ECO (ATLANTIC) OIL & GAS LTD.
('Eco', 'Eco Atlantic', 'Company' or, together with its subsidiaries, the 'Group')
TORONTO, ON / ACCESSWIRE / October 9, 2019 / Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG) was yesterday notified that on 8 October Peter Nicol, Non-Executive Director of the Company, acquired 40,000 common shares in the Company at a price of 141.35p per share (the 'Share Purchase').
Following the Share Purchase, Peter Nicol is beneficially interested in, in aggregate, 1,542,600 common shares representing approximately 0.84 per cent. of the Company's issued share capital.
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
Alice Carroll, Head of Marketing
+44 (0) 7817 295 070
Strand Hanson Limited (Financial & Nominated Adviser)
+44 (0) 20 7409 3494
Stifel Nicolaus Europe Limited (Joint Broker)
+44 (0)20 7710 7600
Berenberg (Joint Broker)
+44 (0) 20 3207 7800
+44 (0) 20 7138 3204
Hannam & Partners (Research Advisor)
Canaccord Genuity (North American Advisor)
+1 416 869 3820
Notes to editors
About Eco Atlantic:
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 1,800 km2 Orinduik Block in the shallow water of the prospective Suriname-Guyana basin. The Orinduik Block is adjacent and updip to ExxonMobil and Hess Corporation's Stabroek Block, on which thirteen discoveries have been announced and over 6 Billion BOE of oil equivalent recoverable resources are estimated. First oil production is expected from the deep-water Liza Field in 2020.
Jethro-1 was the first 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 further proves recoverable oil resources. Joe-1 is the second discovery on the Orinduik Block and comprises high quality oil-bearing sandstone reservoir with a high porosity of Upper Tertiary age. The Joe-1 well encountered 52 feet (16 meters) of continuous thick sandstone which further proves the presence of recoverable oil resources.
In Namibia, the Company holds interests in four offshore petroleum licences totalling approximately 25,000km2 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).
PDMR Notification Form
Details of the person discharging managerial responsibilities / person closely associated
Reason for the Notification
Director of the Company
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
ECO (ATLANTIC) OIL & GAS LTD.
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
Description of the Financial instrument, type of instrument
Common shares of no par value in the Company
Nature of the Transaction
Purchase of common shares of no par value in the Company
Price(s) and volume(s)
Aggregated volume Price
N/A (Single transaction)
Date of the transaction
8 October 2019
Place of the transaction
London Stock Exchange, AIM Market (XLON)
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.
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SOURCE: Eco (Atlantic) Oil & Gas Ltd.
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