TIDMECO
RNS Number : 6364C
Eco (Atlantic) Oil and Gas Ltd.
24 February 2022
24 February 2022
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Sale of Solear's Kozani Photovoltaic Park
25% return generated and repayment of EUR1.8 million to Eco
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX -- V: EOG), the
oil and gas exploration company focused on the offshore Atlantic
Margins, is pleased to announce the successful sale of the Kozani
project in Greece by Solear Ltd. ("Solear") for c.EUR1.8m (c.$2
million) to Nepcoe Capital Partners Ltd ("Nepcoe"), in partnership
with PowerChina New Energy Power Co., Ltd. ("PowerChina"), a
Chinese state owned company active in civil engineering
construction and the renewable energy infrastructure industry. This
transaction enables the re-payment of this consideration to Eco
Atlantic pursuant to the shareholder loan advanced by Eco to Solear
in 2021.
As announced on 26 January 2021, Solear acquired the 10.57 MW
Kozani project in Greece for a consideration of c.EUR1.1m (plus
additional EUR417K as a grid connection bond). The transaction was
funded via a shareholder loan provided to Solear by Eco
Atlantic.
Since the Kozani project was acquired, Solear has further
developed the asset and brought it to a ready for construction
stage, including necessary building permits and a connection
agreement with HEDNO (the Greek grid operator).
On 28 January 2022, Solear entered into a Share Purchase
Agreement with Nepcoe (in partnership with PowerChina as
engineering partner) for the sale of the holding companies for the
Kozani project for a total consideration of EUR1,793,680, which Eco
will receive in cleared funds by the end of February 2022. The
Disposal represents approximately a 25% margin on the initial
acquisition price of the Kozani project and the repayment to Eco
further strengthens the Company's balance sheet.
Nepcoe is a UK based renewables investment and asset management
business focused on creating a platform for access to renewable
energy opportunities that provides and generate predictable cash
flows in combination with positive environmental and social impact.
Nepcoe has a strategic memorandum of understanding with PowerChina
to jointly identify, develop and construct up to 750MW renewable
energy infrastructure in Europe.
Gil Holzman Co-Founder and CEO of Eco Atlantic commented:
"We are very pleased with this transaction and pleased that the
first development we entered into, the Kozani project, has
generated a 25% return for our shareholders in just a year. We want
to congratulate Nepcoe and PowerChina on this successful deal and
believe they have acquired an excellent project from Solear. We
have an exciting and busy year ahead, targeting a drilling campaign
in H2 2022, and we look forward to keeping the market appraised on
developments in our core exploration activities in South Africa,
Namibia and Guyana, over the coming months. In addition, we will
continue to further build our corporation to offer additional
exploration catalysts as and when we believe these opportunities
will be value accretive to our stakeholders."
Stanley Goh, Managing Partner of Nepcoe commented:
"We would like to thank Eco for supporting us with this very
smooth transaction process. Kozani represents a bankable entry for
Nepcoe Capital and its engineering partner PowerChina in the Greek
renewable energy market. I wish the Eco and Solear teams all the
best in their future endeavours."
**ENDS**
For more information, please visit www.ecooilandgas.com or
contact the following :
Eco Atlantic Oil and Gas c/o Celicourt +44 (0) 20
8434 2754
Gil Holzman, CEO
Colin Kinley, COO
Alice Carroll, Head of Marketing and +44(0)781 729 5070 | +1 (416)
IR 318 8272
Strand Hanson Limited (Financial & Nominated
Adviser) +44 (0) 20 7409 3494
James Harris
James Bellman
Berenberg (Broker) +44 (0) 20 3207 7800
Emily Morris
Detlir Elezi
Celicourt (PR) +44 (0) 20 8434 2754
Mark Antelme
Jimmy Lea
Hannam & Partners (Research Advisor)
Neil Passmore +44 (0) 20 7905 8500
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 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018 (as amended).
Notes to editors:
About Eco Atlantic:
Eco Atlantic is a TSX-V and AIM quoted Atlantic margin focused
Oil & Gas Exploration Company with offshore license interests
in Guyana, Namibia, and South Africa. Eco aims to deliver material
value for its stakeholders through its role in the energy
transition to explore for low carbon consuming oil and gas in
stable emerging markets near to infrastructure.
Offshore Guyana in the proven Suriname-Guyana Basin, the Company
holds a 15% Working Interest in the 1,800 km(2) Orinduik Block
Operated by Tullow Oil, and also indirectly through a soon to be
7.35% shareholding in JHI Associates Inc. a private company which
holds a 17.5% working interest in the 4,800km(2) Canje Block
Operated by ExxonMobil. In Namibia, the Company holds Operatorship
and 85% Working Interests in four offshore Petroleum Licences:
PEL's: 97, 98, 99 and 100 totalling 28,593 km(2) in the Walvis
Basin.
Offshore South Africa, Eco holds Operatorship and 50% working
interest of Block 2B, and 20% Working Interest of Blocks 3B/4B and
Nearshore 3B/4B, totalling some 21,603 km (2) .
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END
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