Toronto-listed oil and gas explorer Eco (Atlantic) Oil & Gas Ltd. (CVE:EOG) shares jumped 8% on Monday after the company said it intends to list on London’s AIM exchange later this month.
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.
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:
In partnership with Tullow Oil plc (), Eco (Atlantic) Guyana Inc. (“Eco Guyana”), the company’s 94% owned subsidiary, holds a 40% working interest with Tullow 60% as Operator in the 1,800 km2 Orinduik offshore block in the shallow water of the prospective Guyana-Suriname basin
Adjacent and updip to Exxon Mobil‘s () recent world class Liza field discovery where recoverable resources could be c.1.4bn barrels and field development planning has begun in earnest
Limited cost exposure – Tullow has agreed to carry Eco Guyana for $1.25mln of the 3D seismic survey required in the initial four years of the exploration programme work commitment
Both parties have agreed to accelerate the defined work programme following major recent discoveries
10-year Petroleum Agreement (4+3+3) commenced in January 2016 and Joint Operating Agreement with Tullow
Eco Atlantic’s principal assets are three offshore petroleum licenses (Cooper 32.5% working interest, Sharon 60% and Guy 50%) with over 2.3bn barrels (net to Eco Atlantic) of prospective P50 resources (best estimate unrisked) in the Walvis Basin
Significant 3D and 2D seismic surveys and interpretation have been completed and several wells in the Walvis basin are expected to be drilled by various companies in 2017 and 2018
Successful partnerships with major oil companies with carried work programmes — including Tullow and AziNam
Environmental Impact Assessment survey over Cooper block (Namibia) approved to be carried out in 2017 in preparation for drilling permits
Proven management track record in successfully acquiring, developing, operating, partnering and completing trade sales of resource assets
The company is proposing to raise £2-3mln (before expenses), that together with its current cash position, will be used to enhance its seismic exploration programme on its Orinduik Block in Guyana, to progress its work programme in Namibia and to pursue the identification, assessment and application for additional potential licence interests in both Guyana and other prospective West African basins
“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,” said Gil Holzman, Chief Executive Officer of Eco.
“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.”
Eco shares were up 8% at C$0.27 on Monday.
Story by ProactiveInvestors