Last checked at 28 Sep 2018 16:03
28 September 2018
ECO (ATLANTIC) OIL & GAS LTD.
("Eco Atlantic", the "Company", "Eco" or, together with its subsidiaries, the "Group")
Exercise of Warrants
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG) the oil and gas exploration company with licenses in highly prospective regions in Guyana and Namibia, announces that it has received an exercise notice from Strand Hanson Limited for the exercise of warrants over 590,000 common shares of no par value ("Common Shares") with an exercise price of 16 pence per Common Share, resulting in the Company receiving £94,400. The warrants were granted to Strand Hanson Limited in connection with its role as Financial and Nominated Adviser to the Company's IPO in February 2017.
Application has been made for admission of the 590,000 new Common Shares, which will rank pari passu with existing Common Shares, to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and trading will commence at 8.00 a.m. on 5 October 2018.
Following Admission, the enlarged issued share capital of the Company will be 160,085,217 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.
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
| |
Pareto Securities Limited (Joint Broker) | +44 (0) 20 7786 4370 |
Soren Clausen | +44 (0) 20 7786 4382 |
Davide Finelli Matilda Mäkitalo
| +44 (0) 20 7786 4398 +44 (0) 20 7786 4375 |
Blytheweigh (PR) | +44 (0) 20 7138 3204 |
Tim Blythe Julia Tilley Simon Woods
|
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.
Notes to editors
Eco Atlantic is a TSX-V and AIM listed Oil & Gas exploration and production Company with interests offshore Guyana and offshore 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, ONGC, Total and Azinam.
In Guyana, Eco Guyana holds a 15% Working Interest alongside Tullow Oil (60%) and Total (25%) in the 1,800 km2 Orinduik Block, adjacent and updip to the deep-water Liza Field and Snoek, Payara, Pacora, Turbot, Longtail and Hammerhead discoveries, recently discovered by ExxonMobil and Hess, which are estimated to contain in excess of 4 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 25,000km2 with over 2.3 billion barrels of prospective P50 resources in the Walvis and Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar are being developed alongside partners, which include Tullow Oil, Azinam, and NAMCOR.