Last checked at 29 Nov 2017 07:00
29 November 2017
ECO (ATLANTIC) OIL & GAS LTD.
("Eco Atlantic", the "Company", "Eco" or, together with its subsidiaries, the "Group")
Appointment of Keith Hill as Non-Executive Director
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V:EOG), is delighted to announce the appointment of Keith Hill as a Non-Executive Director of the Company following the Subscription and Strategic Alliance Agreement with Africa Oil Corp ("AOC"), as announced on 13 November, with immediate effect.
Keith Hill has over 30 years' experience in the oil industry. He is currently President and CEO of AOC, listed on the Toronto Stock Exchange and on Nasdaq Stockholm. Mr Hill has spent over 20 years with the Lundin Group as well as being involved with international new venture management and holding senior exploration positions at Occidental Petroleum and Shell Oil Company. He was also previously President of Valkyries Petroleum, BlackPearl Resources and ShaMaran Petroleum. He holds a Master of Science degree in Geology and Bachelor of Science degree in Geophysics from Michigan State University as well as a MBA from the University of St. Thomas in Houston.
The Company can also confirm that, further to the announcement of 13 November 2017, Derek Linfield has stepped down from the board but will remain as a consultant to the Company.
Gil Holzman, President and CEO of Eco commented:
"We are delighted to welcome Keith to the Board. His extensive expertise sourcing new ventures and working in the regions where our assets are based and where we are looking for new ventures will undoubtedly be a very significant benefit to the Company. We look forward to working with Keith, and indeed his team at AOC, as we look to drive forward the programmes on our current assets as well as acquiring and developing world class assets under our agreement with AOC."
Additional information on Keith Charles Hill
The following additional information is provided in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies:
Keith Charles Hill (aged 58)
Current Directorships/Partnerships | Past Directorships/Partnerships |
BlackPeal Resources Inc. | Tyner Resources Ltd |
Africa Oil Corp. | Petro Vista Energy Corp. |
ShaMaran Petroleum Corp. | |
TAG Oil and Gas Ltd | |
Africa Energy Corp. |
Mr Hill has an indirect interest in the Company of 29,200,000 common shares, representing approximately 18.87 per cent. of the Company's issued share capital. In addition, Mr Hill is personally interested in 200,000 common shares pursuant to the grant and exercise of Restricted Share Units announced on 24 November 2017.
There is no other information that is required to be disclosed pursuant to paragraph (g) of Schedule Two to the AIM Rules for Companies.
For more information, please visit www.ecooilandgas.com or contact the following:
Eco Atlantic Oil and Gas | +1 (416) 250 1955 |
Gil Holzman, CEO Colin Kinley, COO Alan Friedman, VP |
|
Strand Hanson Limited (Financial & Nominated Adviser) |
+44 (0) 20 7409 3494 |
James Harris Rory Murphy James Bellman
| |
Brandon Hill Capital Limited (Joint Broker) | +44 (0) 20 3463 5000 |
Oliver Stansfield Jonathan Evans Robert Beenstock
| |
Peterhouse Corporate Finance (Joint Broker) | +44 (0) 20 7469 0930 |
Eran Zucker Duncan Vasey Lucy Williams
| |
Blytheweigh (PR) | +44 (0) 20 7138 3204 |
Nick Elwes Tim Blythe
|
Notes to editors
Eco Atlantic is a TSX-V and AIM listed oil and gas exploration and production Company with interests in Guyana and Namibia where significant oil discoveries have been made.
The Group aims to deliver material value for its stakeholders through oil exploration, appraisal and development activities in stable emerging markets, in partnership with major oil companies, including Tullow and AziNam.
In Guyana, Eco Guyana holds a 40 per cent. working interest alongside Tullow Oil (60 per cent.) in the 1,800 km2 Orinduik Block in the shallow water of the prospective Suriname Guyana basin. The Orinduik Block is adjacent and updip to the deep-water Liza Field, recently discovered by ExxonMobil and Hess, which is estimated to contain as much as 2.5 billion barrels of oil equivalent, making it one of a handful of billion-barrel discoveries in the last half-decade.
In Namibia, the Company holds interests in four offshore petroleum licences totaling approximately 25,000 km2 with over 2.3 billion barrels of prospective P50 resources in the Wallis and Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar are being developed alongside partners, which include Tullow Oil, AziNam and NAMCOR. Significant 3D and 2D surveys and interpretation have been completed with drilling preparations expected to begin in 2018.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.