TIDMECO
RNS Number : 4655X
Eco (Atlantic) Oil and Gas Ltd.
24 November 2017
24 November 2017
ECO (ATLANTIC) OIL & GAS LTD.
("Eco Atlantic", "Company" or, together with its subsidiaries,
the "Group")
Grant of RSUs and Issue of Equity
Toronto, 24th November, 2017 - Eco (Atlantic) Oil & Gas Ltd.
("Eco Atlantic" or "Company") (TSX-V:EOG, LSE:ECO) announces that
the Company has granted 3,050,000 Restricted Share Units to
directors, officers and consultants as success fees, of which
2,650,000 are to existing Directors, in relation to the recently
announced new financing and positive corporate and operational
developments pursuant to the Company's Restricted Share Units Plan
(the "RSUs"). The RSUs will vest immediately and convert into
common shares of no par value in the Company ("Common Shares").
Details of the RSU's being granted to each director are
summarized in the table below:
Director RSUs Granted
-------------------------------- -------------
Gil Holzman 800,000
-------------------------------- -------------
Colin Kinley 800,000
-------------------------------- -------------
Peter Nicol 250,000
-------------------------------- -------------
Moshe Peterburg 500,000
-------------------------------- -------------
Alan Friedman 100,000
-------------------------------- -------------
Gadi Levin 200,000
-------------------------------- -------------
Keith Hall (proposed director) 200,000
-------------------------------- -------------
Certain directors have also converted 3,998,900 existing RSU's,
not previously exercised, into Common Shares ("Existing RSU's"). Of
these Existing RSUs, 3,400,000 were previously granted and
announced on 8 June 2017, for the successful AIM admission, and
598,900 RSU's were granted in 2016 for meeting the relevant
performance criteria under the RSU plan prior to the AIM admission,
as detailed in the Company's AIM Admission Document.
Application has been made to the TSX-V and the London Stock
Exchange for the admission of 7,048,900 new Common Shares, in
respect of the conversion of the RSUs and Existing RSUs into Common
Shares, to trading on TSX-V and on AIM, which is expected to take
place on 29 November 2017 ("Admission"). Following Admission, the
Company will have 154,732,333 Common Shares with voting rights in
issue.
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 +44 (0) 20 7409
& Nominated Adviser) 3494
James Harris
Rory Murphy
James Bellman
Brandon Hill Capital Limited +44 (0) 20 3463
(Joint Broker) 5000
Jonathan Evans
Robert Beenstock
Peterhouse Corporate Finance +44 (0) 20 7469
(Joint Broker) 0930
Eran Zucker
Duncan Vasey
Lucy Williams
+44 (0) 20 7138
Blytheweigh (PR) 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 km(2) 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 totalling approximately 25,000 km(2) 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.
PDMR Notifications
1. Details of the person discharging managerial
responsibilities / person closely associated
--- ---------------------------------------------------------------------------
a) Name Gil Holzman
--- ------------------------------- ------------------------------------------
2. Reason for the Notification
--- ---------------------------------------------------------------------------
a) Position/status CEO 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 Issue of common shares of
Financial instrument, no par value in the Company
type of instrument pursuant to the vesting of
restricted share units (RSUs)
--- ------------------------------- ------------------------------------------
Identification code CA27887W1005
--- ------------------------------- ------------------------------------------
b) Nature of the Transaction Receipt of Common Shares
--- ------------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------- -------------------
Nil consideration 800,000 common
shares pursuant
to the conversion
Nil consideration of the RSUs
1,100,000 common
shares pursuant
to the conversion
of the Existing
RSUs
------------------- -------------------
--- ------------------------------- ------------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume
Price
--- ------------------------------- ------------------------------------------
e) Date of the transaction 24 November 2017
--- ------------------------------- ------------------------------------------
f) Place of the transaction N/A
--- ------------------------------- ------------------------------------------
1. Details of the person discharging managerial
responsibilities / person closely associated
--- ---------------------------------------------------------------------------
a) Name Colin Kinley
--- ------------------------------- ------------------------------------------
2. Reason for the Notification
--- ---------------------------------------------------------------------------
a) Position/status 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 Issue of common shares of
Financial instrument, no par value in the Company
type of instrument pursuant to the vesting of
restricted share units (RSUs)
--- ------------------------------- ------------------------------------------
Identification code CA27887W1005
--- ------------------------------- ------------------------------------------
b) Nature of the Transaction Receipt of Common Shares
--- ------------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------- -------------------
Nil consideration 800,000 common
shares pursuant
to the conversion
Nil consideration of the RSUs
1,100,000 common
shares pursuant
to the conversion
of the Existing
RSUs
------------------- -------------------
--- ------------------------------- ------------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume
Price
--- ------------------------------- ------------------------------------------
e) Date of the transaction 24 November 2017
--- ------------------------------- ------------------------------------------
f) Place of the transaction N/A
--- ------------------------------- ------------------------------------------
1. Details of the person discharging managerial
responsibilities / person closely associated
--- ---------------------------------------------------------------------------
a) Name Moshe Peterburg
--- ------------------------------- ------------------------------------------
2. Reason for the Notification
--- ---------------------------------------------------------------------------
a) Position/status 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 Issue of common shares of
Financial instrument, no par value in the Company
type of instrument pursuant to the vesting of
restricted share units (RSUs)
--- ------------------------------- ------------------------------------------
Identification code CA27887W1005
--- ------------------------------- ------------------------------------------
b) Nature of the Transaction Receipt of Common Shares
--- ------------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------- -------------------
Nil consideration 500,000 common
shares pursuant
to the conversion
Nil consideration of the RSUs
598,900 common
shares pursuant
to the conversion
of the Existing
RSUs
------------------- -------------------
