TIDMECO
RNS Number : 9985J
Eco (Atlantic) Oil and Gas Ltd.
23 August 2019
23 August 2019
ECO (ATLANTIC) OIL & GAS LTD.
("Eco Atlantic", "Company" or, together with its subsidiaries,
the "Group")
Company's Incentive Plan - Grant of RSUs
Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO, TSX-V:EOG) announces
that the Company has granted 3,000,000 Restricted Share Units to
directors, officers and advisers, of which 2,900,000 are to
existing Executives and Directors, pursuant to the Company's
Restricted Share Units Plan (the "RSUs") and in acknowledgment of
the Company's management's recent achievements. The RSUs will vest
immediately and convert into 3,000,000 common shares of no par
value in the Company ("Common Shares") ("RSU Shares").
In addition, the Company announces that it has granted, to a
consultant of the Company, warrants to subscribe for up to 80,000
Common Shares at a price of CAD $2.45 (GBP1.50) per Common Share
(the "Warrants"). The Warrants are exercisable for a period of 1
year from the date of issue.
Details of the RSUs being granted to each director are
summarized in the table below:
Director RSUs Granted
Moshe Peterburg 350,000
-------------
Gil Holzman 900,000
-------------
Colin Kinley 900,000
-------------
Gadi Levin 200,000
-------------
Alan Friedman 125,000
-------------
Kangulohi Helmut Angula 100,000
-------------
Peter Nicol 200,000
-------------
Keith Hill 125,000
-------------
Application has been made for admission of the 3,000,000 RSU
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 29
August 2019.
Following Admission, the enlarged issued share capital of the
Company will be 184,398,973 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
Strand Hanson Limited (Financial & Nominated +44 (0) 20 7409
Adviser) 3494
James Harris
Rory Murphy
James Bellman
Stifel Nicolaus Europe Limited (Joint
Broker)
Callum Stewart
Nicholas Rhodes +44 (0)20 7710
Ashton Clanfield 7600
+44 (0) 20 3207
Berenberg (Joint Broker) 7800
Matthew Armitt
Detlir Elezi
+44 (0) 20 7138
Blytheweigh (PR) 3204
Tim Blythe
Julia Tilley
Jane Lenton
Hannam & Partners (Research Advisor)
Neil Passmore
Hamish Clegg
Canaccord Genuity (North America Advisor)
Simon Akit +1 416 869 3820
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, Total and Azinam.
In Guyana, Eco Guyana holds a 15% working interest alongside
Total (25%) and Tullow Oil (60%) in the 1,800km(2) Orinduik Block
in shallow to deep water (70m to 1,350m) of the prospective
Suriname-Guyana basin. The Orinduik Block is adjacent and updip to
ExxonMobil's Stabroek Block, on which thirteen discoveries have
been announced and over 6bboe of oil equivalent recoverable
resources are estimated. First oil production is expected from the
deep-water Liza Field in 2020.
Jethro 1 is a 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 supports
recoverable oil resources.
The Joe prospect is a stratigraphic channel fill and overbank
sand body that trends to the northwest on the northern part of the
Orinduik Block in approximately 700 meters of water. It is a
Tertiary feature. The targeted prospect is estimated by Gustavson
Associates to hold 148.3mmboe of gross unrisked prospective oil
resources (P50) and the Chance of Success is also estimated to be
43.2%.
In Namibia, the Company holds interests in four offshore
petroleum licences totalling approximately 25,000km(2) 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).
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 Notification Forms
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 Financial Issue of common shares of no par value
instrument, type of instrument in the Company 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 350,000 common
shares pursuant
to the conversion
of the RSUs
-------------------
-------------------------------- -----------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
-------------------------------- -----------------------------------------
e) Date of the transaction 23 August 2019
-------------------------------- -----------------------------------------
f) Place of the transaction N/A
-------------------------------- -----------------------------------------
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 Financial Issue of common shares of no par value
instrument, type of instrument in the Company 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 900,000 common
shares pursuant
to the conversion
of the RSUs
-------------------
-------------------------------- -----------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
-------------------------------- -----------------------------------------
e) Date of the transaction 23 August 2019
-------------------------------- -----------------------------------------
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 Financial Issue of common shares of no par value
instrument, type of instrument in the Company 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 900,000 common
shares pursuant
to the conversion
of the RSUs
-------------------
-------------------------------- -----------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
-------------------------------- -----------------------------------------
e) Date of the transaction 23 August 2019
-------------------------------- -----------------------------------------
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 Financial Issue of common shares of no par value
instrument, type of instrument in the Company 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
of the RSUs
-------------------
-------------------------------- -----------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
-------------------------------- -----------------------------------------
e) Date of the transaction 23 August 2019
-------------------------------- -----------------------------------------
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 Financial Issue of common shares of no par value
instrument, type of instrument in the Company 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 125,000 common
shares pursuant
to the conversion
of the RSUs
-------------------
-------------------------------- -----------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
-------------------------------- -----------------------------------------
e) Date of the transaction 23 August 2019
-------------------------------- -----------------------------------------
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 Financial Issue of common shares of no par value
instrument, type of instrument in the Company 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
of the RSUs
-------------------
-------------------------------- -----------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
-------------------------------- -----------------------------------------
e) Date of the transaction 23 August 2019
-------------------------------- -----------------------------------------
f) Place of the transaction N/A
-------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Keith Hill
-------------------------------- -----------------------------------------
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 Financial Issue of common shares of no par value
instrument, type of instrument in the Company 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 125,000 common
shares pursuant
to the conversion
of the RSUs
-------------------
-------------------------------- -----------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
-------------------------------- -----------------------------------------
e) Date of the transaction 23 August 2019
-------------------------------- -----------------------------------------
f) Place of the transaction N/A
-------------------------------- -----------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Kangulohi Angula
-------------------------------- -----------------------------------------
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 Financial Issue of common shares of no par value
instrument, type of instrument in the Company 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 100,000 common
shares pursuant
to the conversion
of the RSUs
-------------------
-------------------------------- -----------------------------------------
d) Aggregated information N/A (Single transaction)
Aggregated volume Price
-------------------------------- -----------------------------------------
e) Date of the transaction 23 August 2019
-------------------------------- -----------------------------------------
f) Place of the transaction N/A
-------------------------------- -----------------------------------------
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END
DSHPGUCGRUPBGBP
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August 23, 2019 02:10 ET (06:10 GMT)
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