TIDMECO
RNS Number : 7254O
Eco (Atlantic) Oil and Gas Ltd.
14 June 2022
14 June 2022
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Termination of the proposed JHI Acquisition
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX -- V: EOG
"Eco"), the oil and gas exploration company focused on the offshore
Atlantic Margins, and JHI Associates Inc. ("JHI") have mutually
agreed that Eco will no longer proceed with the proposed
acquisition of the balance of the issued share capital of JHI not
currently held by it (the "Acquisition"). JHI holds a 17.5%
participating interest in the Canje Block offshore Guyana.
While all the main commercial points were agreed upon in keeping
with the Commercially Binding Term Sheet announced on 14 March 2022
(including the proposed issuance of 127m new common shares of Eco
to JHI shareholders), it was not possible to agree on the terms of
lock-up arrangements required by Eco, designed to restrict and
control any subsequent immediate sale of the consideration shares
to be issued to the shareholders of JHI, to provide Eco Atlantic's
shareholders with the appropriate levels of protection in such a
transaction. As a result, the Board of Eco Atlantic has decided not
to progress with the acquisition at the current time.
Gil Holzman, Co-Founder and CEO of Eco Atlantic commented:
"With the exclusivity period of our JHI negotiations ending last
night, we have terminated the JHI proposed acquisition. We are
unable to proceed without the appropriate protection for our
shareholders that such lock-up arrangements were designed to
provide. We look forward to remaining a significant shareholder in
JHI with over 7% of the company and, as such, retain exposure to
the potential of the Canje Block . We wish the JHI management the
best of luck in growing and monetizing the business to benefit all
shareholders. Notwithstanding termination of discussions, we and
JHI may re-evaluate the proposed acquisition at a future date.
We look forward to commencing our drilling campaigns planned in
the prospective Block 2B in South Africa and Guyana this year and p
roviding further corporate updates as appropriate."
**ENDS**
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
James Bellman
Berenberg (Broker) +44 (0) 20 3207 7800
Emily Morris
Detlir Elezi
Celicourt (PR) +44 (0) 20 8434 2754
Mark Antelme
Jimmy Lea
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).
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 intensity oil and gas in
stable emerging markets close to infrastructure.
Offshore Guyana in the proven Guyana-Suriname Basin, the Company
holds a 15% Working Interest in the 1,800 km(2) Orinduik Block
Operated by Tullow Oil. 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
km(2) in the Walvis Basin.
Offshore South Africa, Eco is Operator and holds a 50% working
interest in Block 2B and a 20% Working Interest in Blocks 3B/4B
operated by Africa Oil Corp., totalling some 20,643 km (2) .
Cautionary Notes:
This news release contains certain "forward-looking statements",
including, without limitation, statements containing the words
"will", "may", "expects", "intends", "anticipates" and other
similar expressions which constitute "forward-looking information"
within the meaning of applicable securities laws. Forward-looking
statements reflect the Company's current expectations, assumptions,
and beliefs, and are subject to a number of risks and uncertainties
that could cause actual results to differ materially from those
anticipated. These forward-looking statements are qualified in
their entirety by the inherent risks and uncertainties surrounding
future expectations.
Important factors that could cause actual results to differ
materially from expectations include, but are not limited to,
general economic and market factors, competition, the effect of the
global pandemic and consequent economic disruption, and the factors
detailed in the Company's ongoing filings with the securities
regulatory authorities, available at www.sedar.com . Although
forward-looking statements contained herein are based on what
management considers to be reasonable assumptions based on
currently available information, there can be no assurance that
actual events, performance or results will be consistent with these
forward-looking statements, and our assumptions may prove to be
incorrect. Readers are cautioned not to place undue reliance on
these forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements either as a result of new information, future events or
otherwise, except as required by applicable laws.
The TSX-V has neither approved nor disapproved the contents of
this news release. Neither the TSX-V nor its Regulation Services
Provider (as that term is defined in the policies of the TSX-V)
accept responsibility for the adequacy or accuracy of this
release.
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@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
STRBKNBDDBKBBAD
(END) Dow Jones Newswires
June 14, 2022 02:00 ET (06:00 GMT)
Eco (atlantic) Oil & Gas (LSE:ECO)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Eco (atlantic) Oil & Gas (LSE:ECO)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
