REG - Eco (Atlantic) O&G - Restricted Share Unit Conversion

Eco (Atlantic) Oil & GasAnnouncement

22/02/2023 18:00

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RNS Number : 7628Q  Eco (Atlantic) Oil and Gas Ltd.  22 February 2023

22 February 2023

 

ECO (ATLANTIC) OIL & GAS LTD.

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

 

Restricted Share Unit Conversion

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG), the oil and
gas exploration company focused on the offshore Atlantic Margins, announces
that 600,000 of the Restricted Share Units ("RSUs") issued to directors,
officers and advisers, pursuant to the Company's Restricted Share Units Plan
were converted into 600,000 common shares of no par value in the Company
("Common Shares") ("RSU Shares") on 28 December 2022. Of the RSUs converted,
Gil Holzman, Chief Executive Officer of Eco Atlantic, elected to convert
475,000 RSUs held by him (from which 325,000 Common Shares were issued to Gil
Holzman and 150,000 Common Shares were issued to his wife) as detailed in the
PDMR Notification Form below.

Application has been made for admission of the 600,000 RSU Shares, which will
rank pari passu with existing Common Shares, to trading on AIM ("Admission").
It is expected that Admission will become effective, and trading in the RSU
Shares will commence, on or around 8:00 a.m. on 28 February 2023.

On Admission, the enlarged issued share capital of the Company will be
365,682,014 Common Shares. It is noted that this figure takes into account the
841,824 Common Shares that were cancelled, as announced on 1 August 2022,
which had not been deducted from the total voting rights announced on 20
December 2022. 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.

 

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 IR                    +44(0)781 729 5070 | +1 (416) 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

 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 8434 2754
 Mark Antelme

 Jimmy Lea

 

 

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 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).

 

PDMR Notification Forms

 

 

 1.  Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Gil Holzman
 2.  Reason for the Notification
 a)  Position/status                                              President, CEO and Director of the Company
 b)  Initial notification/amendment                               Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         ECO (ATLANTIC) OIL & GAS LTD.
 b)  LEI                                                          213800WPR7ASTDWQUW50
 4.  Details of the transaction(s):section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv)each place
     where transactions have been conducted
 a)  Description of the Financial instrument, type of instrument  Issue of common shares of no par value in the Company pursuant to the vesting
                                                                  of restricted share units (RSUs)
     Identification code                                          CA27887W1005
 b)  Nature of the Transaction                                    Receipt of Common Shares
 c)  Price(s) and volume(s)                                       Price(s)           Volume(s)
                                                                  Nil consideration  475,000 common shares pursuant to the conversion of the RSUs
 d)  Aggregated information                                       N/A (Single transaction)

     Aggregated volume Price
 e)  Date of the transaction                                      28 December 2022
 f)  Place of the transaction                                     N/A

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

28 December 2022

f)

Place of the transaction

N/A

 

 

 

 

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