Last checked at 16 Nov 2017 09:56
16 November 2017
ECO (ATLANTIC) OIL & GAS LTD.
("Eco Atlantic", "Company", "Eco" or, together with its subsidiaries, the "Group")
Completion of Subscription and Issue of Shares
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V:EOG), is pleased to announce that further to the Company's announcement on 13 November 2017 that the Subscription of shares by Africa Oil Corp ("AOC") has been completed.
Through this subscription AOC has received 29,200,000 new common shares in Eco and now holds an interest of approximately 19.77 per cent in the Company. Admission of these shares will be at 8:00am on 17 November 2017. Upon Admission, the Company will have a total of 147,683,433 common shares in issue. Following the completion of this transaction Eco has now raised approximately CAD $14 million (£8.46 million) which will be used to actively identify, negotiate and contract new oil and gas exploration assets and conduct the initial work programmes.
**ENDS**
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 Finlay Thomson, UK and IR manager |
+44 (0) 7976 248471 |
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 |
Alex Walker 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.
Africa Oil Corp is Africa Oil Corp. is a Canadian oil and gas company with assets in Kenya and Ethiopia. The Company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol "AOI".
http://www.africaoilcorp.com
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.