London Stock Exchange welcomes Eco (Atlantic) Oil and Gas Ltd to AIM
Eco Atlantic is a TSX 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 and AziNam.
In Guyana, Eco Atlantic holds a 40% working interest alongside Tullow Oil (60%) in the 1,800km2 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 1.4 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 – Cooper, Guy, Sharon and Tamar – totalling approximately 25,000km2 alongside partners, which include Tullow Oil, AziNam and NAMCOR.
Eco Atlantic today joins AIM having raised £4.8 million before expenses by placing 30,000,000 new Ordinary Shares with investors at a placing price of at £0.16 per share, giving it a market capitalisation of £18.9m on Admission.
Gil Holzman, CEO of Eco Atlantic, comments;
"I am proud and delighted that Eco Atlantic is joining AIM today. This is an important and transformational step for the Company, and is vindication of our business and market strategy, our highly prospective oil licences in Guyana and Namibia and our strategic partnerships with Tullow oil and the Azimuth Group. We believe our AIM listing will expedite progress at these licences towards discoveries, production and value creation to our stakeholders."
Advisors to the Company include Strand Hanson Ltd; Brandon Hill Capital; Peterhouse Corporate Finance; Fladgate; Crowe Clark Whitehill; and Yellow Jersey PR.