TORONTO, ON / ACCESSWIRE / May 16, 2022 / 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.
Sponsored content:
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 +44 (0) 20 8434 2754
Gil Holzman, CEO
Colin Kinley, COO
Alice Carroll, Head of Marketing and IR
+44(0)781 729 5070 | +1 (416) 318 8272
Strand Hanson Limited (Financial & Nominated Adviser)
+44 (0) 20 7409 3494
James Harris
James Bellman
Berenberg (Broker)
+44 (0) 20 3207 7800
Emily Morris
Detlir Elezi
Celicourt (PR)
+44 (0) 20 8434 2754
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 km2.
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 consideration200,000 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 consideration400,000 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 consideration200,000 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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SOURCE: Eco (Atlantic) Oil and Gas Ltd.
View source version on accesswire.com:
https://www.accesswire.com/701553/Eco-Atlantic-Oil-and-Gas-Ltd-Announces-Companys-Incentive-Plan–Grant-of-RSUs