REG - Eco (Atlantic) O&G - Issue of Shares in relation to Block 3B/4B

Eco (Atlantic) Oil & GasAnnouncement

20/12/2022 12:30

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RNS Number : 3516K  Eco (Atlantic) Oil and Gas Ltd.  20 December 2022

20 December 2022

 

ECO (ATLANTIC) OIL & GAS LTD.

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

 

Issue of Shares in relation to the Acquisition of Additional Interest in Block
3B/4B, South Africa

 

Eco Atlantic (AIM: ECO, TSX‐ V: EOG), the oil and gas exploration company
focused on the offshore Atlantic Margins, announces, further to its
announcement of 20 December 2022, that 21,060,000 new Common Shares have been
issued to the Lunn Family Trust (the "Consideration Shares") as consideration
for the acquisition, by its wholly owned subsidiary Azinam Limited ("Azinam"),
of an additional 6.25% Participating Interest in Block 3B/4B, offshore South
Africa from the Lunn Family Trust (the "Vendor"), one of the shareholders of
Ricocure (Proprietary) Limited ("Ricocure") (the "Acquisition"). Eco now holds
a 26.25% participating interest in the block.

 

It is noted that 8,065,000 of the Consideration Shares will be subject to a
special lock up agreement restricting the sale or transfer of all or any
portion of the Restricted Shares until the earlier of (i) signature of a
farmout agreement between the Block JV partners and a third party; or (ii)
March 15(th), 2023. In addition, all of the Consideration Shares will all be
subject to a restrictive hold period of four months and one day from the day
of their issuance (the "Hold Period"), which restricts them from being sold,
transferred, hypothecated or otherwise traded through the facilities of the
TSX Venture Exchange (the "TSXV") or otherwise in Canada or to a Canadian
during the Hold Period without the prior written approval of the TSXV and
compliance with all applicable securities laws.

 

Admission of the Common Shares

Application has been made for admission of the Consideration 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 on or around 8.00 a.m. on 28 December 2022.

Following Admission of the Consideration Shares, the enlarged issued share
capital of the Company will be 365,923,838 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.

 

**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 8434 2754
 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).

 

 

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 20,643 km(2).

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