Eco (Atlantic) Oil and Gas Ltd. Exercise of Warrants (4015C)

TIDMECO

RNS Number : 4015C

Eco (Atlantic) Oil and Gas Ltd.

28 September 2018

28 September 2018

ECO (ATLANTIC) OIL & GAS LTD.

("Eco Atlantic", the "Company", "Eco" or, together with its subsidiaries, the "Group")

Exercise of Warrants

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG) the oil and gas exploration company with licenses in highly prospective regions in Guyana and Namibia, announces that it has received an exercise notice from Strand Hanson Limited for the exercise of warrants over 590,000 common shares of no par value ("Common Shares") with an exercise price of 16 pence per Common Share, resulting in the Company receiving GBP94,400. The warrants were granted to Strand Hanson Limited in connection with its role as Financial and Nominated Adviser to the Company's IPO in February 2017.

Application has been made for admission of the 590,000 new Common Shares, which will rank pari passu with existing Common Shares, to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and trading will commence at 8.00 a.m. on 5 October 2018.

Following Admission, the enlarged issued share capital of the Company will be 160,085,217 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                          [phone] 
 Gil Holzman, CEO 
  Colin Kinley, COO 
  Alan Friedman, VP 
 
   Strand Hanson Limited (Financial & Nominated 
   Adviser)                                          [phone] 
 James Harris 
  Rory Murphy 
  James Bellman 
 Brandon Hill Capital Limited (Joint Broker)       [phone] 
 Oliver Stansfield 
  Jonathan Evans 
  Robert Beenstock 
 Pareto Securities Limited (Joint Broker)          [phone] 
 Soren Clausen                                     [phone] 
 Davide Finelli                                    [phone] 
  Matilda Mäkitalo                             [phone] 
 Blytheweigh (PR)                                  [phone] 
 Tim Blythe 
  Julia Tilley 
  Simon Woods 
 

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.

Notes to editors

Eco Atlantic is a TSX-V and AIM listed Oil & Gas exploration and production Company with interests offshore Guyana and offshore 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, ONGC, Total and Azinam.

In Guyana, Eco Guyana holds a 15% Working Interest alongside Tullow Oil (60%) and Total (25%) in the 1,800 km(2) Orinduik Block, adjacent and updip to the deep-water Liza Field and Snoek, Payara, Pacora, Turbot, Longtail and Hammerhead discoveries, recently discovered by ExxonMobil and Hess, which are estimated to contain in excess of 4 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 25,000km(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, which include Tullow Oil, Azinam, and NAMCOR.

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 [e-mail] or visit www.rns.com.

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September 28, 2018 11:03 ET (15:03 GMT)