Completion of Transaction

Eco (Atlantic) Oil and Gas Ltd.

21 November 2023

 

21 November 2023

ECO (ATLANTIC) OIL & GAS LTD.

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

Completion of Transaction

Eco assumes 75% Working Interest in Orinduik Block

Further to the Company's announcements on 10 August 2023 and 15 November 2023, Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO, TSX‐V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to confirm that its acquisition of Tullow Guyana B.V. ("TGBV"), a wholly owned subsidiary of Tullow Oil plc (the "Transaction"), has now completed. 

Following the closing of the Transaction, Eco is now the Operator of the Orinduik Block and holds, in aggregate, a 75% Participating Interest via Eco Orinduik B.V. (60%) and Eco (Atlantic) Guyana Inc (15%). TOQAP Guyana B.V continues to hold a Participating Interest of 25%.

As previously announced, a formal farm-out process for the Orinduik Block has commenced, and further updates will be made as appropriate.

**ENDS**

For more information, please visit www.ecooilandgas.com or contact the following:

Eco Atlantic Oil and Gas	c/o Celicourt [phone]
Gil Holzman, CEO Colin Kinley, COO Alice Carroll, Head of Corporate Sustainability	[phone]
Strand Hanson (Financial & Nominated Adviser)	[phone]
James Harris James Bellman
Berenberg (Broker)	[phone]
Matthew Armitt Detlir Elezi
Echelon Capital (Financial Adviser N. America Markets)
Ryan Mooney  Simon Akit	[phone] [phone]
Celicourt (PR)	[phone]
Mark Antelme Jimmy Lea

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 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).

About Eco Atlantic:

Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil & gas exploration company with offshore license interests in Guyana, Namibia, and South Africa. Eco aims to deliver material value for its stakeholders through its role in the energy transition to explore for low carbon intensity oil and gas in stable emerging markets close to infrastructure. 

Offshore Guyana in the proven Guyana-Suriname Basin, the Company holds a 15% Working Interest in the 1,800 km² Orinduik Block Operated by Tullow Oil. In Namibia, the Company holds Operatorship and an 85% Working Interest in four offshore Petroleum Licences: PELs: 97, 98, 99, and 100, representing a combined area of 28,593 km² in the Walvis Basin. 

Offshore South Africa, Eco is Operator and holds a 50% working interest in Block 2B and a 26.25% Working Interest in Block 3B/4B operated by Africa Oil Corp., totalling some 20,643km². 

 

END