, and management's assessment of future plans and operations. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future, including successful negotiation of farm-in agreement, results of exploration as proposed or at all. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "potential" or similar words suggesting future outcomes or statements regarding future performance and outlook. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include risks and uncertainties identified under the headings "Risk Factors" in the Company's annual information form dated July 29, 2024 and other disclosure documents available on the Company's profile on SEDAR+ at The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law. The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: Eco (Atlantic) Oil and Gas Ltd. View the original press release on ACCESS Newswire
Irish Independent
25-05-2025
- General
- Irish Independent
Rural Cork community welcomes the demolition of a derelict inn that had become a local ‘eyesore'
Work is already well underway on the clearance of the Lee Valley Inn site in Dripsey, Co Cork Corkman Today at 03:00 The Lee Valley Inn in Dripsey was placed on the Cork County Council's Derelict Site Register in October 2021, with works to demolish the building having commenced on May 6. A Section 11 notice under the Derelict Sites Act was issued to the owners of the premises on April 24, which required them to carry out the schedule of works specified to render the site non-derelict.
United News of India
14-05-2025
- Business
- United News of India
Torrent Power net profit surges 63 pc in FY 2024-25
Ahmedabad, May 14 (UNI) Torrent Power Ltd on Wednesday reported a 63 percent jump in its total comprehensive income (net profit) for the financial year 2024-25 at Rs 3,059 crore, as against Rs 1,882 crore in the previous year. The robust performance was attributed to increased contributions from its gas-based power plants and distribution businesses, lower tax outgo due to reversal of deferred tax liabilities of Rs 637 crore (a one-time, non-cash item), and gains from sale of non-current investments. However, the company's renewable segment saw reduced contribution owing to lower plant load factor (PLF) from adverse weather and partial commissioning of solar projects under stabilisation. Torrent Power's revenue from operations rose seven percent to Rs 29,165 crore in FY25, compared to Rs 27,183 crore in FY24. EBITDA grew 18 percent year-on-year to Rs 5,795 crore. For the fourth quarter, TCI jumped 142 percent to Rs 1,085 crore, even as revenue fell marginally by one per cent to Rs 6,456 crore. Despite increased capex and commissioning of additional renewable generation capacity, leading to higher finance and depreciation costs, the company maintained a strong financial position with a Net Debt\\\\\\\\:Equity ratio of 0.40 and Net Debt/EBITDA ratio of 1.41 as of March 31, 2025. Commenting on the results, Torrent Power Chairman Samir Mehta said, 'FY25 was a transformative year for the company, marked by significant advancements across operational, financial and strategic growth initiatives. Our successful Rs 3,500 crore equity raise via QIP — the first by the Torrent Group in over three decades — reinforces investor confidence in our future prospects.' He added that the company's gas-based plants performed well in the merchant market and under Section 11 mandates, and the distribution segment set new operational benchmarks with a record-low distribution loss of 2.34 percent in licensed areas. In Agra, AT\\\\\\\\&C losses fell sharply to 6.94 percent from 58.77 percent in 2010. Torrent Power has a strong pipeline, including over 3 GW of renewable projects and 3 GW of pump storage hydro capacity under development. The company also signed India's first Energy Storage Facility Agreement with MSEDCL for supplying 2,000 MW/16,000 MWh of Pumped Storage Hydro Power over 40 years. The Board has recommended a final dividend of Rs five per equity share, taking the total dividend for FY25 to Rs 19 per share, including an interim dividend of Rs 14. Torrent Power, part of the Rs 45,000 crore Torrent Group, is an integrated power utility with operations spanning generation, transmission and distribution. It has an installed generation capacity of 4,838 MWp and distributes around 31 billion units of power annually to over 4.21 million customers across multiple states and Union Territories. UNI BDN SS
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Business Standard
14-05-2025
- Business
- Business Standard
