{"id":10492,"date":"2021-06-28T09:45:52","date_gmt":"2021-06-28T09:45:52","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=10492"},"modified":"2021-06-28T09:45:52","modified_gmt":"2021-06-28T09:45:52","slug":"eco-atlantic-raises-4-9m-to-fund-drilling-in-orinduik-block","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/eco-atlantic-raises-4-9m-to-fund-drilling-in-orinduik-block\/","title":{"rendered":"Eco Atlantic Raises $4.9M to Fund Drilling in Orinduik Block"},"content":{"rendered":"

Eco (Atlantic) Oil & Gas has<\/span> announced that it has completed, subject to <\/span>TSX Venture Exchange\u00a0approval,<\/span> a private placement with strategic partner Africa Oil Corp. and Charlestown Energy, a Private Equity firm based in New York, USA, to raise approximately 6.1m CAD.<\/span><\/p>\n

Africa Oil has subscribed for 5,945,913 new common shares in Eco at a price of 0.41 CAD per new common share and will be granted the same number of warrants to acquire common shares at the Subscription Price with a two-year duration. Charlestown Energy has also subscribed for 9,000,000 new common shares at the Subscription Price and will be issued the same number of warrants on equivalent terms. The Subscription by Africa Oil and Charlestown Energy will result in Africa Oil increasing its interest in Eco to 19.99%, and Charlestown Energy increasing its interest to 4.51%, of the issued share capital of Eco as enlarged by the Subscription, in each case before any exercise of warrants.<\/span><\/p>\n

The 14,945,913 new common shares to be issued<\/span>\u00a0<\/span>subject to TSX Venture Exchange approval (expected to be received in the coming days), receipt of funds pursuant to the Subscription and admission of the Subscription Shares to trading on the TSX and on AIM<\/span>,<\/span>\u00a0will represent, in aggregate, approximately 7.5 per cent. of the Company’s enlarged issued share capital.\u00a0 On receipt of\u00a0TSX Venture Exchange\u00a0approval, application will be made to the\u00a0London Stock Exchange for the Subscription Shares\u00a0to be admitted to trading on AIM.<\/span><\/p>\n

Gil Holzman, Co-Founder and Chief Executive Officer of\u00a0Eco Atlantic, commented:<\/span><\/p>\n

