Last checked at 9 Jan 2020 11:35
9 January 2020
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 with licences in highly prospective regions in Guyana, announces that, on 9 January 2020, Gadi Levin, a director of the Company, elected to exercise 350,000 options over common shares of no par value ("Common Shares") at an exercise price of CAD $0.30 (the "Options Exercise"). 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 250,000 common shares in lieu of the 350,000 options intended to be exercised.
The Company also announces the granting, to the Company's IR and Marketing manager, of options to subscribe for up to 200,000 Common Shares at a price of CAD $1.20 (c.£0.71) per Common Share (the "Options"). The Options vest equally over three years with the first vesting period occurring on the date of issue and expire 5 years from the date of issue.
Pursuant to the Options Exercise, application has been made for admission of 250,000 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 16 January 2020.
Following Admission, the enlarged issued share capital of the Company will be 184,697,723 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 under the Disclosure and Transparency Rules.
**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 Alice Carroll, Head of Marketing and IR |
+44(0)781 729 5070 |
Strand Hanson Limited (Financial & Nominated Adviser) |
+44 (0) 20 7409 3494 |
James Harris Rory Murphy James Bellman
| |
Stifel Nicolaus Europe Limited (Joint Broker) Callum Stewart Ashton Clanfield | +44 (0)20 7710 7600
|
Berenberg (Joint Broker) |
+44 (0) 20 3207 7800 |
Matthew Armitt Detlir Elezi | |
Celicourt (PR) |
+44 (0) 20 8434 2754 |
Mark Antelme Jimmy Lea
Hannam & Partners (Research Advisor) Neil Passmore Hamish Clegg
Canaccord Genuity (North American Advisor) Simon Akit
|
+44 (0) 20 7905 8500
+1 416 869 3820
|
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.
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Gadi Levin | ||||
2. | Reason for the Notification | |||||
a) | Position/status | CFO 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) |
| ||||
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) | ||||
e) | Date of the transaction | 9 January 2020 | ||||
f) | Place of the transaction | TSX-V | ||||
Notes to editors
About Eco Atlantic:
About Eco Atlantic:
Eco Atlantic is a TSX-V and AIM quoted Oil & 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, Total and Azinam.
In Guyana, Eco Guyana holds a 15% working interest alongside Total (25%) and Tullow Oil (60%) 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 ExxonMobil and Hess Corporation's Stabroek Block, on which fourteen discoveries have been announced and over 6.5 Billion BOE of oil equivalent recoverable resources are estimated. First oil production started from the deep-water Liza Field in 2020.
Jethro-1 was the first major oil discovery on Orinduik Block. The Jethro-1 encountered 180.5 feet (55 meters) of net high-quality oil pay in excellent Lower Tertiary sandstone reservoirs which further proves recoverable oil resources. Joe-1 is the second discovery on the Orinduik Block and comprises high quality oil-bearing sandstone reservoir with a high porosity of Upper Tertiary age. The Joe-1 well encountered 52 feet (16 meters) of continuous thick sandstone which further proves the presence of recoverable oil resources.
In Namibia, the Company holds interests in four offshore petroleum licences totalling approximately 25,000km2 with over 2.3bboe of prospective P50 resources in the Walvis and Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar are being developed alongside partners Azinam and NAMCOR. Eco has been granted a drilling permit on its Cooper Block (Operator).