REG - Eco (Atlantic) O&G - AGM notice, Board appointment & 3B/4B update

Eco (Atlantic) Oil & GasAnnouncement

12/12/2023 07:15

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RNS Number : 4079W  Eco (Atlantic) Oil and Gas Ltd.  12 December 2023

 

 

12 December 2023

 

ECO (ATLANTIC) OIL & GAS LTD.

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

 

Notice of Annual General Meeting

Proposed Board Appointment, Update re Block 3B/4B Farm Out

 

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG), the oil and
gas exploration company focused on the offshore Atlantic Margins in South
Africa, Namibia, and Guyana, is pleased to announce that, further to the
Company's announcement on 24 October 2023, it has posted to Shareholders a
formal notice of its Annual General Meeting ("AGM"), explanatory circular (the
"Circular") and form of proxy. The AGM is to be held at 07:00 a.m. (Toronto
time) on 29 December 2023 via teleconference. Copies of the formal notice of
AGM, form of proxy, the Circular and virtual access details will be made
available on the Company's website
at: https://www.ecooilandgas.com/investors/documents-circulars/
(https://www.ecooilandgas.com/investors/documents-circulars/) .

 

Proposed Appointment of Non-Executive Director

 

The Company is also pleased to announce the proposed appointment of Mr Oliver
Quinn following the AGM to be held in December. Mr Quinn will be appointed,
subject to Shareholder approval, as the nominee director of Africa Oil Corp.
("Africa Oil"), which holds 14.84% of the Company's issued share capital. Mr
Quinn was appointed as the Chief Commercial Officer of Africa Oil in September
2023 having previously been employed as Senior Vice President, Corporate
Development at Kosmos Energy Ltd. Mr Quinn started his career at Shell and has
19 years of experience in the Oil & Gas industry. He is a graduate of the
University of Manchester where he studied for a BSc (Hons), Environmental
& Resource Geology and a graduate of the University of Edinburgh where he
completed a PhD in Petroleum Science. While Mr Quinn replaces Keith Hill as
Africa Oil's board nominee, the Board is pleased that Mr Hill has agreed to
remain as a Non-executive Director of the Company.

 

Mr Quinn's appointment is subject to the completion of customary due diligence
required by the AIM Rules for Companies and AIM Rules for Nominated Advisers
(the "AIM Rules") to be undertaken by the Company's Nominated Adviser, Strand
Hanson Limited.  A further announcement, including the requisite Schedule
2(g) disclosures required under the AIM Rules for Companies, will be made in
due course.

 

Shareholder Approval of the Proposed Farm Out of Block 3B/4B to Africa Oil

 

 On 11 July 2023, the Company announced that its wholly owned subsidiary,
Azinam Limited ("Azinam"), would farm out a 6.25% Participating Interest in
Block 3B/4B, offshore South Africa to Oil SA Corp, a wholly owned subsidiary
of Africa Oil (the "Farm Out"). The Farm Out remains, inter alia, conditional
on regulatory approvals from the government of South Africa and the TSX
Venture Exchange (the "TSXV"). As part of the regulatory approval process, the
TSXV has now advised the Company that it must obtain shareholder approval for
the Farm Out from those shareholders in the Company who are not deemed to be
interested in the Farm Out, primarily comprising Africa Oil. Accordingly a
resolution to approve the Farm Out is contained within the Notice of AGM.

 

Full details of all the Resolutions to be voted on at the meeting, as well as
the Circular and form of proxy can be found on the Company's website
at: https://www.ecooilandgas.com/investors/documents-circulars/
(https://www.ecooilandgas.com/investors/documents-circulars/) .

 

**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

 

 

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 Operates a
75% Working Interest in the 1,800 km(2) Orinduik Block. 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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