Eco (Atlantic) Oil and Gas Ltd. Completion of Subscription (7940E)
09 Julio 2021 - 07:13AM
UK Regulatory
TIDMECO
RNS Number : 7940E
Eco (Atlantic) Oil and Gas Ltd.
09 July 2021
9 July 2021
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Completion of Subscription
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX -- V: EOG), an
oil and gas exploration company with licences in the proven oil
province of Guyana and the highly prospective basins of Namibia, is
pleased to announce, further to its announcement on 28 June 2021,
that it has received approval from the TSX Venture Exchange for its
private placement with Africa Oil Corp. ("Africa Oil") and
Charlestown Energy Partners LLC ("Charlestown Energy") to raise
approximately CAD6.1m (the "Subscription"). The terms of the
Subscription remain unchanged, save that the exercise price of the
warrants to subscribe for new common shares has been increased to
0.47 CAD.
Application is being made to the London Stock Exchange for the
14,945,913 new common shares to be issued pursuant to the
Subscription (the "Subscription Shares") to be admitted to trading
on AIM ("Admission"). Admission is expected to take place on 15
July 2021. On Admission, the Company's total issued share capital
will consist of 199,643,636 common shares with voting rights. The
Company does not hold any common shares in treasury and accordingly
there are no voting rights in respect of any treasury shares. The
Subscription Shares will be fully paid and will rank pari passu in
all respects with the Company's existing Common Shares.
**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
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.
Notes to editors:
About Eco Atlantic:
Eco Atlantic is a TSX-V and AIM quoted Oil & Gas exploration
and production Company with interests in Guyana and Namibia, where
significant oil discoveries have been made.
The Group aims to deliver material value for its stakeholders
through oil exploration, appraisal and development activities in
stable emerging markets, in partnership with major oil
companies.
In Guyana, Eco Guyana holds a 15% Working Interest alongside
TOQAP Guyana B.V. ("TOQAP") a company jointly owned by
TotalEnergies E&P Guyana B.V. (60%) and Qatar Petroleum (40%)
and Operator Tullow Oil (60%) in the 1,800 km (2) Orinduik Block in
the shallow water of the prospective Suriname-Guyana basin. The
Orinduik Block is adjacent and updip to ExxonMobil Operated
Stabroek Block, on which twenty discoveries have been announced and
over 9 billion BOE recoverable resources are estimated. On 28 June
2021, Eco acquired a 6.4% interest, with the option to increase its
stake to 10%, in JHI Associates Inc. a private company which holds
a 17.5% WI in the 4,800km (2) Canje Block. The Canje Block is
operated by ExxonMobil and is held by Working Interests partners
Esso Exploration & Production Guyana Limited (35%), with
TotalEnergies E&P Guyana B.V. (35%), JHI Associates (BVI) Inc.
(17.5%) and Mid-Atlantic Oil & Gas Inc. (12.5%).
Jethro-1 was the first major oil discovery on Orinduik Block.
The Jethro-1 encountered 180.5 feet (55 meters) of net heavy oil
pay in excellent Lower Tertiary sandstone reservoirs. Joe-1 was the
second discovery on the Orinduik Block and comprised of high
quality oil-bearing sandstone reservoir, with a high porosity of
Upper Tertiary age. The Joe-1 well encountered 52 feet (16 meters)
of continuous thick sandstone.
In Namibia, the Company holds interests in four offshore
petroleum licenses totalling approximately 28,593km (2) with over
2.362bboe of prospective P50 resources in the Walvis Basin. These
four licenses, Cooper, Guy, Sharon, and Tamar are being explored
with industry partners with Eco Operating and maintaining an
average 60% Working Interest. Eco has been granted a drilling
permit on its Cooper Block (Operator).
Eco Atlantic is a 70% 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.
Solear offers investors exposure to a portfolio of pre-construction
opportunities across the renewable energy value chain, from
Ready-to-Build to early-stage development.
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END
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