TIDMECO
RNS Number : 4755E
Eco (Atlantic) Oil and Gas Ltd.
11 March 2022
11 March 2022
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Completion of Azinam Acquisition
Further to the Company's announcement of 8 February 2022, 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 confirm that it and Azinam Group Holdings
("Azinam") have completed all conditions required to be completed
in order to close Eco's acquisition of Azinam (the "Acquisition")
save and accept for receipt of the final approval of the TSX
Venture Exchange (the "Exchange") (the "Approval").
As disclosed in the Company's announcement of February 8, 2022,
the Acquisition will result in the issuance to Azinam of 40,170,474
common shares (the "New Issue") in the capital of Eco ("Common
Shares"), providing Azinam with 16.5% of Eco's share capital as
enlarged by such issue ("Enlarged Share Capital"), providing for a
cashless acquisition to become the sole owner of Azinam's entire
African portfolio.
In addition to the New Issue, Azinam will be issued warrants to
acquire additional Common Shares, exercisable only in the case of a
producible commercial discovery on Block 2B or Block 3B/4B, as
follows: 20,000,000 warrants exercisable at a price of CAD$1.00 per
Common Shares during the twenty-four month period immediately
following the date of receipt of the Approval, and 20,000,000
warrants exercisable at a price of CAD$1.50 per Common Share during
the thirty-six month period immediately following the Approval,
such exercise dates to be extended in the event a well is not
drilled on Block 2B or Block 3B4B, until such time as a well is
drilled on either block and a producible commercial discovery
declared. At no time will Azinam be entitled to subscribe for and
purchase such amount of Common Shares which, when aggregated with
its already exiting ownership of Common Shares, would result in
Azinam being the registered or beneficial holder of more than 19.9%
of the then issued and outstanding Common Shares, without the prior
written consent of the Exchange and Eco and in accordance with the
policies of the Exchange. Eco has agreed that, for as long as
Azinam holds at least a 12.5% interest in Eco's share capital, it
shall be entitled to nominate one director for election to Eco's
board of directors.
In connection with the Acquisition, a fee of 350,000 Common
Shares and US$50,000 will be payable to an arms length third party
in connection with their advisory services to Eco.
Eco will disseminate a further press release confirming final
approval by the Exchange and the issue of the New shares.
Gil Holzman Co-Founder and CEO of Eco Atlantic commented:
"We are pleased to have completed this acquisition, subject to
final Approval to issue the shares. we now own and operate a number
of highly prospective licences in three of the most exciting
regions for exploration in the world: Guyana, Namibia and South
Africa. We continue to make strong progress towards the upcoming
drilling of the Gazania-1 well, offshore South Africa, and
following the signing of the rig contract earlier in the month we
anticipate drilling to commence in late Q3 2022. We look forward to
making further updates on our strategic acreage in due course."
**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
7.3% 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 will, subject to completion of its
acquisition of Azinam Group Limited, become designated Operator and
hold a 50% working interest in Block 2B, and a 20% Working Interest
of Blocks 3B/4B, totalling some 20,643 km (2) .
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END
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March 11, 2022 02:00 ET (07:00 GMT)
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