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Eco (Atlantic) Oil and Gas Ltd. Announces Exercise of Options

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TORONTO, ON / ACCESSWIRE / January 12, 2022 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX-V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, announces that, on 12 January 2022, six directors of the Company and one senior manager elected to exercise 4,450,000 options over common shares of no par value ("Common Shares") which were due to expire at midnight on 12 January 2022, at an exercise price of CAD $0.30 (the "Options Exercise"), as detailed in the PDMR Notifications below.

In order to effect a cashless exercise, as permitted under the Company's Stock Option Plan, and minimise dilution to shareholders, the Board has agreed to issue, in aggregate, 1,599,999 common shares in lieu of the 4,450,000 options exercised, based on the closing price of the Company's Common Shares on the TSXV on 11 January 2022 of CAD0.45.

Pursuant to the Options Exercise, application has been made for admission of 1,599,999 new Common Shares, 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 18 January 2022.

Following Admission, the enlarged issued share capital of the Company will be 201,493,635 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.

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
Rory Murphy
James Bellman

Berenberg (Broker)

+44 (0) 20 3207 7800

Matthew Armitt
Emily Morris
Detlir Elezi

Celicourt (PR)

+44 (0) 20 8434 2754

Mark Antelme
Jimmy Lea
Ollie Mills

Hannam & Partners (Research Advisor)

Neil Passmore

+44 (0) 20 7905 8500

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).

PDMR Notification Forms

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Gil Holzman

2.

Reason for the Notification

a)

Position/status

President & Chief Executive Officer

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

Cashless exercise of options into common shares of no par value in the Company

c)

Price(s) and volume(s)

Price(s) (CAD$)

Volume(s)

0.30

500,000 common shares

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

12 January 2022

f)

Place of the transaction

Outside of a trading venue

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Alan Rootenberg

2.

Reason for the Notification

a)

Position/status

CFO

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

Cashless exercise of options into common shares of no par value in the Company

c)

Price(s) and volume(s)

Price(s) (CAD$)

Volume(s)

0.30

100,000 common shares

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

12 January 2022

f)

Place of the transaction

Outside of a trading venue

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 Director

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

Cashless exercise of options into common shares of no par value in the Company

c)

Price(s) and volume(s)

Price(s) (CAD$)

Volume(s)

0.30

333,333 common shares

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

12 January 2022

f)

Place of the transaction

Outside of a trading venue

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Colin Kinley

2.

Reason for the Notification

a)

Position/status

COO 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

Cashless exercise of options into common shares of no par value in the Company

c)

Price(s) and volume(s)

Price(s) (CAD$)

Volume(s)

0.30

233,333 common shares

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

12 January 2022

f)

Place of the transaction

Outside of a trading venue

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 Director

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

Cashless exercise of options into common shares of no par value in the Company

c)

Price(s) and volume(s)

Price(s) (CAD$)

Volume(s)

0.30

116,666 common shares

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

12 January 2022

f)

Place of the transaction

Outside of a trading venue

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Peter Peterburg

2.

Reason for the Notification

a)

Position/status

Non-Executive Chairman

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

Cashless exercise of options into common shares of no par value in the Company

c)

Price(s) and volume(s)

Price(s) (CAD$)

Volume(s)

0.30

216,667 common shares

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

12 January 2022

f)

Place of the transaction

Outside of a trading venue

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 Director

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

Cashless exercise of options into common shares of no par value in the Company

c)

Price(s) and volume(s)

Price(s) (CAD$)

Volume(s)

0.30

100,000 common shares

d)

Aggregated information

Aggregated volume Price

N/A (Single transaction)

e)

Date of the transaction

12 January 2022

f)

Place of the transaction

Outside of a trading venue

Notes to editors:

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 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 6.4% shareholding in JHI Associates Inc. a private company which holds a 17.5% WI 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 holds Operatorship and 50% WI of Block 2B, and 20% Working Interest of Blocks 3B/4B and Nearshore 3B/4B, totalling some 21,603 km2.

Eco Atlantic is also a 100% shareholder in Solear Ltd., Solear is an independent private clean energy investment company focused on low cost, high yield solar development projects in southern Europe.

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/683182/Eco-Atlantic-Oil-and-Gas-Ltd-Announces-Exercise-of-Options

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