TIDMECO
RNS Number : 3319B
Eco (Atlantic) Oil and Gas Ltd.
20 September 2018
20 September 2018
ECO (ATLANTIC) OIL & GAS LTD.
("Eco", "Eco Atlantic", "Company" or, together with its
subsidiaries, the "Group")
Acquisition of outstanding minority interest in PAO Namibia,
holder of Tamar Block
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), the
independent oil and gas exploration company with licences in highly
prospective regions in Guyana and Namibia, is pleased to announce
that, through its wholly owned subsidiary Pan Africa Oil Namibia
Holdings (Pty) Ltd. ("PAON Holdings"), it has acquired the
remaining 10% of the shares of Pan Africa Oil Namibia Ltd ("PAO
Namibia")from Amis Oil and Gas Ltd ("Amis") (the "Acquisition").
Following completion of the Acquisition, PAO Namibia will be a
wholly owned subsidiary of the Company.
Pursuant to the terms of the Acquisition, Eco will issue 300,000
common shares to Amis (the "Consideration Shares"). Amis has agreed
not to dispose of the Consideration Shares for a period of 181 days
following their issuance. The closing of the Acquisition is
conditional upon TSX regulatory approval and admission of the
Consideration Shares to trading on AIM.
As a result of the Acquisition, Eco will hold 100% of the issued
share capital of PAO Namibia and in turn an 80% Working Interest
(previously 72%) in the Tamar License (PEL 050). The remaining 20%
Working Interest in the Tamar License is divided equally between
NAMCOR (the National Petroleum Corp. of Namibia) and Spectrum Geo
Ltd.
The Tamar License covers approximately 7,500 square kilometres
offshore Namibia and is located in license areas 2211B and 2311A in
the economic waters of Namibia and is directly adjacent to PEL 71
which is expected to be drilled by Chariot Oil and Gas Ltd and
AziNam Ltd next month.
Application will be made for the admission to trading on AIM of
the Consideration Shares. Admission is expected to take place at
8.00am on 25(th) September 2018 ("Admission").
Following Admission, the issued share capital of the Company
will consist of 159,495,217 common shares. This 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 FCA's Disclosure Guidance and Transparency
Rules.
Gil Holzman, President and CEO of Eco Atlantic commented:
"We are very pleased to announce the completion of this
transaction, which simplifies our corporate structure, bringing all
of our subsidiaries under Eco Atlantic's sole and wholly owned
ownership. Following the Company's acquisition of the minority
interest in Eco (Atlantic) Guyana Inc. announced earlier this year,
this transaction further simplifies our corporate structure, and
aligns all stakeholders into the ultimate parent company thus
enables us to better manage each of our subsidiaries and their
respective held licenses in preparation for future potential
developments and transactions."
**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
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 +44 (0) 20 7786 4398
Matilda Mäkitalo +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 Regulations (EU) No. 596/2014.
Notes to editors
About Eco Atlantic:
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, ONGC, Total (optional) and AziNam.
In Guyana, Eco Guyana holds a 40%(1) 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 and Snoek,
Payara, Pacora, Turbot, Longtail, and Hammerhead-1 Discoveries,
recently discovered by ExxonMobil and Hess, which is 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 25,000km(2) 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, ONGC Videsh and NAMCOR. Drilling activity in Namibia is set
to gather pace in 2018 and 2019, with wells confirmed on Tullow's
PEL 037 and Chariot's Central Blocks. Eco has applied for a
drilling permit on its Cooper (Operator) Block.
(1) Total E&P Activités Pétrolières, (a wholly owned
subsidiary of Total SA) ("Total") has exercised an option to
acquire a 25% Working Interest in the Orinduik Block from Eco for
an additional US$12.5 million. The transfer of this interest to
Total and receipt of associated funds by Eco will take place on
receipt of requisite third party approvals for the transfer.
Further information can be found on www.ecooilandgas.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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