Eco (Atlantic) Oil and Gas Ltd. AGM notice, Board appointment & 3B/4B update (4079W)
12 Dezember 2023 - 8:00AM
UK Regulatory
TIDMECO
RNS Number : 4079W
Eco (Atlantic) Oil and Gas Ltd.
12 December 2023
12 December 2023
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Notice of Annual General Meeting
Proposed Board Appointment, Update re Block 3B/4B Farm Out
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX -- V: EOG) ,
the oil and gas exploration company focused on the offshore
Atlantic Margins in South Africa, Namibia, and Guyana, is pleased
to announce that, further to the Company's announcement on 24
October 2023, it has posted to Shareholders a formal notice of its
Annual General Meeting ("AGM"), explanatory circular (the
"Circular") and form of proxy. The AGM is to be held at 07:00 a.m.
(Toronto time) on 29 December 2023 via teleconference. Copies of
the formal notice of AGM, form of proxy, the Circular and virtual
access details will be made available on the Company's website at:
https://www.ecooilandgas.com/investors/documents-circulars/ .
Proposed Appointment of Non-Executive Director
The Company is also pleased to announce the proposed appointment
of Mr Oliver Quinn following the AGM to be held in December. Mr
Quinn will be appointed, subject to Shareholder approval, as the
nominee director of Africa Oil Corp. ("Africa Oil"), which holds
14.84% of the Company's issued share capital. Mr Quinn was
appointed as the Chief Commercial Officer of Africa Oil in
September 2023 having previously been employed as Senior Vice
President, Corporate Development at Kosmos Energy Ltd. Mr Quinn
started his career at Shell and has 19 years of experience in the
Oil & Gas industry. He is a graduate of the University of
Manchester where he studied for a BSc (Hons), Environmental &
Resource Geology and a graduate of the University of Edinburgh
where he completed a PhD in Petroleum Science. While Mr Quinn
replaces Keith Hill as Africa Oil's board nominee, the Board is
pleased that Mr Hill has agreed to remain as a Non-executive
Director of the Company.
Mr Quinn's appointment is subject to the completion of customary
due diligence required by the AIM Rules for Companies and AIM Rules
for Nominated Advisers (the "AIM Rules") to be undertaken by the
Company's Nominated Adviser, Strand Hanson Limited. A further
announcement, including the requisite Schedule 2(g) disclosures
required under the AIM Rules for Companies, will be made in due
course.
Shareholder Approval of the Proposed Farm Out of Block 3B/4B to
Africa Oil
On 11 July 2023, the Company announced that its wholly owned
subsidiary, Azinam Limited ("Azinam"), would farm out a 6.25%
Participating Interest in Block 3B/4B, offshore South Africa to Oil
SA Corp, a wholly owned subsidiary of Africa Oil (the "Farm Out").
The Farm Out remains, inter alia, conditional on regulatory
approvals from the government of South Africa and the TSX Venture
Exchange (the "TSXV"). As part of the regulatory approval process,
the TSXV has now advised the Company that it must obtain
shareholder approval for the Farm Out from those shareholders in
the Company who are not deemed to be interested in the Farm Out,
primarily comprising Africa Oil. Accordingly a resolution to
approve the Farm Out is contained within the Notice of AGM.
Full details of all the Resolutions to be voted on at the
meeting, as well as the Circular and form of proxy can be found on
the Company's website at:
https://www.ecooilandgas.com/investors/documents-circulars/ .
**ENDS**
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 Corporate Sustainability +44(0)781 729 5070
Strand Hanson (Financial & Nominated Adviser) +44 (0) 20 7409 3494
James Harris
James Bellman
Berenberg (Broker) +44 (0) 20 3207 7800
Matthew Armitt
Detlir Elezi
Echelon Capital (Financial Adviser N.
America Markets)
Ryan Mooney +1 (403) 606 4852
Simon Akit +1 (416) 8497776
Celicourt (PR) +44 (0) 20 7770 6424
Mark Antelme
Jimmy Lea
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
Operates a 75% Working Interest in the 1,800 km(2) Orinduik Block.
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 km(2) 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 20,643km (2) .
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END
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