Eco Atlantic seeks listing on AIM

Eco Atlantic seeks listing on AIM OGONE TLHAGE

Eco Atlantic recently announced its intention to float on the Alternative Investment Market in London, motivating that the decision was driven by the need for development of its prospecting licences in the Walvis Bay basin and Guyana.

The prospective oil producer holds Cooper, Sharon, Tamar and Guy blocks and indications are that prospecting activities will resume on the back of three-dimensional and two-dimensional seismic surveys and interpretation that have been completed. Several wells in the Walvis basin are expected to be drilled by various companies in 2017 and 2018, Eco Atlantic announced in a recent press release.

“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.

“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,” said its chief executive officer, Gil Holzman.

“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, set Eco Atlantic apart from other exploration and development companies on the market.”

Eco Atlantic delisted from the Namibia Stock Exchange in 2014, a decision it said was driven by price developments in the oil sector at the time. At the time of its delisting, it was the first and only oil and gas company listed on the local bourse.

Holzman said at the time: “The NSX listing provides our shareholders and other stakeholders exposure to Namibian and South African region investments and finance. Being publicly traded provides local Namibians an opportunity to participate in new developments of the oil and gas sector in Namibia.

“I take a special pride in that Eco Atlantic is the first international oil and gas company to be listed on the NSX. The listing will provide our current Namibian team with better visibility and attraction of the market and with the success and growth of Eco Atlantic, we will have the opportunity to attract new investors, stakeholders, and employees with these same incentives.

“There is a huge interest within the general public in the region in the new developing oil and gas sector, and we are here, perfectly positioned, to entertain this interest.”