Toronto, Ontario, January 9, 2017/ CNW ECO (ATLANTIC) OIL AND GAS LTD. (TSX-V:EOG) Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic” or the “Company”), a TSX-V listed oil and gas exploration company, announces its intention to seek admission of its shares to trading on AIM, a market of the London Stock Exchange ("Admission"). The Company is focused on the identification, acquisition and development of upstream petroleum opportunities in politically stable and technically de-risked jurisdictions around the world. Admission is expected to occur in January 2017. Strand Hanson Limited is acting as Financial & Nominated Adviser with Brandon Hill Capital as Lead Broker and Peterhouse Corporate Finance as Joint Broker to the Company in relation to its Admission.
Eco Atlantic is a leading Namibian oil & gas explorer with licences in highly prospective Atlantic margin offshore regions in South America and Africa where significant oil discoveries have been made:
Gil Holzman, Chief Executive Officer of Eco, commented:
“We are delighted to announce our intention to list on AIM, probably the most attractive marketplace for us at a transformational time in Eco Atlantic’s development, as we look to progress our prospective licences in Guyana and Namibia towards discoveries and later production.
“Eco Atlantic has an attractive value proposition with licences located in highly prospective, sought after jurisdictions within close proximity to significant discoveries and farm-in activity. Notably, we will be the only AIM quoted oil and gas exploration company to hold an oil and gas asset in Guyana. Our Orinduik Block in Guyana, where we are partners with Tullow Oil, is just 6.5 km from Exxon Mobil’s Liza Field discoveries, dubbed by Wood Mackenzie as “the most exciting thing happening in Latin American exploration currently”. At the same time, the Walvis Basin where we have our licences, is a proven offshore petroleum system in Namibia and the “number-one African investment destination” according to the Global Petroleum Survey.
“We believe these assets and the exposure they provide for investors to the exciting markets of Guyana and Namibia, coupled with our clear strategy of partnering with mid-tier and major oil companies and developing through to production, and a management team with extensive oil and gas experience, sets Eco Atlantic apart from other exploration and development companies on the market.”
For more information please visit http://www.ecooilandgas.com/ or contact the following:
|Eco Atlantic Oil and Gas||+1 (416) 250 1955|
|Strand Hanson Limited (Financial & Nominated Adviser)||+44 (0) 20 7409 3494|
|Brandon Hill Capital Limited (Joint Broker)||+44 (0) 20 3463 5000|
|Peterhouse Corporate Finance (Joint Broker)||+44 (0) 20 7469 0930|
|Yellow Jersey PR||+44 (0) 7768 537 739|
Board of Directors
Moshe Peterburg, aged 63 (known as Peter Peterburg) (Non-Executive Chairman)
Mr Peterburg is a private investor with over 25 years of investment experience in Africa and Eastern Europe. He is the founder of Peterburg Holdings, a private investment company with investments across many sectors including infrastructural and resource sectors, mining and exploration.
Mr Peterburg holds a B.Sc. in Electronic Engineering from the Haifa Technion and an M.B.A. in Finance from Tel Aviv University. In addition, he is the chairman of the board of trustees of the Design Museum Holon and is a member of acquisition committee of the Tate Modern Museum.
Gil Holzman, aged 44 (President & Chief Executive Officer)
Mr Holzman has 12 years of experience in the mining and energy resource sectors throughout Africa. between 2003 and 2006, was the Managing Director, Middle East of Bombardier Transportation, the rail equipment division of Bombardier Inc. Before this, Mr Holzman held a variety of strategic consultancy roles, including co-founding political consultancy, GCS Issue Management Ltd.
Mr Holzman has a B.A. in Business Management and Finance and an L.L.B in Israeli and International Law from IDC Herzilya. He also has an MBA from The Arison School of Business.
Colin Brent Kinley, aged 56 (Chief Operating Officer)
Mr Kinley is CEO of Kinley Exploration LLC, leading a team of industry experts providing professional, technical and oversight expertise to international resource companies within the upstream sector. With 35 years of international expertise in integrated energy project management and the development of new energy companies, Mr Kinley has served as a senior executive to several E&P companies and oilfield service companies, as well as possessing significant experience in frontier resource development. Mr Kinley is also President and CEO of Jet Mining Pty LLC and a Non-Executive Director of TSX-V listed companies, Coro Mining Corp and Excelsior Mining Corp.
Gadi Levin, aged 44 (Finance Director)
Mr. Levin is a chartered accountant with many years of experience in the public and private equity markets. His experience spans multiple jurisdictions including South Africa, England and Israel. He is currently the chief financial officer of TSX-V listed companies Vaxil Bio Ltd., Briacell Therapeutics Corp. and Adira Energy Ltd.