“Our strategic partners at Africa Oil are further increasing their shareholding through the placement, and we welcome the investment from\u00a0Charlestown Energy Partners\u00a0which 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. 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.”<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Eco (Atlantic) Oil & Gas has announced that it has completed, subject to TSX Venture Exchange\u00a0approval, a private placement with strategic partner Africa Oil Corp. and Charlestown Energy, a Private … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7445,11],"tags":[70,9393,9392,8397,9395,9394],"class_list":["post-10492","post","type-post","status-publish","format-standard","hentry","category-countries","category-southern-africa","category-top-news","tag-africa-oil","tag-canje-block","tag-charlestown-energy","tag-eco-atlantic-oil-gas","tag-orinduik-block","tag-sapote-1","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2Je","jetpack-related-posts":[{"id":14451,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-namibia-eco-atlantic-reports-transaction-with-africa-oil-corp\/","url_meta":{"origin":10492,"position":0},"title":"SOUTH AFRICA\/ NAMIBIA: Eco Atlantic Reports Transaction with Africa Oil Corp","author":"","date":"July 30, 2024","format":false,"excerpt":"Eco (Atlantic) Oil & Gas has announced\u00a0it has signed an Assignment and Share Cancellation Agreement with\u00a0Azinam Limited,\u00a0Eco's wholly owned subsidiary, Africa Oil Corp. pursuant to which Azinam has agreed to sell and assign a 1% Participating Interest in Block 3B\/4B offshore the\u00a0Republic of South Africa,\u00a0including the associated Exploration Right and\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Africa-Oil-Assets.png?fit=460%2C521&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":12015,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-completes-acquisition-of-azinam\/","url_meta":{"origin":10492,"position":1},"title":"SOUTH AFRICA: Eco Atlantic Completes Acquisition of Azinam","author":"","date":"March 11, 2022","format":false,"excerpt":"Eco (Atlantic) Oil & Gas Ltd. has confirmed that it and Azinam Group Holdings (Azinam) have completed all conditions required to be completed in order to close Eco's acquisition of Azinam save and accept for receipt of the final approval of the TSX Venture Exchange. As disclosed in the Company's\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/South-AfricaTranskei-Algoa.jpg?fit=602%2C320&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/South-AfricaTranskei-Algoa.jpg?fit=602%2C320&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/South-AfricaTranskei-Algoa.jpg?fit=602%2C320&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":13004,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-receives-government-approval-closing-of-the-acquisition-of-additional-interest-in-block-3b-4b\/","url_meta":{"origin":10492,"position":2},"title":"SOUTH AFRICA: Eco Atlantic Receives Government Approval & Closing of the Acquisition of Additional Interest in Block 3B\/4B","author":"","date":"December 19, 2022","format":false,"excerpt":"Eco Atlantic \u00a0announces an update,\u00a0further to its announcement of\u00a027 June 2022, in relation to the acquisition by\u00a0its wholly owned subsidiary\u00a0Azinam Limited\u00a0(\"Azinam\")\u00a0of\u00a0an additional 6.25% Participating Interest in Block 3B\/4B, offshore South Africa from the Lunn Family Trust, one of the shareholders of Ricocure Limited .\u00a0\u00a0 Eco has confirmed that it has\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Africa-Oil-S.A-Portfolio.jpg?fit=400%2C275&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":12072,"url":"https:\/\/www.oilnewskenya.com\/index.php\/eco-atlantic-provides-new-competent-persons-resource-report-on-namibia-and-south-africa-assets\/","url_meta":{"origin":10492,"position":3},"title":"Eco Atlantic Provides New Competent Person’s Resource Report on Namibia and South Africa Assets","author":"","date":"March 21, 2022","format":false,"excerpt":"Eco (Atlantic) Oil & Gas has announced the publication of an updated NI 51-101 compliant Competent Person's Report on its assets Offshore Namibia and Offshore South Africa. The CPR was compiled by WSP USA Inc., of Boulder Colorado, USA, an independent third-party auditor and can be found on the Company's\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":9975,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-eco-atlantic-reissued-with-four-licenses-in-walvis-basin-for-10-years\/","url_meta":{"origin":10492,"position":4},"title":"NAMIBIA: Eco Atlantic Reissued With Four Licenses in Walvis Basin for 10 years","author":"","date":"February 25, 2021","format":false,"excerpt":"Eco Atlantic Oil and Gas has announced\u00a0the Company has successfully negotiated the reissuance of its four licenses in Namibia's Walvis Basin for 10 years, which received final Government confirmation on 5 February 2021. Eco Atlantic adds that multiple light sweet oil drilling prospects on the Orinduik block are currently being\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/02\/NamibiaOilGasEcoAtlantic.png?fit=500%2C588&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":15791,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-navitas-petroleum-exercises-option-to-farm-into-block-1-cbk\/","url_meta":{"origin":10492,"position":5},"title":"SOUTH AFRICA: Navitas Petroleum exercises option to farm into Block 1 CBK","author":"Samuel Kamau Mbote","date":"May 20, 2026","format":false,"excerpt":"Eco (Atlantic) Oil & Gas Ltd.,\u00a0the oil and gas exploration company focused on the offshore Atlantic Margins,\u00a0is pleased to\u00a0announce that, further to the Company's announcement on\u00a0December 4, 2025, it has signed a definitive agreement to farm down a 37.5% working interest in Block 1 CBK offshore\u00a0South Africa\u00a0to Navitas Petroleum LP\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/South-Africa-Eco-Atlantic_Orange-Basin-Block-1-Prospect-Location-Map-1024x657-1.png?fit=1024%2C657&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/South-Africa-Eco-Atlantic_Orange-Basin-Block-1-Prospect-Location-Map-1024x657-1.png?fit=1024%2C657&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/South-Africa-Eco-Atlantic_Orange-Basin-Block-1-Prospect-Location-Map-1024x657-1.png?fit=1024%2C657&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2025\/06\/South-Africa-Eco-Atlantic_Orange-Basin-Block-1-Prospect-Location-Map-1024x657-1.png?fit=1024%2C657&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=10492"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10492\/revisions"}],"predecessor-version":[{"id":10493,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10492\/revisions\/10493"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=10492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=10492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=10492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}