TORONTO, ON / ACCESSWIRE / February 28, 2019 / Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO; TSX-V:EOG) announces that the Company has granted 3,030,000 Restricted Share Units to directors, officers and advisers, of which 2,930,000 are to existing Directors, pursuant to the Company’s Restricted Share Units Plan (the “RSUs”). The RSUs will vest immediately and convert into common shares of no par value in the Company (“Common Shares”) (“RSU Shares”).
Additionally, the Company announces that, in compliance with the Company’s stock option plan, it has granted a total of 800,000 stock options (the “Options”) to directors, officers and advisers, of which 750,000 are to existing Directors. The Options are exercisable at a price of $1.50 per Common Share, and a vesting schedule allowing for the vesting of the Options in three equal installments, with one third vesting immediately; one third vesting on 1 March 2020 and one third vesting on 1 March 2021. The Options expire on 1 March 2024.
Details of the RSUs and Options being granted to each director are summarized in the table below:
Director
RSUs Granted
Options Granted
Moshe Peterburg
400,000
100,000
Gil Holzman
900,000
100,000
Colin Kinley
900,000
100,000
Gadi Levin
150,000
50,000
Alan Friedman
80,000
100,000
Kangulohi Angula
–
100,000
Peter Nicol
250,000
100,000
Keith Hill
250,000
100,000
Application has been made for admission of the 3,030,000 RSU Shares, which will rank pari passu with existing Common Shares, to trading on AIM (“Admission”). It is expected that Admission will become effective and trading will commence at 8:00 a.m. on 6 March 2019.
Following Admission, the enlarged issued share capital of the Company will be 164,405,530 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
+1 (416) 250 1955
Gil Holzman, CEO
Colin Kinley, COO
Alan Friedman, VP
Strand
Hanson Limited (Financial & Nominated Adviser)
+44 (0) 20 7409 3494
James Harris
Rory Murphy
James Bellman
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart
Nicholas Rhodes
Ashton Clanfield
+44 (0)20 7710 7600
Berenberg (Joint Broker)
+44 (0) 20 3207 7800
Matthew Armitt
Detlir Elezi
Pareto
Securities Limited (Joint Broker)
+44 (0) 20 7786 4370
Søren Clausen
+44 (0) 20 7786 4382
Davide Finelli
Matilda Mäkitalo
+44 (0) 20 7786 4398
+44 (0) 20 7786 4375
Blytheweigh
(PR)
+44 (0) 20 7138 3204
Tim Blythe
Julia Tilley
Jane Lenton
Notes to editors
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 the deep-water Liza Field and Snoek, Payara, Pacora, Turbot, Longtail and Hammerhead discoveries, recently made by ExxonMobil and Hess Corporation. The more recent discovery by ExxonMobil and Hess Corporation, Pluma-1, increased the estimate of recoverable resources for the Stabroek Block to more than 5 billion barrels of oil equivalent, and the latest discoveries at Tilapia-1 and Haimara-1 will further add to that estimate.
In Namibia, the Company holds interests in four offshore petroleum licences totalling approximately 25,000km2 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 Azinam and NAMCOR. Eco has been granted a drilling permit on its Cooper Block (Operator).
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.
PDMR Notification Forms
1.
Details
of the person discharging managerial responsibilities / person closely
associated
a)
Name
Moshe Peterburg
2.
Reason
for the Notification
a)
Position/status
Director of the Company
b)
Initial notification/amendment
Initial notification
3.
Details
of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a)
Name
ECO (ATLANTIC) OIL & GAS LTD.
b)
LEI
213800WPR7ASTDWQUW50
4.
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
a)
Description of the Financial instrument, type of instrument
Issue of common shares of no par value in the Company pursuant to the vesting of restricted share units (RSUs)
Identification code
CA27887W1005
b)
Nature of the Transaction
Receipt of Common Shares and Options
c)
Price(s) and volume(s)
Price(s)
Volume(s)
Nil consideration
400,000 common shares pursuant to the conversion of the RSUs
100,000 Options
d)
Aggregated information
Aggregated volume Price
N/A (Single transaction)
e)
Date of the transaction
28 February 2019
f)
Place of the transaction
N/A
1.
Details
of the person discharging managerial responsibilities / person closely
associated
a)
Name
Gil Holzman
2.
Reason
for the Notification
a)
Position/status
CEO and Director of the Company
b)
Initial notification/amendment
Initial notification
3.
Details
of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a)
Name
ECO (ATLANTIC) OIL & GAS LTD.
b)
LEI
213800WPR7ASTDWQUW50
4.
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
a)
Description of the Financial instrument, type of instrument
Issue of common shares of no par value in the Company pursuant to the vesting of restricted share units (RSUs)
Identification code
CA27887W1005
b)
Nature of the Transaction
Receipt of Common Shares and Options
c)
Price(s) and volume(s)
Price(s)
Volume(s)
Nil consideration
900,000 common shares pursuant to the conversion of the RSUs
100,000 Options
d)
Aggregated information
Aggregated volume Price
N/A (Single transaction)
e)
Date of the transaction
28 February 2019
f)
Place of the transaction
N/A
1.
