Big Picture – A Deep Dive Examination of Eco Atlantic Oil & Gas Ltd
Eco Atlantic Oil & Gas Ltd Snapshot
Eco Atlantic is an oil and gas exploration company focused on the acquisition and development of unique upstream petroleum opportunities around the world. The Company's objective is to identify technically merited prospective new and developing projects in frontier areas requiring low cost entry. In Namibia through wholly owned subsidiaries, the Company currently holds interests, some carried by Tullow Oil and Azinam, in four offshore petroleum licenses covering more than 32,000 square kilometers in the Walvis and Lüderitz Basins, in close proximity to major blocks controlled by Repsol and Tullow Oil.
In Guyana, Eco Atlantic holds an interest in the 1,800 square kilometer Orinduik offshore block in close proximity to the Exxon Mobil Corporation's recently announced "Liza" discovery holding multi million barrels of oil .
Eco Atlantic enjoys strong local presence in the countries in which it operates and has a longstanding relationship with the energy and oil and gas sectors throughout Africa and other maturing exploration plays internationally.
Offshore Namibia in the Walvis Basin, the company is developing three licenses blocks in close proximity to major blocks controlled by Repsol and Tullow Oil. These license blocks issued by the Government of the Republic of Namibia cover more than 25,000 square kilometers (6,177,000 acres) with over 21.5 billion barrels of prospective resources. One of the offshore licenses extends onshore and includes the exploration of shale gas & CBM covering 5,600 square kilometers (approx. 1,383,790 acres).
In July 2014, the company received Ghana Parliamentary ratification of a petroleum agreement for the Deepwater Cape Three Points West Block, offshore Ghana in the Tano Cape Three Points Basin, covering approximately 944km². The Block is adjacent to Tullow’s Jubilee Oil Field, which is producing in excess of 100,000 barrels of oil per day. It also shares an eastern boundary with the former OCTPS Block, a northern boundary with the Eni Cape Three Points Block, and a western boundary with the Hess Deep Water Cape Three Points Block.
Guyana - Orinduik Block
The United States Geological Survey ranks the Guyana-Suriname basin as the world’s second-most prospective, underexplored offshore basin, with an estimated 13.6 billion barrels of oil and 32 trillion cubic feet of natural gas yet to be discovered.
It is in this basin that Eco Atlantic holds a 40% working interest in a significant licence, which is just 6.5 km from ExxonMobil’s world class Liza oil discovery.
ExxonMobil and Hess recently confirmed that the deep-water Liza Field is officially the largest commercial find in South America in 50 years and holds an estimated 1 billion to 1.4 billion barrels of oil equivalent, making it one of a handful of billion-barrel discoveries in the last half-decade. The Liza Field is adjacent to Eco Atlantic’s Orinduik Block.
Licence Overview - Orinduik Block
In January 2016, Eco Atlantic signed a Petroleum Agreement and is party to an Offshore Petroleum Licence with the Government of Guyana and Tullow Oil for the Orinduik Block offshore Guyana. The 1800 km² Orinduik block is situated in shallow water, 170 km offshore Guyana in the Suriname Guyana basin, and is located 6.5 km from the recent Exxon Mobil Liza discoveries.
Eco has a 40% working interest and Tullow Oil has a 60% working interest. Tullow Oil will be the operator and will pay Eco Atlantic US$0.4m and fully carry Eco Atlantic for approximately C$3m of the 2D and 3D survey for an initial 4 years work commitment. Details of the work programme are in the table below.
|Committed work programme|
|Initial 4 year licence term||
|First 3 year renewal period||
|Second 3 year renewal period||
The Walvis Basin, offshore Namibia, is a highly active but underexplored oil and gas region. In 2013 a proven offshore petroleum system was discovered by HRT and since then there has been increased activities in the region by major oil companies.
With its favourable fiscal incentives and regional prospectivity, Eco Atlantic has acquired four offshore licence blocks covering 23,000 km2 in the Walvis Basin. The four licences are strategically positioned and adjacent to major farm-in activities including Tullow, Murphy, OMV, Repsol and Galp.
For information on Cooper License 2012A, please click here
For information on Sharon License 2213A & 2213B, please click here
For information on Guy License 2111B & 2211A, please click here
For information on Tamar License 2211Ba & 2311a, please click here
Management & Board
Moshe Peterburg,(known as Peter Peterburg): (Non-Executive Chairman)
Mr Peterburg is a private investor with over 25 years of investment experience in Africa and Eastern Europe. He is the founder of Peterburg Holdings, a private investment company with investments across many sectors including infrastructural and resource sectors, mining and exploration and he was a co-founder of GP Minerals Limited, a private resource investment and development company.
Mr Peterburg holds a B.Sc. in Electronic Engineering from the Haifa Technion and an M.B.A. in Finance from Tel Aviv University. In addition, he is the chairman of the board of trustees of the Design Museum Holon and is a member of acquisition committee of the Tate Modern Museum.
Gil Holzman (President & Chief Executive Officer)
Mr Holzman has 12 years of experience in the mining and energy resource sectors throughout Africa. Prior to co-founding Eco Oil and Gas Ltd, Mr Holzman was a co-founder of GP Minerals Limited, a private resource investment and development company, and, between 2003 and 2006, was the Managing Director, Middle East of Bombardier Transportation, the rail equipment division of Bombardier Inc. Before this, Mr Holzman held a variety of strategic consultancy roles, including co-founding political consultancy, GCS Issue Management Ltd.
