Company's Incentive Plan - Grant of RSUs

RNS Number : 6666L

Eco (Atlantic) Oil and Gas Ltd.

16 May 2022

 

16 May 2022

ECO (ATLANTIC) OIL & GAS LTD.

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

Company's Incentive Plan - Grant of RSUs

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 announce, that the Company has granted 2,850,000 Restricted Share Units to directors, officers and advisers, of which 2,500,000 are to existing Executives and Directors, pursuant to the Company's Restricted Share Units Plan (the "RSUs") and in acknowledgment of the Company's management's recent success and increased future workload. The RSUs will vest at each recipient's discretion and taking into account personal tax implications and convert into 2,850,000 common shares of no par value in the Company ("Common Shares") ("RSU Shares").

In addition, the Company announces that it has granted, to directors, officers and advisers of the Company, options to subscribe for up to 7,050,000 Common Shares at a price of $CAD0.50 (£0.32) per Common Share (the "Options"). The Options are exercisable for a period of 5 years from the date of issue.

Application has been made for admission of 1,800,000 of the RSU Shares, which have now vested, 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 23 May 2022.

Following Admission, the enlarged issued share capital of the Company will be 309,549,605 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	c/o Celicourt [phone]
Gil Holzman, CEO Colin Kinley, COO Alice Carroll, Head of Marketing and IR	[phone] | [phone]
Strand Hanson Limited (Financial & Nominated Adviser)	[phone]
James Harris James Bellman
Berenberg (Broker)	[phone]
Emily Morris Detlir Elezi
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).

Notes to editors:

About Eco Atlantic:

Eco Atlantic is a TSX-Venture Exchange 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 consuming oil and gas in stable emerging markets near to infrastructure. 

Offshore Guyana in the proven Suriname-Guyana Basin, the Company holds a 15% Working Interest in the 1,800 km² Orinduik Block Operated by Tullow Oil, and also indirectly through a soon to be 7.3% shareholding in JHI Associates Inc. a private company which holds a 17.5% working interest in the 4,800km² Canje Block Operated by ExxonMobil.   In Namibia, the Company holds Operatorship and 85% Working Interests in four offshore Petroleum Licences: PEL's: 97, 98, 99 and 100 totalling 28,593 km² in the Walvis Basin. 

Offshore South Africa, Eco will, subject to completion of its acquisition of Azinam Group Limited, become designated Operator and hold a 50% working interest in Block 2B, and a 20% Working Interest of Blocks 3B/4B, totalling some 20,643 km ² . 

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	Non-Executive Chairman 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) Options to acquire common shares of no par value in the Company exercisable for a period of 1 year
	Identification code	CA27887W1005
b)	Nature of the Transaction	Receipt of Common Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil consideration 250,000 common shares pursuant to the conversion of the RSUs 1,000,000 options over common shares
d)	Aggregated information Aggregated volume Price	1,250,000 common shares pursuant to the conversion of the RSUs and options over common shares
e)	Date of the transaction	16 May 2022
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	President, 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) Options to acquire common shares of no par value in the Company exercisable for a period of 1 year
	Identification code	CA27887W1005
b)	Nature of the Transaction	Receipt of Common Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil consideration 700,000 common shares pursuant to the conversion of the RSUs 1,500,000 options over common shares
d)	Aggregated information Aggregated volume Price	2,200,000 common shares pursuant to the conversion of the RSUs and options over common shares
e)	Date of the transaction	16 May 2022
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) Options to acquire common shares of no par value in the Company exercisable for a period of 1 year
	Identification code	CA27887W1005
b)	Nature of the Transaction	Receipt of Common Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil consideration 700,000 common shares pursuant to the conversion of the RSUs 1,500,000 options over common shares
d)	Aggregated information Aggregated volume Price	2,200,000 common shares pursuant to the conversion of the RSUs and options over common shares
e)	Date of the transaction	16 May 2022
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) Options to acquire common shares of no par value in the Company exercisable for a period of 1 year
	Identification code	CA27887W1005
b)	Nature of the Transaction	Receipt of Common Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil consideration 175,000 common shares pursuant to the conversion of the RSUs 400,000 options over common shares
d)	Aggregated information Aggregated volume Price	575,000 common shares pursuant to the conversion of the RSUs and options over common shares
e)	Date of the transaction	16 May 2022
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) Options to acquire common shares of no par value in the Company exercisable for a period of 1 year
	Identification code	CA27887W1005
b)	Nature of the Transaction	Receipt of Common Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil consideration 250,000 common shares pursuant to the conversion of the RSUs 750,000 options over common shares
d)	Aggregated information Aggregated volume Price	1,000,000 common shares pursuant to the conversion of the RSUs and options over common shares
e)	Date of the transaction	16 May 2022
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	Non-Executive Chairman 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	Options to acquire common shares of no par value in the Company exercisable for a period of 1 year
	Identification code	CA27887W1005
b)	Nature of the Transaction	Receipt of Common Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil consideration 200,000 options over common shares
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	16 May 2022
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	Non-Executive Chairman 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	Options to acquire common shares of no par value in the Company exercisable for a period of 1 year
	Identification code	CA27887W1005
b)	Nature of the Transaction	Receipt of Common Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil consideration 400,000 options over common shares
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	16 May 2022
f)	Place of the transaction	N/A

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Helmut Angula
2.	Reason for the Notification
a)	Position/status	Non-Executive Chairman 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	Options to acquire common shares of no par value in the Company exercisable for a period of 1 year
	Identification code	CA27887W1005
b)	Nature of the Transaction	Receipt of Common Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil consideration 200,000 options over common shares
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	16 May 2022
f)	Place of the transaction	N/A

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Alice Caroll
2.	Reason for the Notification
a)	Position/status	Executive of the Company and PDMR
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
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil consideration 175,000 common shares pursuant to the conversion of the RSUs 300,000 options over common shares
d)	Aggregated information Aggregated volume Price	475,000 common shares pursuant to the conversion of the RSUs and options over common shares
e)	Date of the transaction	16 May 2022
f)	Place of the transaction	N/A

 

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