He has a Bachelor of Commerce degree in Accounting and Information Systems, has received his Chartered Accountant designation in South Africa and has an MBA from Bar Ilan University in Israel.
Mr Levin has acted as financial controller for the Group on a consultancy basis since November 2014 and was appointed as Finance director of the Company on 28 November 2016.
Alan Mark Friedman, aged 45 (Executive Director)
Mr Friedman, a South African qualified attorney, has been connected with the North American public markets for 15 years and has a depth of experience in representing, advising, and assisting small-medium cap companies in acquiring asset, accessing capital, advising on mergers and acquisitions and managing emerging growth businesses.
He is the owner and founding CEO of Rivonia Capital Inc, a company involved in the business of identifying, financing and managing a portfolio of companies across a wide range of sectors. Mr Friedman is also the co-founder and Managing Director of Tembo Financial and is an executive director of TSX-V listed companies, Adira Energy Ltd. and Cronos Group.
Kangulohi Helmut Angula, aged 71 (Non-Executive Director)
Mr Angula has served as the Finance Minister and Deputy Minister of Mines and Energy, as well as five other cabinet portfolios within the Government of Namibia for a period spanning over 20 years. Since leaving the Government of Namibia, Mr Angula has focused on private business opportunities and is a consultant to the mining, energy, infrastructure and real estate industries in Namibia.
Peter William Nicol, aged 59 (Non-Executive Director)
Mr Nicol has over 30 years’ experience in the oil and gas sector. Prior to joining the Board of Eco Atlantic, he was a partner at GMP Securities Europe as the Head of Oil and Gas Research, and was responsible for initiating coverage of over 36 international E&P companies. Mr. Nicol also previously held positions with ABN AMRO as Global Sector Director of Oil and Gas research, and as Executive Director, Head of European Oil and Gas Research at Goldman Sachs. Mr. Nicol holds a BSc in Mathematics and Economics from Strathclyde University in Glasgow.
Derek Norman Linfield, aged 60 (Proposed Non-Executive Director)
Mr Linfield is a legal consultant and, between 2005 and 2015, was the Managing Partner of Stikeman Elliott (London) LLP, the London office of Canadian law firm Stikeman Elliott LLP. He practiced as a Canadian lawyer in London for 20 years, where he focused on cross-border financings and M&A in the mining and oil & gas sectors, including taking internationally managed companies to the TSX and the TSX-V as well as Canadian companies to the London Stock Exchange. He is currently the Non-Executive Chairman of AIM-quoted and TSX-V listed Mkango Resources Ltd.
A former teacher, Mr Linfield holds BA(Ed) and BSc degrees from Memorial University of Newfoundland as well as LLB and MBA degrees from McGill University. He is a Director of MUN (UK) Limited, the UK campus of Memorial University of Newfoundland, as well as immediate past chairman of Canada Day in London and the Foundation for Canadian Studies in the UK as well as a former Director of the Canada UK Chamber of Commerce where he is now an advisor to the Board.
|“Prospective Resource”||Those quantities of petroleum which are estimated to be potentially recoverable from undiscovered accumulations. There is no certainty that any portion of the resources will be discovered nor, if discovered, that they will be commercially viable to develop.|
|“P50”||A volume estimate that, assuming the accumulation is discovered, there is a 50% probability that the volumes actually recovered will equal or exceed the estimate. This is a best case estimate of prospective resource.|
This announcement includes forward-looking statements relating to the Group’s future prospects, developments and strategies and are based on the Directors’ current expectations projections, and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements are sometimes identified by the use of terms and phrases such as “believe”, “expects”, “envisage”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “positioned”, “targets” or “anticipates” or the negative thereof, variations or comparable expressions, including reference to assumptions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of the Directors or the Group relating to the Group’s future prospects, developments and strategies and are based on assumptions and estimates and involve risks, uncertainties and other factors that may cause the actual results, financial condition, performance or achievements of the Group or industry results to be materially different from any future results, performance or achievement expressed or implied by such forward looking statements. No assurance can be given that such future results will be achieved. New factors may emerge from time to time that could cause the Group’s business not to develop as it expects and it is not possible for the Group to predict all such factors. Each forward-looking statement contained in this announcement speaks only as of the date of the particular statement. The Company, the Directors, the Nominated Adviser and the Brokers each expressly disclaim any obligation to update these forward-looking statements contained in this announcement to reflect any change in their expectations or any change in future events or developments on which such statements are based unless required to do so by applicable law or regulation, the AIM Rules for Companies or the AIM Rules for Nominated Advisers.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.