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Eco (Atlantic) Oil and Gas Ltd. Announces Company's Incentive Plan - Grant of RSUs

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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.

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 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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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

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