Page 9 - AfrOil Week 14 2022

AfrOil INVESTMENT AfrOil

Eco Atlantic raises $25mn to fund drilling

of Gazania-1 well offshore South Africa

SOUTH AFRICA ECO (Atlantic) Oil & Gas Ltd. has announced below 20%. Africa Oil Corp. is a fellow share-
the successful completion of an oversubscribed holder in Block 3B/4B offshore South Africa,
equity issue that will, upon settlement, raise one of the licence areas in which Eco Atlantic
approximately GBP19.5mn ($25.5mn) before recently acquired a stake via its takeover of Azi-
expenses that the company intends to use pri- nam Group, an affiliate of Bermuda-registered
marily to cover its share of the cost of drilling of Seacrest Capital Group.
a well offshore South Africa. In early March, Eco Atlantic reported that it
The London-listed oil and gas company, had already secured a rig for the drilling of the
which has licenses for multiple blocks offshore Gazania-1 exploration well at Block 2B, which
Guyana, Namibia and South Africa, raised the lies in the Orange basin. Colin Kinley, the com-
funds via a share placing to institutional inves- pany’s co-founder and COO, offered a specific
tors, a retail offer via the PrimaryBid platform estimate as to when work on the Gazania-1 well
and a subscription by way of a private placement. might begin. “We are planning for mobilisation
“We are delighted with the result of this over- of the rig in late August and to spud shortly after
subscribed placing and grateful for the strong arrival, with the experienced Island Drilling
demand and support from investors, in particu- team and the Innovator semi,” he said. ™
lar, our existing shareholders and our strategic
alliance partners Africa Oil Corp,” Eco Atlantic
co-founder and CEO Gil Holzman said in an
April 6 statement.
“The capital raised will support the upcom-
ing drilling of the Gazania-1 well on Block 2B,
offshore South Africa, further G&G work across
the entire portfolio and will also ensure that we
maintain a strong balance sheet to continue
executing on our consolidation strategy aimed
at becoming the most exciting exploration com-
pany in the E&P Sector with multiple drilling
catalysts,” Holzman continued.
The placing was conducted via an acceler-
ated bookbuild process with shares placed at
GBP0.30 each and conducted in the UK, Nor-
way and certain other jurisdictions outside
Canada.
Eco Atlantic said earlier that Africa Oil Corp.
intended to enter into a subscription agreement
for up to $4mn by way of a private placement
for new common shares, subject to its resulting
interest in Eco Atlantic’s share capital staying Gazania-1 will be spudded between May and August (Image: Azinam)

Invictus Energy extends Cluff Energy

Africa’s deadline for Zimbabwe farm-in

ZIMBABWE AUSTRALIA’S Invictus Energy said on Thurs- area in the Cabora Bassa basin in Zimbabwe.
day, March 31 that it had agreed to give Lon- Invictus had struck an agreement with CEA
don-based Cluff Energy Africa (CEA) more last December, under which the latter company
time to consider joining the effort to explore and would retain a farm-in option until March 31,
develop Special Grant 4571 (SG 4571), its licence 2022..

Week 14 06•April•2022 www. NEWSBASE .com P9