Eco (Atlantic) Oil & Gas' $10.5mln deal "has a broad effect without diluting shareholders"

About this update from Eco (atlantic) Oil & Gas Ltd.

[{"type":"text","content":"Eco (Atlantic) Oil & Gas' $10.5mln deal \"has a broad effect without diluting shareholders\"\n \n \n (NewsDirect)\n \n \n \n \n Eco (Atlantic) Oil & Gas Ltd CEO Gil\nHoltzman speaks to Thomas Warner from Proactive London following the\nnews that the exploration company has agreed a deal to sell a partial\nstake (6.25%) in the Block 3B/4B asset offshore South Africa for\nUS$10.5mln.\n \n \n Buyer Africa Oil will\npay in cash, split across multiple tranches tied to project\nmilestones. It initially gets US$2.5mln following the signing of the\nsales agreement, then US$2.5mln is due once the government approves\nthe deal. After that, US$4mln will be due if/when Africa Oil farms out\na stake and US$1.5mln comes due when the project’s first well is\nspudded.\n \n \n A joint farm-out process\ncontinues with the aim of bringing in a new partner that could take up\nto 55% of the project. Holtzman explains the rationale for the\ntransaction, which he suggests is part of a broader plan that will\nbecome clearer as the summer goes on.\n \n \n \"There's not too much I can say... but pay close\nattention and have a look at our announcement(s) in the coming few\nmonths and that will basically paint the bigger picture that we're\nworking on.\" Holtzman says that the strategic move has so far\nreceived positive feedback from \"sophisticated investors... who\nunderstand the rationale and what it entails for company going\nforward.\"\n \n \n \n Contact Details\n \n \n \n \n Proactive UK\nLtd\n \n \n \n Proactive UK Ltd\n \n \n +44 20 7989 0813\n \n \n \n [email protected]\n \n \n \n Copyright (c) 2023 TheNewswire - All rights reserved.\n \n \n","length":2082,"tagName":"div"}]

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