Eco (Atlantic) Oil and Gas Ltd. TSX approval - Block 3B/4B additional interest (5273R)
06 Julio 2022 - 5:07AM
UK Regulatory
TIDMECO
RNS Number : 5273R
Eco (Atlantic) Oil and Gas Ltd.
06 July 2022
06 July 2022
ECO (ATLANTIC) OIL & GAS LTD.
("Eco", "Eco Atlantic", the "Company", or, together with its
subsidiaries, the "Group")
ECO receives TSX approval for the acquisition of additional
interest in Block 3B/4B, South Africa and Completes its Private
Placement
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX -- V: EOG), the
oil and gas exploration company focused on the offshore Atlantic
Margins, is pleased to confirm that it had received TSX Venture
Exchange (the "Exchange") approval for its acquisition of an
additional 6.25% Participating Interest in Block 3B/4B, offshore
South Africa from the Vendor, one of the shareholders of Ricocure
(Proprietary) Limited (the "Acquisition").
As disclosed in the Company's announcement of 27 June 2022 (the
"Initial Press Release"), the Acquisition has resulted in the
issuance to Lunn Family Trust of 2,702,702 common shares in the
capital of Eco ("Common Shares"), at a deemed price of 30p
(CAD$0.48) per Common Share having an aggregate value of US$1
million on the date of the Agreement; and (ii) the Company has paid
a cash amount of US$1 million to the Vendor ("the First
Tranche").
The Company and Vendor signed an addendum to the Agreement (the
"Amended Agreement"), pursuant to which, the final US$2 million
worth of shares to be issued at Completion at the value of the 30
day VWAP per Common Share prior to the date of the press release
announcing the issue of such Common Shares (See the Initial Press
Release), would be limited to a maximum of 10,000,000 Common
Shares.
Additionally, the Company wishes to clarify that in connection
with its announcement on June 27, 2022 of its successful completion
of a US$12.3 million equity financing that a fee in the amount of
US$528,020 was paid to Fox-Davies Capital Limited in addition to
the issuance of 180,000 Common Shares to certain advisers of the
Company at a deemed price of 30p (CAD$0.48) per Common Share ("Fee
Shares"). It is also noted that, further to the Company's
announcement of 16 May 2022, 975,000 of the 1,800,000 nil cost RSUs
that were expected to convert into Common Shares have not yet been
converted and accordingly the corresponding 975,000 Common Shares
were not issued ("Reduced RSU Conversion"). The Fee Shares and
Reduced RSU Conversion were reflected in the total issued share
capital of the Company as announced on June 27, 2022, being
344,863,838 Common Shares, therefore the total voting rights in the
Company remain unchanged.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
**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 +44(0)781 729 5070 | +1 (416)
Alice Carroll, Head of Corporate Sustainability 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
E chelon Capital (Financial Adviser
N. America Markets) +1 (403) 606 4852
Ryan Mooney
Simon Akit +1 (416) 8497776
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).
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 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 (to be increased to
a 26.25% Working Interest, subject to Completion of the
Acquisition) in Blocks 3B/4B operated by Africa Oil Corp.,
totalling some 20,643 km (2) .
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END
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