TIDMECO
RNS Number : 3711A
Eco (Atlantic) Oil and Gas Ltd.
22 January 2024
22 January 2024
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its
subsidiaries, the "Group")
Government Approval for 6.25% Farm Out of Block 3B/4B to Africa
Oil, Guyana Operational Update, and Appointment of Non-Executive
Director
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 its wholly owned
subsidiary, Azinam Limited ("Azinam"), has received final
government approval for the farm out of its 6.25% Participating
Interest in Block 3B/4B to Africa Oil Corp. ("Africa Oil")
announced on 11 July 2023 (the "Transaction"). The Company also
provides an operational update on entering next license phase for
Orinduik block and confirms, further to its announcement of 2
January 2024, that Dr Oliver Quinn has been appointed as a
Non-Executive Director with immediate effect.
Final Transaction Approval
T he South Africa Department of Mineral Resources and Energy
("DMRE") and the Petroleum Agency South Africa ("PASA") have now
provided Section 11 approval to assign and transfer a 6.25%
Participating Interest in Block 3B/4B, offshore South Africa to
Africa Oil SA Corp, a wholly owned subsidiary of Africa Oil . The
Section 11 approval was the final consent required in order to
complete the Transaction, and accordingly all requisite regulatory
approvals and deeds in respect of the Transaction have now been
signed and completed.
A s per the terms of the Assignment and Transfer Agreement with
Africa Oil (the "Agreement"), Eco has received further payment of
US$2.5m from Africa Oil. Under the terms of the Agreement, upon a
further farm out to a third party into Block 3B/4B Eco will receive
a further payment of US$4m from Africa Oil and when the first well
is spud an additional US$1.5m, will be due to the Company from
Africa Oil.
Orinduik License Operational Update
As Operator, Eco Orinduik BV, gave notice to the Minister of
Natural Resources of the Cooperative Republic of Guyana ("MNR") to
enter the Second Phase of the Second Renewal Period of the Orinduik
License effective as of 14 January 2024. This Second Phase has a
commitment to drill one exploration well to the Cretaceous
formation during the remainder of the license period which ends on
13 January 2026. Further, Eco advised MNR last week that T OQAP
Guyana B.V (the SPV joint entity held by TotalEnergies and
QatarEnergy 60:40) has relinquished their 25% WI for strategic
reasons and will not participate in the next phase, the former
TOQAP Guyana B.V 25% WI will be assigned to Eco Guyana. Subject to
the requisite government notifications, Eco will remain the
Operator holding 40% WI in Orinduik License as Eco Guyana and 60%
WI as Eco Orinduik BV.
Non-Executive Director Appointment
On 2 January 2024, the Company announced that Dr Oliver Quinn
had been elected as a Director of the Company subject to completion
of the due diligence by Strand Hanson, the Company's Nominated
Adviser, in accordance with the AIM Rules for Companies and
Nominated Advisers. The Company is pleased to confirm that the
aforementioned process has now been completed and Dr Oliver Quinn
has been appointed to Eco's Board with immediate effect as the
nominee Director of Africa Oil, which holds 14.84% of the Company's
issued share capital.
Dr 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. Dr
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 Dr Quinn
replaces Keith Hill as Africa Oil's board nominee, the Board is
pleased to confirm that Mr Hill has agreed to remain as a
Non-Executive Director of the Company.
Gil Holzman, Co-founder and Chief Executive Officer of Eco
Atlantic, commented:
"I am delighted to welcome Oliver to our Board. His extensive
technical and commercial experience are an excellent addition for
our Company entering into 2024 which is lining up to be a
transitional year for the Company."
"With respect to Block 3B/4B, we are pleased to have received
final approval from the South African Government for our
transaction with Africa Oil, which now paves the way to completing
a further farm out in respect of the Block and the drilling of our
identified targets of up to five wells."
Colin Kinley, Co-founder and Chief Operating Officer of Eco
Atlantic, commented:
"Knowing the material value and potential of Orinduik Block, Eco
acquired Tullow's 60% WI and has remained focused on drilling a
massive, stacked pay interval in the Southeastern quadrant of the
block. Eco Atlantic now approved Operator intends to bring in new
partners and to drill the significant potential of the Cretaceous
interval on the Guyana oil fairway. With this well commitment, we
now move into planning and engineering preparations to drill in
next 12-18 months.
