REG - Eco (Atlantic) O&G - TSX approval - Block 3B/4B additional interest

Eco (Atlantic) Oil & GasAnnouncement

06/07/2022 11:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220706:nRSF5273Ra&default-theme=true

RNS Number : 5273R  Eco (Atlantic) Oil and Gas Ltd.  06 July 2022

06 July 2022

 

ECO (ATLANTIC) OIL & GAS LTD.

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

 

ECO receives TSX approval for the acquisition of additional interest in Block
3B/4B, South Africa and Completes its Private Placement

 

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 it had received TSX Venture Exchange (the "Exchange") approval
for its acquisition of an additional 6.25% Participating Interest in Block
3B/4B, offshore South Africa from the Vendor, one of the shareholders of
Ricocure (Proprietary) Limited (the "Acquisition").

 

As disclosed in the Company's announcement of 27 June 2022 (the "Initial Press
Release"), the Acquisition has resulted in the issuance to Lunn Family Trust
of 2,702,702 common shares in the capital of Eco ("Common Shares"), at a
deemed price of 30p (CAD$0.48) per Common Share having an aggregate value of
US$1 million on the date of the Agreement; and (ii) the Company has paid a
cash amount of US$1 million to the Vendor ("the First Tranche").

 

The Company and Vendor signed an addendum to the Agreement (the "Amended
Agreement"), pursuant to which, the final US$2 million worth of shares to be
issued at Completion at the value of the 30 day VWAP per Common Share prior to
the date of the press release announcing the issue of such Common Shares (See
the Initial Press Release), would be limited to a maximum of 10,000,000 Common
Shares.

 

Additionally, the Company wishes to clarify that in connection with its
announcement on June 27, 2022 of its successful completion of a US$12.3
million equity financing that a fee in the amount of US$528,020 was paid to
Fox-Davies Capital Limited in addition to the issuance of 180,000 Common
Shares to certain advisers of the Company at a deemed price of 30p (CAD$0.48)
per Common Share ("Fee Shares"). It is also noted that, further to the
Company's announcement of 16 May 2022, 975,000 of the 1,800,000 nil cost RSUs
that were expected to convert into Common Shares have not yet been converted
and accordingly the corresponding 975,000 Common Shares were not issued
("Reduced RSU Conversion"). The Fee Shares and Reduced RSU Conversion were
reflected in the total issued share capital of the Company as announced on
June 27, 2022, being 344,863,838 Common Shares, therefore the total voting
rights in the Company remain unchanged.

 

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

 

 

**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 | +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
 Emily Morris

 Detlir Elezi

 Echelon Capital (Financial Adviser N. America Markets)

                                                            +1 (403) 606 4852
 Ryan Mooney                                                +1 (416) 8497776

 Simon Akit

 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 20% Working Interest (to be increased to a 26.25% Working
Interest, subject to Completion of the Acquisition) in Blocks 3B/4B operated
by Africa Oil Corp., totalling some 20,643 km(2).

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  REABQLFBLDLBBBX