TIDMECO

RNS Number : 2643Y

Eco (Atlantic) Oil and Gas Ltd.

12 January 2022

12 January 2022

ECO (ATLANTIC) OIL & GAS LTD.

("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the "Group")

Exercise of Options

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG) , the oil and gas exploration company focused on the offshore Atlantic Margins, announces that, on 12 January 2022, six directors of the Company and one senior manager elected to exercise 4,450,000 options over common shares of no par value ("Common Shares") which were due to expire at midnight on 12 January 2022, at an exercise price of CAD $0.30 (the "Options Exercise"), as detailed in the PDMR Notifications below.

In order to effect a cashless exercise, as permitted under the Company's Stock Option Plan, and minimise dilution to shareholders, the Board has agreed to issue, in aggregate, 1,599,999 common shares in lieu of the 4,450,000 options exercised, based on the closing price of the Company's Common Shares on the TSXV on 11 January 2022 of CAD0.45.

Pursuant to the Options Exercise, application has been made for admission of 1,599, 999 new Common Shares, which will rank pari passu with existing Common Shares, to trading on AIM ("Admission"). It is expected that Admission will become effective and trading will commence at 8.00 a.m. on 18 January 2022.

Following Admission, the enlarged issued share capital of the Company will be 201,493,635 Common Shares. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company.

For more information, please visit www.ecooilandgas.com or contact the following :

 
 
   Eco Atlantic Oil and Gas                        c/o Celicourt +44 (0) 20 
                                                   8434 2754 
 Gil Holzman, CEO 
  Colin Kinley, COO 
  Alice Carroll, Head of Marketing and             +44(0)781 729 5070 | +1 (416) 
  IR                                               318 8272 
 Strand Hanson Limited (Financial & Nominated 
  Adviser)                                         +44 (0) 20 7409 3494 
 James Harris 
  Rory Murphy 
  James Bellman 
 
   Berenberg (Broker)                              +44 (0) 20 3207 7800 
 Matthew Armitt 
  Emily Morris 
  Detlir Elezi 
 
   Celicourt (PR)                                  +44 (0) 20 8434 2754 
 Mark Antelme 
  Jimmy Lea 
  Ollie Mills 
 Hannam & Partners (Research Advisor) 
 Neil Passmore                                   +44 (0) 20 7905 8500 
 

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).

PDMR Notification Forms

 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                              Gil Holzman 
     --------------------------------  -------------------------------------- 
 2.   Reason for the Notification 
     ------------------------------------------------------------------------ 
 a)   Position/status                   President & Chief Executive Officer 
     --------------------------------  -------------------------------------- 
 b)   Initial notification/amendment    Initial notification 
     --------------------------------  -------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------ 
 a)   Name                              ECO (ATLANTIC) OIL & GAS LTD. 
     --------------------------------  -------------------------------------- 
 b)   LEI                               213800WPR7ASTDWQUW50 
     --------------------------------  -------------------------------------- 
 4.   Details of the transaction(s):section to be repeated for (i) 
       each type of instrument; (ii) each type of transaction; (iii) 
       each date; and (iv)each place where transactions have been 
       conducted 
     ------------------------------------------------------------------------ 
 a)   Description of the Financial      Common shares of no par value in the 
       instrument, type of instrument    Company 
     --------------------------------  -------------------------------------- 
      Identification code               CA27887W1005 
     --------------------------------  -------------------------------------- 
 b)   Nature of the Transaction         Cashless exercise of options into 
                                         common shares of no par value in the 
                                         Company 
     --------------------------------  -------------------------------------- 
 c)   Price(s) and volume(s)             Price(s) (CAD$)   Volume(s) 
                                          0.30              500,000 common 
                                                             shares 
                                                           --------------- 
     --------------------------------  -------------------------------------- 
 d)   Aggregated information            N/A (Single transaction) 
       Aggregated volume Price 
     --------------------------------  -------------------------------------- 
 e)   Date of the transaction           12 January 2022 
     --------------------------------  -------------------------------------- 
 f)   Place of the transaction          Outside of a trading venue 
     --------------------------------  -------------------------------------- 
 
