RNS Number : 1769A

Eco (Atlantic) Oil and Gas Ltd.

21 September 2022

21 September 2022


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

Director Dealing

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG) has been notified by Moshe Peterburg, Non Executive Chairman of the Company, that he has apparently been the victim of fraudulent activity concerning his personal trading account that resulted in the unauthorized sales by a broker of 1,224,749 common shares in Eco Atlantic ("Shares"), representing 0.36% of the issued and outstanding share capital of Eco Atlantic.

The sales took place between July 2021 and August 2022 in a series of small transactions. Mr Peterburg, as of today, continues to own 9,987,917 common shares in Eco, representing 2.9% of the issued and outstanding share capital of the Company.

The Company has been further informed by Mr Peterburg that the Shares sales were undertaken without his knowledge or authorization with the funds in the trading account also having been apparently misappropriated.

Mr Peterburg has advised the Company that the relevant authorities have commenced criminal proceedings against the stockbroker.


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 Corporate Sustainability      +44(0)781 729 5070 
   Strand Hanson Limited (Financial & 
   Nominated Adviser)                                  +44 (0) 20 7409 3494 
 James Harris 
  James Bellman 
   Berenberg (Broker)                                  +44 (0) 20 3207 7800 
 M atthew Armitt 
  Detlir Elezi 
 Echelon Capital (Financial Adviser 
  N. America Markets) 
 Ryan Mooney                                         +1 (403) 606 4852 
  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 announced 27 June 2022) in Blocks 3B/4B operated by Africa Oil Corp., totalling some 20,643 km (2) .

PDMR Notification Form

       Details of the person discharging managerial responsibilities 
  1     / person closely associated 
 a)    Name                         Moshe Peterburg 
      ---------------------------  ------------------------------------------- 
       Reason for the notification 
 a)    Position/status              Non-executive Chairman 
      ---------------------------  ------------------------------------------- 
 b)    Initial notification         Initial notification 
      ---------------------------  ------------------------------------------- 
       Details of the issuer, emission allowance market participant, 
  3     auction platform, auctioneer or auction monitor 
 a)    Name                         ECO (ATLANTIC) OIL & GAS LTD. 
      ---------------------------  ------------------------------------------- 
 b)    LEI                          213800WPR7ASTDWQUW50 
      ---------------------------  ------------------------------------------- 
       Details of the transaction(s): section to be repeated for 
  4     (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           Common shares of no par value in the 
        financial instrument,        Company 
        type of instrument 
       Identification code          CA27887W1005 
 b)    Nature of the transaction    Disposal of common shares of no par 
                                     value in the Company 
      ---------------------------  ------------------------------------------- 
 c)    Price(s) and volume(s)       Price(s) not known as the trades were 
                                     not authorised / approved, and were 
                                     undertaken by a third party 
                                     1,224,749 (in aggregate) common shares 
      ---------------------------  ------------------------------------------- 
 d)    Aggregated information 
  - Aggregated volume                1,224,749 
  - Price                           Price not known as the trades were not 
                                     authorised / approved and were undertaken 
                                     by a third party 
 e)    Date of the transaction      Trades took place between 21 July 2021 
                                     - 15 August 2022 
      ---------------------------  ------------------------------------------- 
 f)    Place of the transaction     TSX Venture Exchange (TSXV) / AIM 
      ---------------------------  ------------------------------------------- 

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(END) Dow Jones Newswires

September 21, 2022 07:44 ET (11:44 GMT)

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