TIDMECO
RNS Number : 9304Y
Eco (Atlantic) Oil and Gas Ltd.
19 January 2022
19 January 2022
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Further share purchase in JHI, holder of Canje Block, offshore
Guyana
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 announce that it has purchased an additional
800,000 common shares in JHI Associates Inc. ("JHI") in return for
1,200,000 new common shares in Eco ("Consideration Shares"). The
purchase of the 800,000 common shares in JHI is expected to be
completed on 21(st) January 2022, increasing the total number of
shares currently held by Eco in JHI to 5,800,000 shares.
As announced on 28 June 2021, Eco acquired 5 million common
shares representing a 6.4% interest in JHI Associates Inc. ("JHI"),
a private Canadian company, which holds a 17.5% working interest in
the Guyana Canje Block. The Operator of the Canje block, ExxonMobil
and block partners are working to technically define additional
drilling prospects in the cretaceous and deeper in the santonian,
where the Sapote-1 well recorded hydrocarbon shows while drilling
in 2021 and following the January 2022 santonian Fangtooth-1
discovery on the prolific Stabroek Block offshore Guyana.
Following the above purchase, Eco will hold a total of 5,8
00,000 common shares in JHI, representing approximately 7.35% of
the issued common shares in JHI. Eco also retains a warrant to
subscribe for a further 9,155,471 new common shares in JHI at an
exercise price of US$2.0 per share for a period of eighteen months
(the "JHI Warrant"). If the JHI Warrant is exercised in full, Eco
will hold an interest, ceteris paribus, of 11.4% in JHI on a fully
diluted basis.
This investment is consistent with Eco's strategy to create
shareholder value through advanced exploration programs on the
offshore Atlantic margins for advantaged barrels as developing
nations bridge the essential reserve requirements through the
stages of the energy transition.
Further details regarding the JHI Investment
As at 31 December 2020, JHI had net assets of approximately
US$46.3 million and recorded a net loss of approximately US$8.28
million. Based on the closing share price of Eco on 18 January 2022
the Consideration Shares are valued at approximately
GBP312,000.
Application has been made for admission of the Consideration
Shares , which will rank pari passu with existing Common Shares, to
trading on AIM ("Admission"). It is expected that Admission will
become effective and tradin g will commence at 8.00 a.m. on 24
January 2022.
Following Admission, the enlarged issued share capital of the
Company will be 202,693,635 Common Shares. The above figure may be
used by shareholders as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of
the Company.
Gil Holzman Co-Founder and CEO of Eco Atlantic commented:
"We are committed to creating material value for our
shareholders through a multi catalyst, high impact, exploration
portfolio. As such, we are pleased to increase our exposure in the
Canje Block by building our equity holding in JHI. This also marks
another step in the broader consolidation amongst smaller
exploration players, in which we want to lead. Following the work
undertaken on Canje in 2021, which ExxonMobil and partners in the
block continue to review, and after the recent highly positive
drilling results on the nearby Stabroek block, we believe this to
be another exciting opportunity in our portfolio."
**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 (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 consuming oil and gas in
stable emerging markets near to infrastructure.
Offshore Guyana in the proven Suriname-Guyana Basin, the Company
holds a 15% Working Interest in the 1,800 km(2) Orinduik Block
Operated by Tullow Oil, and also indirectly through a soon to be
7.3% shareholding in JHI Associates Inc. a private company which
holds a 17.5% working interest in the 4,800km(2) Canje Block
Operated by ExxonMobil. In Namibia, the Company holds Operatorship
and 85% Working Interests in four offshore Petroleum Licences:
PEL's: 97, 98, 99 and 100 totalling 28,593 km(2) in the Walvis
Basin.
Offshore South Africa, Eco holds Operatorship and 50% working
interest of Block 2B, and 20% Working Interest of Blocks 3B/4B and
Nearshore 3B/4B, totalling some 21,603 km (2) .
Eco Atlantic is also a 100% 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.
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END
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