 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                              Alan Rootenberg 
     --------------------------------  -------------------------------------- 
 2.   Reason for the Notification 
     ------------------------------------------------------------------------ 
 a)   Position/status                   CFO 
     --------------------------------  -------------------------------------- 
 b)   Initial notification/amendment    Initial notification 
     --------------------------------  -------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------ 
 a)   Name                              ECO (ATLANTIC) OIL & GAS LTD. 
     --------------------------------  -------------------------------------- 
 b)   LEI                               213800WPR7ASTDWQUW50 
     --------------------------------  -------------------------------------- 
 4.   Details of the transaction(s):section to be repeated for (i) 
       each type of instrument; (ii) each type of transaction; (iii) 
       each date; and (iv)each place where transactions have been 
       conducted 
     ------------------------------------------------------------------------ 
 a)   Description of the Financial      Common shares of no par value in the 
       instrument, type of instrument    Company 
     --------------------------------  -------------------------------------- 
      Identification code               CA27887W1005 
     --------------------------------  -------------------------------------- 
 b)   Nature of the Transaction         Cashless exercise of options into 
                                         common shares of no par value in the 
                                         Company 
     --------------------------------  -------------------------------------- 
 c)   Price(s) and volume(s)             Price(s) (CAD$)   Volume(s) 
                                          0.30              100,000 common 
                                                             shares 
                                                           --------------- 
     --------------------------------  -------------------------------------- 
 d)   Aggregated information            N/A (Single transaction) 
       Aggregated volume Price 
     --------------------------------  -------------------------------------- 
 e)   Date of the transaction           12 January 2022 
     --------------------------------  -------------------------------------- 
 f)   Place of the transaction          Outside of a trading venue 
     --------------------------------  -------------------------------------- 
 
 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                              Alan Friedman 
     --------------------------------  -------------------------------------- 
 2.   Reason for the Notification 
     ------------------------------------------------------------------------ 
 a)   Position/status                   Non-Executive Director 
     --------------------------------  -------------------------------------- 
 b)   Initial notification/amendment    Initial notification 
     --------------------------------  -------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------ 
 a)   Name                              ECO (ATLANTIC) OIL & GAS LTD. 
     --------------------------------  -------------------------------------- 
 b)   LEI                               213800WPR7ASTDWQUW50 
     --------------------------------  -------------------------------------- 
 4.   Details of the transaction(s):section to be repeated for (i) 
       each type of instrument; (ii) each type of transaction; (iii) 
       each date; and (iv)each place where transactions have been 
       conducted 
     ------------------------------------------------------------------------ 
 a)   Description of the Financial      Common shares of no par value in the 
       instrument, type of instrument    Company 
     --------------------------------  -------------------------------------- 
      Identification code               CA27887W1005 
     --------------------------------  -------------------------------------- 
 b)   Nature of the Transaction         Cashless exercise of options into 
                                         common shares of no par value in the 
                                         Company 
     --------------------------------  -------------------------------------- 
 c)   Price(s) and volume(s)             Price(s) (CAD$)   Volume(s) 
                                          0.30              333,333 common 
                                                             shares 
                                                           --------------- 
     --------------------------------  -------------------------------------- 
 d)   Aggregated information            N/A (Single transaction) 
       Aggregated volume Price 
     --------------------------------  -------------------------------------- 
 e)   Date of the transaction           12 January 2022 
     --------------------------------  -------------------------------------- 
 f)   Place of the transaction          Outside of a trading venue 
     --------------------------------  -------------------------------------- 
 
