REG - Eco (Atlantic) O&G - Company Incentive Plan – Grant of RSUs
13/01/2025 07:15
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RNS Number : 0529T Eco (Atlantic) Oil and Gas Ltd. 13 January 2025
13 January 2025
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the
"Group")
Company Incentive Plan - Grant of RSUs
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG), the oil and
gas exploration company focused on the offshore Atlantic Margins, announces
the issuance of Restricted Share Units ("RSUs") and stock options to certain
directors, officers and consultants of the Company.
The Company has issued 3,700,000 RSUs to certain Executive and Non-Executive
Directors, pursuant to the Eco's Omnibus Incentive Plan as approved at its
Annual and Special Meeting held on 27 December 2024 (the "Plan"). The RSUs
will vest one year after the date of grant and convert into 3,700,000 common
shares of the Company ("Common Shares").
In addition, the Company announces that it has granted, to certain directors,
officers and consultants of the Company, stock options to subscribe for
5,610,000 Common Shares at an exercise price of $CAD0.30 (£0.17) per Common
Share (the "Options"). The Options vest in two equal tranches on the date of
grant, and first anniversary from the date of grant. The Options are
exercisable, following vesting, at the recipient's discretion and expire five
(5) years from the date of grant.
The Plan is an omnibus evergreen rolling plan which allows the Company to
issue up to a maximum of 10% of the Company's issued share capital in stock
options, performance share units, deferred share units, and restricted share
units to directors, officers, employees, and consultants of the Company. The
Plan is more fully described in the management information circular of the
Company dated November 26, 2024 and is available on the Company's website and
on SEDAR+ at www.sedarplus.ca (http://www.sedarplus.ca) . The Plan replaces
the Company's previous stock option plan (the "Previous Stock Option Plan")
and restricted share unit plan (the "Previous RSU Plan") (the "Previous
Plans") approved by shareholders on December 29, 2023 ("2023 AGM"). At the
2023 AGM, shareholders approved amendments to the Previous Stock Option Plan
to update the definition of volume weighted average price to comply with
Policy 4.4 of the TSX Venture Exchange and provide for cashless exercise of
stock options to certain eligible participants. Amendments to the Previous
RSU Plan was approved at the 2023 AGM by amending the definitions of
Affiliate, Associate, Disinterested Shareholder Approval, and Market Price;
restricting the assignability of an RSU; limiting vesting to not prior to one
year after its grant; and to add that RSU holders shall not have any rights as
shareholders. The 2023 AGM also approved the number of common shares
available for issuance under the RSU Plan by 12,923,735 to 25,000,000 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, Executive Director
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
Celicourt (PR) +44 (0) 20 7770 6424
Mark Antelme
Jimmy Lea
Charles Denley-Myerson
About Eco Atlantic:
Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and 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
100% Working Interest in the 1,354 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 holds a 5.25%
Working Interest in Block 3B/4B and pending government approval a 75% Operated
Interest in Block 1, in the Orange Basin, totalling some 37,510km(2).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
PDMR Notification Forms
1. Details of the person discharging managerial responsibilities / person closely
associated
a) Name 1. Gil Holzman
2. Colin Kinley
3. Gadi Levin
4. Alice Carroll
5. Emily Ferguson
2. Reason for the Notification
a) Position/status 1. President & Chief Executive Officer
2. Chief Operating Officer
3. Finance Director
4. Executive Director - Head of Corporate Sustainability
5. Non-Executive Director
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 restricted share units ("RSUs")
Identification code CA27887W1005
b) Nature of the Transaction Issue of RSUs
c) Price(s) and volume(s) Price(s) Volume(s)
Nil consideration 1. 1,200,000
2. 1,200,000
3. 500,000
4. 500,000
5. 300,000
d) Aggregated information 3,700,000 RSUs
Aggregated volume Price Nil consideration
e) Date of the transaction 13 January 2025
f) Place of the transaction N/A
d)
Aggregated information
Aggregated volume Price
3,700,000 RSUs
Nil consideration
e)
Date of the transaction
13 January 2025
f)
Place of the transaction
N/A
1. Details of the person discharging managerial responsibilities / person closely
associated
a) Name 1. Gil Holzman
2. Colin Kinley
3. Gadi Levin
4. Alice Carroll
5. Emily Ferguson
6. Peter Nicol
7. Alan Friedman
8. Keith Hill
9. Selma Usiku
2. Reason for the Notification
a) Position/status 1. President & Chief Executive Officer
2. Chief Operating Officer
3. Finance Director
4. Executive Director - Head of Corporate Sustainability
5. Non-Executive Director
6. Non-Executive Director
7. Non-Executive Director
8. Non-Executive Director
9. Non-Executive Director
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 Options to acquire common shares of no par value in the Company exercisable
for a period of ten years
Identification code CA27887W1005
b) Nature of the Transaction Issue of Options
c) Price(s) and volume(s) Price(s) Volume(s)
Nil consideration 1. 1,200,000
2. 1,200,000
3. 500,000
4. 500,000
5. 300,000
6. 500,000
7. 300,000
8. 300,000
9. 300,000
d) Aggregated information 5,100,000 Options
Aggregated volume Price Nil consideration
e) Date of the transaction 13 January 2025
f) Place of the transaction N/A
d)
Aggregated information
Aggregated volume Price
5,100,000 Options
Nil consideration
e)
Date of the transaction
13 January 2025
f)
Place of the transaction
N/A
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