Director Dealing

RNS Number : 8124N

Eco (Atlantic) Oil and Gas Ltd.

26 September 2019

 

26 September 2019

ECO (ATLANTIC) OIL & GAS LTD.

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

Director Dealing

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V: EOG) was today notified that Gil Holzman, Chief Executive Officer and a Director of the Company, acquired 33,865 common shares in the Company at a price of 148p per share (the "Share Purchase").

Following the Share Purchase, Gil Holzman is beneficially interested in, in aggregate, 8,281,259 common shares representing approximately 4.5 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	[phone]
Gil Holzman, CEO Colin Kinley, COO Alice Carroll, Head of Marketing	[phone]
Strand Hanson Limited (Financial & Nominated Adviser)	[phone]
James Harris Rory Murphy James Bellman
Stifel Nicolaus Europe Limited (Joint Broker) Callum Stewart Nicholas Rhodes Ashton Clanfield	[phone]
Berenberg (Joint Broker)	[phone]
Matthew Armitt Detlir Elezi
Blytheweigh (PR)	[phone]
Tim Blythe Julia Tilley Jane Lenton Hannam & Partners (Research Advisor) Neil Passmore Hamish Clegg Cannacord Genuity (North American Advisor) Simon Akit	[phone]

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

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	Common shares of no par value in the Company
	Identification code	CA27887W1005
b)	Nature of the Transaction	Purchase of common shares of no par value in the Company
c)	Price(s) and volume(s)	Price(s) Volume(s) 148p 33,865  common shares
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	26 September 2019
f)	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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