28th Jun 2021 11:58
Eco Atlantic Oil & Gas Ltd - oil and gas exploration company focused on Guyana and Namibia - Raises CAD6.1 million, or GBP3.6 million, from a private placement with strategic partner Africa Oil Corp and New York-based private equity firm Charlestown Energy Partners LLC. Issues 14.9 million shares at CAD0.41 each. Says Africa Oil now has 19.99% stake and Charlestown 4.51%. Announces acquisition of 10% stake in Toronto-based deepwater exploration company JHI Associates Inc for exposure to current active drilling program in the Canje block offshore Guyana. Subscribes for 5.0 million shares in JHI Associates at USD2.00 each. Issues 9.2 million warrants in JHI Associates at USD2.00 each.
"Our strategic partners at Africa Oil are further increasing their shareholding through the placement, and we welcome the investment from Charlestown Energy Partners which provides Eco with additional funds for the JHI transaction and enables the second well on Canje block, Sapote-1, and preserves enough cash for the drilling in our Orinduik block," company says.
Orinduik block is also off the coast of Guyana.
Current stock price: 25.93 pence, up 13% on Monday around midday
Year-to-date change: up 12%
By Greg Roxburgh; [email protected]
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