Eco (Atlantic) Oil and Gas Ltd. Closing of Fundraising (6882V)
10 Aprile 2019 - 8:01AM
UK Regulatory
TIDMECO
RNS Number : 6882V
Eco (Atlantic) Oil and Gas Ltd.
10 April 2019
10 April 2019
ECO (ATLANTIC) OIL & GAS LTD.
("Eco", "Eco Atlantic", "Company" or, together with its
subsidiaries, the "Group")
Closing of Fundraising
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG), is
pleased to announce the closing of the placing and subscription of
shares as announced on 4 April 2019.
The Company raised, in aggregate, US$17 million (GBP12.9
million, CAD22.6 million) before expenses through an oversubscribed
placing and subscription of, in aggregate, 16,159,695 new common
shares (the "Common Shares") of no par value in the capital of the
Company.
The Company's total issued share capital now consists of
180,565,225 Common Shares with voting rights.
**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, Director
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
Nicholas Rhodes
Ashton Clanfield +44 (0)20 7710 7600
Berenberg (Joint Broker) +44 (0) 20 3207 7800
Matthew Armitt
Detlir Elezi
Pareto Securities Limited (Joint Broker) +44 (0) 20 7786 4370
Søren 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
Jane Lenton
Hannam & Partners (Research Advisor)
Neil Passmore
Hamish Clegg
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, Total and Azinam.
In Guyana, Eco Guyana holds a 15% working interest alongside
Total (25%) and 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 ExxonMobil and Hess
Corporation's Stabroek Block, on which twelve discoveries have been
announced and over 5.5 billion barrels of oil equivalent
recoverable resources are estimated. First oil production is
expected from the deep-water Liza Field in 2020. ExxonMobil's
Hammerhead-1 discovery is just 6.5km down-dip from Eco's Orinduik
Block. Eco's updated Competent Persons Report of March 2019
confirmed that Hammerhead-1 extends onto Orinduik, which
significantly de-risks the Block.
In Namibia, the Company holds interests in four offshore
petroleum licences totalling 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 Azinam and NAMCOR. Eco has
been granted a drilling permit on its Cooper Block (Operator).
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
IOEILMMTMBIMTAL
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April 10, 2019 02:01 ET (06:01 GMT)
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