We feel extremely positive about the future of the Orinduik
block, receiving significant interest from key industry partners
and IOCs in our recently commenced farm out process. We will
provide further updates to shareholders on operational and farm out
progress throughout the year. Eco is grateful to the Government of
Guyana and specifically the MNR for their collaborative efforts and
support in enabling Eco to now progress towards drilling."
**S**
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
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
AIM Rules for Companies, Schedule 2(g) Disclosures
The following additional information is provided in accordance
with paragraph (g) of Schedule Two of the AIM Rules for
Companies.
Dr Oliver Francis Quinn (aged 45)
Current Directorships Past Directorships (in the last
five years)
Mater Christi Multi-Academy
Trust Jadestone Energy (PHT GP) Lmited
---------------------------------------
Medco Energi Thailand (Bualuang)
Limited
---------------------------------------
Medco Energi Thailand (E&P) Limited
---------------------------------------
Ophir Indonesia (Kofiau) 2 LLC
---------------------------------------
Ophir (Indonesia South East Sangatta)
Limited
---------------------------------------
Ophir Asia Limited
---------------------------------------
Ophir Asia Pacific Pty Ltd
---------------------------------------
Ophir Cote D'Ivoire (C1-513) Limited
---------------------------------------
Ophir East Africa Holdings Limited
---------------------------------------
Ophir East Africa Ventures Limited
---------------------------------------
Ophir Energy Indonesia (ARU) Limited
---------------------------------------
Ophir Energy Indonesia (Kofiau)
1 Limited
---------------------------------------
Ophir Energy Indonesia (North Ganal)
Limited
---------------------------------------
Ophir Energy Indonesia (West Papua
IV) 1 Limited
---------------------------------------
Ophir Energy Indonesia Limited
---------------------------------------
Ophir Equatorial Guinea (Block R)
Limited
---------------------------------------
Ophir Equatorial Guinea (EG-24)
Limited
---------------------------------------
Ophir Equatorial Guinea Holdings
Limited
---------------------------------------
Ophir Gas Marketing Limited
---------------------------------------
Ophir Global New Ventures Limited
---------------------------------------
Ophir Holdings & Services (UK) Limited
---------------------------------------
Ophir Holdings & Ventures Limited
---------------------------------------
Ophir Holdings Limited
---------------------------------------
Ophir Indonesia (Kutai) Limited
---------------------------------------
Ophir Indonesia (Madura Offshore)
Pty Ltd
---------------------------------------
Ophir Indonesia (North East Bangkanai)
Limited
---------------------------------------
Ophir Indonesia (Sampang) Pty Limited
---------------------------------------
Ophir Indonesia (South Sokang) Limited
---------------------------------------
Ophir Indonesia (West Bangkanai)
Limited
---------------------------------------
Ophir Indonesia (West Papua IV)
2 LLC
---------------------------------------
Ophir LNG Limited
---------------------------------------
Ophir Malaysia (Block 2A) Limited
---------------------------------------
Ophir Mexico Holdings Limited
---------------------------------------
Ophir Mexico Limited
---------------------------------------
Ophir Myanmar (Block AD-3) Limited
---------------------------------------
Ophir Pipeline Limited
---------------------------------------
Ophir SPV Pty Ltd
---------------------------------------
Ophir Tanzania (Block 1) Limited
---------------------------------------
Ophir Tanzania (Block 3) Limited
---------------------------------------
Ophir Tanzania (Block 4) Limited
---------------------------------------
Ophir Vietnam Block 12W B.V.
---------------------------------------
Salamander Energy (Bualuang Holdings)
Limited
---------------------------------------
Salamander Energy (Glagah Kambuna)
Limited
---------------------------------------
Salamander Energy (JS) Limited
---------------------------------------
Salamander Energy (Malaysia) Limited
---------------------------------------
Salamander Energy (North Sumatra)
Limited
---------------------------------------
Salamander Energy (S.E.Asia) Limited
---------------------------------------
Salamander Energy Group Limited
---------------------------------------
Salamander Energy Limited
---------------------------------------
Santos Sabah Block R Limited
---------------------------------------
Dr Quinn currently holds no direct interests in the Company's
Common Shares, although holds 31,750 common shares and 234,300
options over common shares in Africa Oil, a 14.48% shareholder in
the Company.
There is no further information to be disclosed pursuant to
Schedule 2(g) of the AIM Rules for Companies.
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).
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 20% Working Interest in Block 3B/4B
totalling some 20,643km (2) .
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END
STRPPURPGUPCGAG
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January 22, 2024 02:00 ET (07:00 GMT)
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