--- ------------------------------- ------------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume
Price
--- ------------------------------- ------------------------------------------
e) Date of the transaction 24 November 2017
--- ------------------------------- ------------------------------------------
f) Place of the transaction N/A
--- ------------------------------- ------------------------------------------
1. Details of the person discharging managerial
responsibilities / person closely associated
--- ---------------------------------------------------------------------------
a) Name Alan Friedman
--- ------------------------------- ------------------------------------------
2. Reason for the Notification
--- ---------------------------------------------------------------------------
a) Position/status 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 Issue of common shares of
Financial instrument, no par value in the Company
type of instrument pursuant to the vesting of
restricted share units (RSUs)
--- ------------------------------- ------------------------------------------
Identification code CA27887W1005
--- ------------------------------- ------------------------------------------
b) Nature of the Transaction Receipt of Common Shares
--- ------------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------- -------------------
Nil consideration 00,000 common
shares pursuant
to the conversion
Nil consideration of the RSUs
300,000 common
shares pursuant
to the conversion
of the Existing
RSUs
------------------- -------------------
--- ------------------------------- ------------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume
Price
--- ------------------------------- ------------------------------------------
e) Date of the transaction 24 November 2017
--- ------------------------------- ------------------------------------------
f) Place of the transaction N/A
--- ------------------------------- ------------------------------------------
1. Details of the person discharging managerial
responsibilities / person closely associated
--- ---------------------------------------------------------------------------
a) Name Peter Nicol
--- ------------------------------- ------------------------------------------
2. Reason for the Notification
--- ---------------------------------------------------------------------------
a) Position/status 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 Issue of common shares of
Financial instrument, no par value in the Company
type of instrument pursuant to the vesting of
restricted share units (RSUs)
--- ------------------------------- ------------------------------------------
Identification code CA27887W1005
--- ------------------------------- ------------------------------------------
b) Nature of the Transaction Receipt of Common Shares
--- ------------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------- -------------------
Nil consideration 250,000 common
shares pursuant
to the conversion
Nil consideration of the RSUs
300,000 common
shares pursuant
to the conversion
of the Existing
RSUs
------------------- -------------------
--- ------------------------------- ------------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume
Price
--- ------------------------------- ------------------------------------------
e) Date of the transaction 24 November 2017
--- ------------------------------- ------------------------------------------
f) Place of the transaction N/A
--- ------------------------------- ------------------------------------------
1. Details of the person discharging managerial
responsibilities / person closely associated
--- ---------------------------------------------------------------------------
a) Name Gadi Levin
--- ------------------------------- ------------------------------------------
2. Reason for the Notification
--- ---------------------------------------------------------------------------
a) Position/status 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 Issue of common shares of
Financial instrument, no par value in the Company
type of instrument pursuant to the vesting of
restricted share units (RSUs)
--- ------------------------------- ------------------------------------------
Identification code CA27887W1005
--- ------------------------------- ------------------------------------------
b) Nature of the Transaction Receipt of Common Shares
--- ------------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------- -------------------
Nil consideration 200,000 common
shares pursuant
to the conversion
Nil consideration of the RSUs
300,000 common
shares pursuant
to the conversion
of the Existing
RSUs
------------------- -------------------
--- ------------------------------- ------------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume
Price
--- ------------------------------- ------------------------------------------
e) Date of the transaction 24 November 2017
--- ------------------------------- ------------------------------------------
f) Place of the transaction N/A
--- ------------------------------- ------------------------------------------
1. Details of the person discharging managerial
responsibilities / person closely associated
--- --------------------------------------------------------------------------
a) Name Derek Linfield
--- ------------------------------- -----------------------------------------
2. Reason for the Notification
--- --------------------------------------------------------------------------
a) Position/status 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 Issue of common shares of
Financial instrument, no par value in the Company
type of instrument pursuant to the vesting of
restricted share units (RSUs)
--- ------------------------------- -----------------------------------------
Identification code CA27887W1005
--- ------------------------------- -----------------------------------------
b) Nature of the Transaction Receipt of Common Shares
--- ------------------------------- -----------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
------------------ -------------------
Nil consideration 150,000 common
shares pursuant
to the conversion
of the Existing
RSUs
------------------ -------------------
--- ------------------------------- -----------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume
Price
--- ------------------------------- -----------------------------------------
e) Date of the transaction 24 November 2017
--- ------------------------------- -----------------------------------------
f) Place of the transaction N/A
--- ------------------------------- -----------------------------------------
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.
Notes to editors
Eco Atlantic is a TSX-V and AIM listed 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 and AziNam.
In Guyana, Eco Guyana holds a 40% working interest alongside
Tullow Oil (60%) in the 1,800 km(2) 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 1.4 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 25,000 km(2) 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DSHUSVKRBVAAURA
(END) Dow Jones Newswires
November 24, 2017 05:00 ET (10:00 GMT)
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