Eco (Atlantic) Oil and Gas Ltd. Completion of Subscription and Issue of Shares (7076W)
November 16 2017 - 3:56AM
UK Regulatory
TIDMECO
RNS Number : 7076W
Eco (Atlantic) Oil and Gas Ltd.
16 November 2017
16 November 2017
ECO (ATLANTIC) OIL & GAS LTD.
("Eco Atlantic", "Company", "Eco" or, together with its
subsidiaries, the "Group")
Completion of Subscription and Issue of Shares
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V:EOG), is
pleased to announce that further to the Company's announcement on
13 November 2017 that the Subscription of shares by Africa Oil Corp
("AOC") has been completed.
Through this subscription AOC has received 29,200,000 new common
shares in Eco and now holds an interest of approximately 19.77 per
cent in the Company. Admission of these shares will be at 8:00am on
17 November 2017. Upon Admission, the Company will have a total of
147,683,433 common shares in issue. Following the completion of
this transaction Eco has now raised approximately CAD $14 million
(GBP8.46 million) which will be used to actively identify,
negotiate and contract new oil and gas exploration assets and
conduct the initial work programmes.
**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
Finlay Thomson, UK and IR manager +44 (0) 7976 248471
Strand Hanson Limited (Financial +44 (0) 20 7409
& Nominated Adviser) 3494
James Harris
Rory Murphy
James Bellman
Brandon Hill Capital Limited +44 (0) 20 3463
(Joint Broker) 5000
Alex Walker
Jonathan Evans
Robert Beenstock
Peterhouse Corporate Finance +44 (0) 20 7469
(Joint Broker) 0930
Eran Zucker
Duncan Vasey
Lucy Williams
+44 (0) 20 7138
Blytheweigh (PR) 3204
Nick Elwes
Tim Blythe
Notes to editors
Eco Atlantic is a TSX-V and AIM listed oil and 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 and AziNam.
In Guyana, Eco Guyana holds a 40 per cent working interest
alongside Tullow Oil (60 per cent) 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, recently discovered by ExxonMobil and Hess, which is
estimated to contain as much as 2.5 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 25,000 km(2) with over
2.3 billion barrels of prospective P50 resources in the Wallis and
Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar
are being developed alongside partners, which include Tullow Oil,
AziNam and NAMCOR. Significant 3D and 2D surveys and interpretation
have been completed with drilling preparations expected to begin in
2018.
Africa Oil Corp is Africa Oil Corp. is a Canadian oil and gas
company with assets in Kenya and Ethiopia. The Company is listed on
the Toronto Stock Exchange and on Nasdaq Stockholm under the symbol
"AOI".
http://www.africaoilcorp.com
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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