Fladgate LLP has advised AIM and TSX-V listed Eco (Atlantic) Oil & Gas Ltd on a USD$17 million (£12.9 million) fundraise by way of an oversubscribed placing and subscription. The new shares were admitted to trading on AIM on 9 April 2019. On admission of the new shares, Eco Atlantic’s market capitalisation was approximately £134 million.
Eco Atlantic is an exploration and production Company with interests in Guyana and Namibia. Funds raised are intended to be used to fund Eco Atlantic’s share of up to four potential new exploration or development wells (in addition to the committed Jethro and Joe wells scheduled to drill in 2019), on its assets in Guyana in partnership with Tullow Oil and Total, as well as for general corporate purposes.
Strand Hanson Limited is Eco Atlantic’s nominated adviser. Stifel Nicolaus Europe and Berenberg acted as the Joint Bookrunners and Brokers.
Gil Holzman, President and CEO of Eco Atlantic commented: “We always enjoy working with Fladgate. They are not only professional and diligent, but also responsive, collaborative and pragmatic. They provided an excellent service that resulted in a very successful transaction.”
The Fladgate team was led by capital markets partners Grant Gordon and Nigel Gordon, assisted by associate Orit Rioumine Gold and trainee solicitor Thomas Edwards.