Latest update April 19th, 2024 12:59 AM
Jul 13, 2021 News
Kaieteur News – A Canadian oil exploration company operating in the Canje Block—Eco Atlantic—has had its application approved to issue more shares in the company to a private equity partner in order to raise several million dollars to pursue another well in the Canje Block.
The news comes just days after announcing that its Jabillo-1 well was unsuccessful and as such had to be abandoned and capped.
Making the announcement on Friday last, the company which boasted licences in the proven oil province of Guyana said, “it has received approval from the TSX Venture Exchange for its private placement with Africa Oil Corp. (‘Africa Oil’) and Charlestown Energy Partners LLC (‘Charlestown Energy’) to raise approximately CAD$6.1 M.”
Announcing the original application for the sale of shares on June 28, last, Gil Holzman, Co-Founder and Chief Executive Officer of Eco Atlantic, had observed, “our strategic partners at Africa Oil are further increasing their shareholding through the placement, and we welcome the investment from Charlestown Energy Partners.”
The move, he noted, will provide, “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.”
He said at the time, Eco and Africa Oil are committed to jointly seek, analyse and fund exploration opportunities, and Eco greatly appreciates their technical contribution and capital support as we move forward.”
Announcing the approval of the sale of shares on Friday, the company noted that the terms of the application remain unchanged.
Application had to be made to the London Stock Exchange for the 14,945,913 new common shares to be issued pursuant to the Subscription (the ‘Subscription Shares’) to be admitted to trading on AIM (‘Admission’).
Admission was projected to take place on July 15, 2021, but this has since been moved up, meaning Eco is likely to secure the cash through the transaction earlier than planned.
Where is the BETTER MANAGEMENT/RENEGOTIATION OF THE OIL CONTRACTS you promised Jagdeo?
Apr 19, 2024
SportsMax – West Indies Women’s captain Hayley Matthews delivered a stellar all-round performance to lead her team to a commanding 113-run victory over Pakistan Women in the first One Day...Kaieteur News – For years, the disciples of Bharrat Jagdeo have woven a narrative of economic success during his tenure... more
By Sir Ronald Sanders Waterfalls Magazine – On April 10, the Permanent Council of the Organization of American States... more
Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.
Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]