Eco (Atlantic) Oil and Gas Ltd. Completion of Transaction (1784U)
21 Noviembre 2023 - 9:00AM
UK Regulatory
TIDMECO
RNS Number : 1784U
Eco (Atlantic) Oil and Gas Ltd.
21 November 2023
21 November 2023
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Completion of Transaction
Eco assumes 75% Working Interest in Orinduik Block
Further to the Company's announcements on 10 August 2023 and 15
November 2023, 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 its
acquisition of Tullow Guyana B.V. ("TGBV"), a wholly owned
subsidiary of Tullow Oil plc (the "Transaction"), has now
completed.
Following the closing of the Transaction, Eco is now the
Operator of the Orinduik Block and holds, in aggregate, a 75%
Participating Interest via Eco Orinduik B.V. (60%) and Eco
(Atlantic) Guyana Inc (15%). TOQAP Guyana B.V continues to hold a
Participating Interest of 25%.
As previously announced, a formal farm-out process for the
Orinduik Block has commenced, and further updates will be made 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 Corporate Sustainability +44(0)781 729 5070
Strand Hanson (Financial & Nominated Adviser) +44 (0) 20 7409 3494
James Harris
James Bellman
Berenberg (Broker) +44 (0) 20 3207 7800
Matthew 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 7770 6424
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 26.25% Working Interest in Block 3B/4B
operated by Africa Oil Corp., totalling some 20,643km (2) .
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END
UPDFLFVSLFLLFIV
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November 21, 2023 10:00 ET (15:00 GMT)
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