Eco Atlantic Oil & Gas : (Atlantic) O&G - Exercise of Options

RNS Number : 3192Z

Eco (Atlantic) Oil and Gas Ltd.

09 January 2020

9 January 2020

ECO (ATLANTIC) OIL & GAS LTD.

("Eco", "Eco Atlantic", "Company" or, together with its subsidiaries, the "Group")

Exercise of Options

Eco (Atlantic) Oil & Gas Ltd (AIM: ECO, TSX-V:EOG) , the oil and gas exploration company with licences in highly prospective regions in Guyana, announces that, on 9 January 2020, Gadi Levin, a director of the Company, elected to exercise 350,000 options over common shares of no par value ("Common Shares") at an exercise price of CAD $0.30 (the "Options Exercise"). In order to effect a cashless exercise, as permitted under the Company's Stock Option Plan, and minimise dilution to shareholders, the Board has agreed to issue 250,000 common shares in lieu of the 350,000 options intended to be exercised.

The Company also announces the granting, to the Company's IR and Marketing manager, of options to subscribe for up to 200,000 Common Shares at a price of CAD $1.20 (c.£0.71) per Common Share (the " Options"). The Options vest equally over three years with the first vesting period occurring on the date of issue and expire 5 years from the date of issue.

Pursuant to the Options Exercise, application has been made for admission of 250,000 Common Shares, which will rank pari passu with existing Common Shares, to trading on AIM ("Admission"). It is expected that Admission will become effective and tradin g will commence at 8.00 a.m. on 16 January 2020.

Following Admission, the enlarged issued share capital of the Company will be 184,697,723 Common Shares. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.

**ENDS**

For more information, please visit www.ecooilandgas.comor contact the following:

Eco Atlantic Oil and Gas	[phone]
Gil Holzman, CEO
Colin Kinley, COO	[phone]
Alice Carroll, Head of Marketing and IR
S t r a n d Hanson Limited (Financial &	+44	(0) 20 7409 3494
Nominated Adviser)
James Harris
Rory Murphy
James Bellman
Stifel Nicolaus Europe Limited (Joint Broker)	+44	(0)20 7710 7600
Callum Stewart
Ashton Clanfield
Berenberg (Joint Broker)	+44	(0) 20 3207 7800
Matthew Armitt
Detlir Elezi
Celicourt (PR)	+44	(0) 20 8434 2754
Mark Antelme
Jimmy Lea
Hannam & Partners (Research Advisor)	+44	(0) 20 7905 8500
Neil Passmore
Hamish Clegg
Canaccord Genuity (North American Advisor)	[phone]
Simon Akit

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

1.	Details of the person discharging managerial responsibilities / person
	closely associated
a)	Name	Gadi Levin
2.	Reason for the Notification
a)	Position/status	CFO and Director of the Company
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction
	platform, auctioneer or auction monitor
a)	Name	ECO (ATLANTIC) OIL & GAS LTD.

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b)	LEI		213800WPR7ASTDWQUW50
4.	Details of the transaction(s):section to be repeated for (i) each type of
	instrument; (ii) each type of transaction; (iii) each date; and (iv)each
	place where transactions have been conducted
a)	Description of the Financial		Common shares of no par value in the Company
	instrument, type of instrument
	Identification code		CA27887W1005
b)	Nature of the Transaction		Cashless exercise of options into common shares
			of no par value in the Company
c)	Price(s) and volume(s)		Price(s)	Volume(s)
			NA	250,000 common
				shares
d)	Aggregated information		N/A (Single transaction)
	Aggregated volume Price
e)	Date of the transaction		9 January 2020
f)	Place of the transaction		TSX-V

Notes to editors

About Eco Atlantic:

About Eco Atlantic:

Eco Atlantic is a TSX-V and AIM quoted Oil & Gas exploration and production Company with interests in Guyana and Namibia, where significant oil discoveries have been made.

The Group aims to deliver material value for its stakeholders through oil exploration, appraisal and development activities in stable emerging markets, in partnership with major oil companies, including Tullow, Total and Azinam.

In Guyana, Eco Guyana holds a 15% working interest alongside Total (25%) and Tullow Oil (60%) in the 1,800 km 2 Orinduik Block in the shallow water of the prospective Suriname-Guyana basin. The Orinduik Block is adjacent and updip to ExxonMobil and Hess Corporation's Stabroek Block, on which fourteen discoveries have been announced and over 6.5 Billion BOE of oil equivalent recoverable resources are estimated. First oil production started from the deep-water Liza Field in 2020.

Jethro-1 was the first major oil discovery on Orinduik Block. The Jethro-1 encountered 180.5 feet (55 meters) of net high-quality oil pay in excellent Lower Tertiary sandstone reservoirs which further proves recoverable oil resources. Joe-1 is the second discovery on the Orinduik Block and comprises high quality oil-bearing sandstone reservoir with a high porosity of Upper Tertiary age. The Joe-1 well encountered 52 feet (16 meters) of continuous thick sandstone which further proves the presence of recoverable oil resources.

In Namibia, the Company holds interests in four offshore petroleum licences totalling approximately 25,000km 2 with over 2.3bboe of prospective P50 resources in the Walvis and Lüderitz Basins. These four licences, Cooper, Guy, Sharon and Tamar are being developed alongside partners Azinam and NAMCOR. Eco has been granted a drilling permit on its Cooper Block (Operator).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please [e-mail] visit www.rns.com.

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