REG - Eco (Atlantic) O&G - Exercise of Options
12/01/2022 16:45
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RNS Number : 2643Y Eco (Atlantic) Oil and Gas Ltd. 12 January 2022
12 January 2022
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the
"Group")
Exercise of Options
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), the oil and gas
exploration company focused on the offshore Atlantic Margins, announces that,
on 12 January 2022, six directors of the Company and one senior manager
elected to exercise 4,450,000 options over common shares of no par value
("Common Shares") which were due to expire at midnight on 12 January 2022, at
an exercise price of CAD $0.30 (the "Options Exercise"), as detailed in the
PDMR Notifications below.
In order to effect a cashless exercise, as permitted under the Company's Stock
Option Plan, and minimise dilution to shareholders, the Board has agreed to
issue, in aggregate, 1,599,999 common shares in lieu of the 4,450,000 options
exercised, based on the closing price of the Company's Common Shares on the
TSXV on 11 January 2022 of CAD0.45.
Pursuant to the Options Exercise, application has been made for admission of
1,599,999 new Common 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 will commence at 8.00 a.m. on 18 January 2022.
Following Admission, the enlarged issued share capital of the Company will be
201,493,635 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.
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
Rory Murphy
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).
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 & Chief Executive Officer
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 Common shares of no par value in the Company
Identification code CA27887W1005
b) Nature of the Transaction Cashless exercise of options into common shares of no par value in the Company
c) Price(s) and volume(s) Price(s) (CAD$) Volume(s)
0.30 500,000 common shares
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
e) Date of the transaction 12 January 2022
f) Place of the transaction Outside of a trading venue
d)
Aggregated information
Aggregated volume Price
N/A (Single transaction)
e)
Date of the transaction
12 January 2022
f)
Place of the transaction
Outside of a trading venue
1. Details of the person discharging managerial responsibilities / person closely
associated
a) Name Alan Rootenberg
2. Reason for the Notification
a) Position/status CFO
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 Common shares of no par value in the Company
Identification code CA27887W1005
b) Nature of the Transaction Cashless exercise of options into common shares of no par value in the Company
c) Price(s) and volume(s) Price(s) (CAD$) Volume(s)
0.30 100,000 common shares
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
e) Date of the transaction 12 January 2022
f) Place of the transaction Outside of a trading venue
d)
Aggregated information
Aggregated volume Price
N/A (Single transaction)
e)
Date of the transaction
12 January 2022
f)
Place of the transaction
Outside of a trading venue
1. Details of the person discharging managerial responsibilities / person closely
associated
a) Name Alan Friedman
2. Reason for the Notification
a) Position/status Non-Executive Director
b) Initial notification/amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name ECO (ATLANTIC) OIL & GAS LTD.
b) LEI 213800WPR7ASTDWQUW50
4. Details of the transaction(s):section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv)each place
where transactions have been conducted
a) Description of the Financial instrument, type of instrument Common shares of no par value in the Company
Identification code CA27887W1005
b) Nature of the Transaction Cashless exercise of options into common shares of no par value in the Company
c) Price(s) and volume(s) Price(s) (CAD$) Volume(s)
0.30 333,333 common shares
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
e) Date of the transaction 12 January 2022
f) Place of the transaction Outside of a trading venue
d)
Aggregated information
Aggregated volume Price
N/A (Single transaction)
e)
Date of the transaction
12 January 2022
f)
Place of the transaction
Outside of a trading venue
1. Details of the person discharging managerial responsibilities / person closely
associated
a) Name Colin Kinley
2. Reason for the Notification
a) Position/status COO 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 Common shares of no par value in the Company
Identification code CA27887W1005
b) Nature of the Transaction Cashless exercise of options into common shares of no par value in the Company
c) Price(s) and volume(s) Price(s) (CAD$) Volume(s)
0.30 233,333 common shares
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
e) Date of the transaction 12 January 2022
f) Place of the transaction Outside of a trading venue
d)
Aggregated information
Aggregated volume Price
N/A (Single transaction)
e)
Date of the transaction
12 January 2022
f)
Place of the transaction
Outside of a trading venue
1. Details of the person discharging managerial responsibilities / person closely
associated
a) Name Peter Nicol
2. Reason for the Notification
a) Position/status Non-Executive Director
b) Initial notification/amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name ECO (ATLANTIC) OIL & GAS LTD.
b) LEI 213800WPR7ASTDWQUW50
4. Details of the transaction(s):section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv)each place
where transactions have been conducted
a) Description of the Financial instrument, type of instrument Common shares of no par value in the Company
Identification code CA27887W1005
b) Nature of the Transaction Cashless exercise of options into common shares of no par value in the Company
c) Price(s) and volume(s) Price(s) (CAD$) Volume(s)
0.30 116,666 common shares
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
e) Date of the transaction 12 January 2022
f) Place of the transaction Outside of a trading venue
d)
Aggregated information
Aggregated volume Price
N/A (Single transaction)
e)
Date of the transaction
12 January 2022
f)
Place of the transaction
Outside of a trading venue
1. Details of the person discharging managerial responsibilities / person closely
associated
a) Name Peter Peterburg
2. Reason for the Notification
a) Position/status Non-Executive Chairman
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 Common shares of no par value in the Company
Identification code CA27887W1005
b) Nature of the Transaction Cashless exercise of options into common shares of no par value in the Company
c) Price(s) and volume(s) Price(s) (CAD$) Volume(s)
0.30 216,667 common shares
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
e) Date of the transaction 12 January 2022
f) Place of the transaction Outside of a trading venue
d)
Aggregated information
Aggregated volume Price
N/A (Single transaction)
e)
Date of the transaction
12 January 2022
f)
Place of the transaction
Outside of a trading venue
1. Details of the person discharging managerial responsibilities / person closely
associated
a) Name Helmut Angula
2. Reason for the Notification
a) Position/status Non-Executive Director
b) Initial notification/amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name ECO (ATLANTIC) OIL & GAS LTD.
b) LEI 213800WPR7ASTDWQUW50
4. Details of the transaction(s):section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv)each place
where transactions have been conducted
a) Description of the Financial instrument, type of instrument Common shares of no par value in the Company
Identification code CA27887W1005
b) Nature of the Transaction Cashless exercise of options into common shares of no par value in the Company
c) Price(s) and volume(s) Price(s) (CAD$) Volume(s)
0.30 100,000 common shares
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
e) Date of the transaction 12 January 2022
f) Place of the transaction Outside of a trading venue
d)
Aggregated information
Aggregated volume Price
N/A (Single transaction)
e)
Date of the transaction
12 January 2022
f)
Place of the transaction
Outside of a trading venue
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 6.4% shareholding in JHI Associates Inc. a
private company which holds a 17.5% WI 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% WI 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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