 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                              Colin Kinley 
     --------------------------------  -------------------------------------- 
 2.   Reason for the Notification 
     ------------------------------------------------------------------------ 
 a)   Position/status                   COO and Director of the Company 
     --------------------------------  -------------------------------------- 
 b)   Initial notification/amendment    Initial notification 
     --------------------------------  -------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------ 
 a)   Name                              ECO (ATLANTIC) OIL & GAS LTD. 
     --------------------------------  -------------------------------------- 
 b)   LEI                               213800WPR7ASTDWQUW50 
     --------------------------------  -------------------------------------- 
 4.   Details of the transaction(s):section to be repeated for (i) 
       each type of instrument; (ii) each type of transaction; (iii) 
       each date; and (iv)each place where transactions have been 
       conducted 
     ------------------------------------------------------------------------ 
 a)   Description of the Financial      Common shares of no par value in the 
       instrument, type of instrument    Company 
     --------------------------------  -------------------------------------- 
      Identification code               CA27887W1005 
     --------------------------------  -------------------------------------- 
 b)   Nature of the Transaction         Cashless exercise of options into 
                                         common shares of no par value in the 
                                         Company 
     --------------------------------  -------------------------------------- 
 c)   Price(s) and volume(s)             Price(s) (CAD$)   Volume(s) 
                                          0.30              233,333 common 
                                                             shares 
                                                           --------------- 
     --------------------------------  -------------------------------------- 
 d)   Aggregated information            N/A (Single transaction) 
       Aggregated volume Price 
     --------------------------------  -------------------------------------- 
 e)   Date of the transaction           12 January 2022 
     --------------------------------  -------------------------------------- 
 f)   Place of the transaction          Outside of a trading venue 
     --------------------------------  -------------------------------------- 
 
 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                              Peter Nicol 
     --------------------------------  -------------------------------------- 
 2.   Reason for the Notification 
     ------------------------------------------------------------------------ 
 a)   Position/status                   Non-Executive Director 
     --------------------------------  -------------------------------------- 
 b)   Initial notification/amendment    Initial notification 
     --------------------------------  -------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------ 
 a)   Name                              ECO (ATLANTIC) OIL & GAS LTD. 
     --------------------------------  -------------------------------------- 
 b)   LEI                               213800WPR7ASTDWQUW50 
     --------------------------------  -------------------------------------- 
 4.   Details of the transaction(s):section to be repeated for (i) 
       each type of instrument; (ii) each type of transaction; (iii) 
       each date; and (iv)each place where transactions have been 
       conducted 
     ------------------------------------------------------------------------ 
 a)   Description of the Financial      Common shares of no par value in the 
       instrument, type of instrument    Company 
     --------------------------------  -------------------------------------- 
      Identification code               CA27887W1005 
     --------------------------------  -------------------------------------- 
 b)   Nature of the Transaction         Cashless exercise of options into 
                                         common shares of no par value in the 
                                         Company 
     --------------------------------  -------------------------------------- 
 c)   Price(s) and volume(s)             Price(s) (CAD$)   Volume(s) 
                                          0.30              116,666 common 
                                                             shares 
                                                           --------------- 
     --------------------------------  -------------------------------------- 
 d)   Aggregated information            N/A (Single transaction) 
       Aggregated volume Price 
     --------------------------------  -------------------------------------- 
 e)   Date of the transaction           12 January 2022 
     --------------------------------  -------------------------------------- 
 f)   Place of the transaction          Outside of a trading venue 
     --------------------------------  -------------------------------------- 
 