Details
of the person discharging managerial responsibilities / person closely
associated
a)
Name
Colin Kinley
2.
Reason
for the Notification
a)
Position/status
Director of the Company
b)
Initial notification/amendment
Initial notification
3.
Details
of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a)
Name
ECO (ATLANTIC) OIL & GAS LTD.
b)
LEI
213800WPR7ASTDWQUW50
4.
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
a)
Description of the Financial instrument, type of instrument
Issue of common shares of no par value in the Company pursuant to the vesting of restricted share units (RSUs)
Identification code
CA27887W1005
b)
Nature of the Transaction
Receipt of Common Shares and Options
c)
Price(s) and volume(s)
Price(s)
Volume(s)
Nil consideration
900,000 common shares pursuant to the conversion of the RSUs
100,000 Options
d)
Aggregated information
Aggregated volume Price
N/A (Single transaction)
e)
Date of the transaction
28 February 2019
f)
Place of the transaction
N/A
1.
Details
of the person discharging managerial responsibilities / person closely
associated
a)
Name
Gadi Levin
2.
Reason
for the Notification
a)
Position/status
Director of the Company
b)
Initial notification/amendment
Initial notification
3.
Details
of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a)
Name
ECO (ATLANTIC) OIL & GAS LTD.
b)
LEI
213800WPR7ASTDWQUW50
4.
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
a)
Description of the Financial instrument, type of instrument
Issue of common shares of no par value in the Company pursuant to the vesting of restricted share units (RSUs)
Identification code
CA27887W1005
b)
Nature of the Transaction
Receipt of Common Shares and Options
c)
Price(s) and volume(s)
Price(s)
Volume(s)
Nil consideration
150,000 common shares pursuant to the conversion of the RSUs
50,000 Options
d)
Aggregated information
Aggregated volume Price
N/A (Single transaction)
e)
Date of the transaction
28 February 2019
f)
Place of the transaction
N/A
1.
Details
of the person discharging managerial responsibilities / person closely
associated
a)
Name
Alan Friedman
2.
Reason
for the Notification
a)
Position/status
Director of the Company
b)
Initial notification/amendment
Initial notification
3.
Details
of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a)
Name
ECO (ATLANTIC) OIL & GAS LTD.
b)
LEI
213800WPR7ASTDWQUW50
4.
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
a)
Description of the Financial instrument, type of instrument
Issue of common shares of no par value in the Company pursuant to the vesting of restricted share units (RSUs)
Identification code
CA27887W1005
b)
Nature of the Transaction
Receipt of Common Shares and Options
c)
Price(s) and volume(s)
Price(s)
Volume(s)
Nil consideration
80,000 common shares pursuant to the conversion of the RSUs
100,000 Options
d)
Aggregated information
Aggregated volume Price
N/A (Single transaction)
e)
Date of the transaction
28 February 2019
f)
Place of the transaction
N/A
1.
Details
of the person discharging managerial responsibilities / person closely
associated
a)
Name
Peter Nicol
2.
Reason
for the Notification
a)
Position/status
Director of the Company
b)
Initial notification/amendment
Initial notification
3.
Details
of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a)
Name
ECO (ATLANTIC) OIL & GAS LTD.
b)
LEI
213800WPR7ASTDWQUW50
4.
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
a)
Description of the Financial instrument, type of instrument
Issue of common shares of no par value in the Company pursuant to the vesting of restricted share units (RSUs)
Identification code
CA27887W1005
b)
Nature of the Transaction
Receipt of Common Shares and Options
c)
Price(s) and volume(s)
Price(s)
Volume(s)
Nil consideration
250,000 common shares pursuant to the conversion of the RSUs
100,000 Options
d)
Aggregated information
Aggregated volume Price
N/A (Single transaction)
e)
Date of the transaction
28 February 2019
f)
Place of the transaction
N/A
1.
Details
of the person discharging managerial responsibilities / person closely
associated
a)
Name
Keith Hill
2.
Reason
for the Notification
a)
Position/status
Director of the Company
b)
Initial notification/amendment
Initial notification
3.
Details
of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a)
Name
ECO (ATLANTIC) OIL & GAS LTD.
b)
LEI
213800WPR7ASTDWQUW50
4.
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
a)
Description of the Financial instrument, type of instrument
Issue of common shares of no par value in the Company pursuant to the vesting of restricted share units (RSUs)
Identification code
CA27887W1005
b)
Nature of the Transaction
Receipt of Common Shares and Options
c)
Price(s) and volume(s)
Price(s)
Volume(s)
Nil consideration
250,000 common shares pursuant to the conversion of the RSUs
100,000 Options
d)
Aggregated information
Aggregated volume Price
N/A (Single transaction)
e)
Date of the transaction
28 February 2019
f)
Place of the transaction
N/A
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SOURCE: Eco (Atlantic) Oil & Gas Ltd.
ReleaseID: 537394