Tata Power Q4 results: Profit up 25% to ₹1,306 cr; revenue rises 7%
Riding on the growth of its solar business, Tata Power, an integrated private power company, on Wednesday reported a 25 per cent jump in net profit to ₹1,306 crore during the fourth quarter of the financial year 2024-25 (Q4FY25). The company also registered a 7 per cent spike in its revenue which came in at ₹17,328 crore during the same period. 'Higher power sales from all generating plants, ramp up of all module and cell lines in Tirunelveli, significant strides in solar rooftop business pan-India (achieving 1.5 lakh installation milestone) contributed significantly to the overall growth,' said a statement by Tata Power. Tata Power has business interests across coal fired power plants, solar power generation, solar manufacturing, power transmission and distribution. In its statement, the company said, it has posted its highest ever annual revenue of ₹64,502 crore for FY25. Its profit after tax for the full year rose by 26 per cent to ₹5,197 crore, crossing the milestone of ₹5,000 crore mark for the first time, it said. 'For the first time, we surpassed 1 GW in renewable capacity additions within a single year and are now targeting 2 GW in FY26. Our rooftop solar business has performed impressively, reaching over 150,000 installations, with a total installed capacity of 3 GW. Additionally, our 4.3 GW cell and 4.3 GW module manufacturing facility in Tirunelveli, Tamil Nadu produced 3,291 MW of modules and 846 MW of cells during the year. Our distribution segment also delivered strong results, with PAT from Odisha Discoms surging 3 times in Q4FY25 and 43 per cent in FY25,' said Praveer Sinha, CEO and Managing Director, Tata Power. Sinha said that to meet the expected peak demand of 277 GW, all their renewable and thermal generation plants would continue to operate at optimal capacity to ensure the most cost-effective and reliable power supply. For its imported coal run power plant in Mundra, the Centre has again extended the Section 11 mandate which requires them to run the plant at an optimal rate. During FY25, Tata Power successfully supplied over 64.7 billion units of electricity to the grid through its diverse portfolio of conventional and renewable generation assets, playing a key role in meeting the country's rising energy demand, the company said in its statement.
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Business Standard
14-05-2025
- Business
- Business Standard
Changes in ITR Form 6 for 2025: Key updates taxpayers should know
The Central Board of Direct Taxes (CBDT) has notified revised Income Tax Return (ITR) forms for assessment year (AY) 2025-26. ITR Form 6, used by companies not claiming exemption under Section 11, has several changes that reflect amendments to the Income Tax Act, particularly those introduced through the Finance (No. 2) Act, 2024. Naveen Wadhwa, vice-president at Taxmann, explains changes in ITR Form 6. Key changes in ITR form 6 Reporting under section 44BBC for cruise shipping companies A new presumptive taxation scheme under Section 44BBC has been introduced for non-resident operators of cruise ships. ITR Form 6 now includes fields in Schedule BP and Part A-Gen to report income computed under this new scheme. 20 per cent of gross receipts from cruise services will be considered as deemed profit. Tax audit may not be required, following the same approach as Section 44B. Following changes effective from July 23, 2024: Short-term capital gains under Section 111A will be taxed at 20 per cent, instead of 15 per cent. Long-term capital gains under Sections 112 and 112A will attract a flat 12.5 per cent tax without indexation. The form requires separate disclosures based on whether the asset was transferred before or after July 23, 2024. Buyback proceeds as deemed dividend Effective October 1, 2024, buyback proceeds from domestic companies are taxable in the hands of shareholders under Section 2 (22) (f). ITR Form 6 reflects this by shifting such income to the 'other sources' schedule. Capital gains arising from buybacks are to be reported as nil, resulting in a notional capital loss. Unlisted bonds under section 50AA The form captures gains from unlisted bonds and debentures transferred after July 23, 2024, as short-term capital gains, as per the widened scope of Section 50AA. 'These revisions ensure alignment with updated tax provisions while making the form more comprehensive for corporate filers,' said Wadhwa. With enhanced disclosures and category-specific fields, companies will need to prepare well for taxes to avoid compliance hurdles.