 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                              Peter Peterburg 
     --------------------------------  -------------------------------------- 
 2.   Reason for the Notification 
     ------------------------------------------------------------------------ 
 a)   Position/status                   Non-Executive Chairman 
     --------------------------------  -------------------------------------- 
 b)   Initial notification/amendment    Initial notification 
     --------------------------------  -------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------ 
 a)   Name                              ECO (ATLANTIC) OIL & GAS LTD. 
     --------------------------------  -------------------------------------- 
 b)   LEI                               213800WPR7ASTDWQUW50 
     --------------------------------  -------------------------------------- 
 4.   Details of the transaction(s):section to be repeated for (i) 
       each type of instrument; (ii) each type of transaction; (iii) 
       each date; and (iv)each place where transactions have been 
       conducted 
     ------------------------------------------------------------------------ 
 a)   Description of the Financial      Common shares of no par value in the 
       instrument, type of instrument    Company 
     --------------------------------  -------------------------------------- 
      Identification code               CA27887W1005 
     --------------------------------  -------------------------------------- 
 b)   Nature of the Transaction         Cashless exercise of options into 
                                         common shares of no par value in the 
                                         Company 
     --------------------------------  -------------------------------------- 
 c)   Price(s) and volume(s)             Price(s) (CAD$)   Volume(s) 
                                          0.30              216,667 common 
                                                             shares 
                                                           --------------- 
     --------------------------------  -------------------------------------- 
 d)   Aggregated information            N/A (Single transaction) 
       Aggregated volume Price 
     --------------------------------  -------------------------------------- 
 e)   Date of the transaction           12 January 2022 
     --------------------------------  -------------------------------------- 
 f)   Place of the transaction          Outside of a trading venue 
     --------------------------------  -------------------------------------- 
 
 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                              Helmut Angula 
     --------------------------------  -------------------------------------- 
 2.   Reason for the Notification 
     ------------------------------------------------------------------------ 
 a)   Position/status                   Non-Executive Director 
     --------------------------------  -------------------------------------- 
 b)   Initial notification/amendment    Initial notification 
     --------------------------------  -------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------ 
 a)   Name                              ECO (ATLANTIC) OIL & GAS LTD. 
     --------------------------------  -------------------------------------- 
 b)   LEI                               213800WPR7ASTDWQUW50 
     --------------------------------  -------------------------------------- 
 4.   Details of the transaction(s):section to be repeated for (i) 
       each type of instrument; (ii) each type of transaction; (iii) 
       each date; and (iv)each place where transactions have been 
       conducted 
     ------------------------------------------------------------------------ 
 a)   Description of the Financial      Common shares of no par value in the 
       instrument, type of instrument    Company 
     --------------------------------  -------------------------------------- 
      Identification code               CA27887W1005 
     --------------------------------  -------------------------------------- 
 b)   Nature of the Transaction         Cashless exercise of options into 
                                         common shares of no par value in the 
                                         Company 
     --------------------------------  -------------------------------------- 
 c)   Price(s) and volume(s)             Price(s) (CAD$)   Volume(s) 
                                          0.30              100,000 common 
                                                             shares 
                                                           --------------- 
     --------------------------------  -------------------------------------- 
 d)   Aggregated information            N/A (Single transaction) 
       Aggregated volume Price 
     --------------------------------  -------------------------------------- 
 e)   Date of the transaction           12 January 2022 
     --------------------------------  -------------------------------------- 
 f)   Place of the transaction          Outside of a trading venue 
     --------------------------------  -------------------------------------- 
 

Notes to editors:

About Eco Atlantic:

Eco Atlantic is a TSX-V and AIM quoted Atlantic margin focused Oil & 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 consuming oil and gas in stable emerging markets near to infrastructure.

Offshore Guyana in the proven Suriname-Guyana Basin, the Company holds a 15% Working Interest in the 1,800 km(2) Orinduik Block Operated by Tullow Oil, and also indirectly through a 6.4% shareholding in JHI Associates Inc. a private company which holds a 17.5% WI in the 4,800km(2) Canje Block Operated by ExxonMobil. In Namibia, the Company holds Operatorship and 85% Working Interests in four offshore Petroleum Licences: PEL's: 97, 98, 99 and 100 totalling 28,593 km(2) in the Walvis Basin.

Offshore South Africa, Eco holds Operatorship and 50% WI of Block 2B, and 20% Working Interest of Blocks 3B/4B and Nearshore 3B/4B, totalling some 21,603 km (2) .

Eco Atlantic is also a 100% shareholder in Solear Ltd., Solear is an independent private clean energy investment company focused on low cost, high yield solar development projects in southern Europe.

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January 12, 2022 11:42 ET (16:42 GMT)

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