REG - Eco (Atlantic) O&G - Completion of Transaction

Eco (Atlantic) Oil & GasAnnouncement

21/11/2023 15:00

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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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