Mr Holzman has a B.A. in Business Management and Finance and an L.L.B in Israeli and International Law from IDC Herzilya. He also has an MBA from The Arison School of Business.
Colin Brent Kinley (Chief Operating Officer)
Mr Kinley is CEO of Kinley Exploration LLC, leading a team of industry experts providing professional, technical and oversight expertise to international resource companies within the upstream sector. With 35 years of international expertise in integrated energy project management and the development of new energy companies, Mr Kinley has served as a senior executive to several E&P companies and oilfield service companies, as well as possessing significant experience in frontier resource development. Mr Kinley is also President and CEO of Jet Mining Pty LLC and a Non-Executive Director of TSX-V listed companies, Coro Mining Corp and Excelsior Mining Corp.
Gadi Levin (Finance Director)
Mr. Levin is a chartered accountant with many years of experience in the public and private equity markets. His experience spans multiple jurisdictions including South Africa, England and Israel. He is currently the chief financial officer of TSX-V listed companies Vaxil Bio Ltd., Briacell Therapeutics Corp. and Adira Energy Ltd.
He has a Bachelor of Commerce degree in Accounting and Information Systems, has received his Chartered Accountant designation in South Africa and has an MBA from Bar Ilan University in Israel.
Mr Levin has acted as financial controller for the Group on a consultancy basis since November 2014 and was appointed as Finance director of the Company on 28 November 2016.
Alan Friedman (Executive Director)
Mr Friedman, a South African qualified attorney, has been connected with the North American public markets for 15 years and has a depth of experience in representing, advising, and assisting small-medium cap companies in acquiring asset, accessing capital, advising on mergers and acquisitions and managing emerging growth businesses.
He is the owner and founding CEO of Rivonia Capital Inc, a company involved in the business of identifying, financing and managing a portfolio of companies across a wide range of sectors. Mr Friedman is also the co-founder and Managing Director of Tembo Financial and is an executive director of TSX-V listed companies, Adira Energy Ltd. and Cronos Group.
Kangulohi Helmut Angula (Non-Executive Director)
Mr Angula has served as the Finance Minister and Deputy Minister of Mines and Energy, as well as five other cabinet portfolios within the Government of Namibia for a period spanning over 20 years. Since leaving the Government of Namibia, Mr Angula has focused on private business opportunities and is a consultant to the mining, energy, infrastructure and real estate industries in Namibia.
Peter Nicol (Non-Executive Director)
Mr Nicol has over 30 years’ experience in the oil and gas sector. Prior to joining the Board of Eco Atlantic, he was a partner at GMP Securities Europe as the Head of Oil and Gas Research, and was responsible for initiating coverage of over 36 international E&P companies. Mr. Nicol also previously held positions with ABN AMRO as Global Sector Director of Oil and Gas research, and as Executive Director, Head of European Oil and Gas Research at Goldman Sachs. Mr. Nicol holds a BSc in Mathematics and Economics from Strathclyde University in Glasgow.
Derek Linfield (Non-Executive Director)
Mr Linfield is a legal consultant with Fasken Martineau Ltd and, between 2005 and 2015, was the Managing Partner of Stikeman Elliott (London) LLP, the London office of Canadian law firm Stikeman Elliott LLP between 2005 and 2015. He has practiced as a Canadian lawyer in London for over 20 years, where he focusesd on cross-border financings and M&A in the mining and oil & gas sectors, including taking internationally managed companies to the TSX and the TSX-V as well as Canadian companies to the London Stock Exchange. He is currently the Non-Executive Chairman of AIM-quoted and TSXV listed Mkango Resources Ltd. and a director of Cornish Lithium Ltd and a number of other private companies.
A former teacher, Mr Linfield holds BA(Ed) and BSc degrees from Memorial University of Newfoundland as well as LLB and MBA degrees from McGill University. He is a Director of MUN (UK) Limited, the UK campus of Memorial University of Newfoundland, as well as immediate past chairman of Canada Day in London and the Foundation for Canadian Studies in the UK as well as a former Director of the Canada UK Chamber of Commerce where he is now an advisor to the Board.
Chief Executive Officer: Gil Holzman
Tel: +1 (416) 250 1955
Mob: +972 (50) 888 4529
Email: [email protected]
Chief Operating Officer: Colin Kinley
Tel: 913 851 0433
Mob: 913 221 2996
Email: [email protected]
Executive Vice President: Alan Friedman
Tel: +1 (416) 250 1955
Mob: +1 (416) 318 8272
Email: [email protected]
Financial and Nominated Adviser:
Strand Hanson Limited
26 Mount Row
London W1K 3SQ
Brandon Hill Capital Limited
1 Tudor Street
London EC4Y 04H
Peterhouse Corporate Finance Limited
15 Eldon Street
London EC2M 7LD
Solicitors to the Company as to English law:
16 Great Queen Street
London WC2B 5DG
Solicitors to the Company as to Canadian law:
320 Bay Street, Suite 1600
Auditors to the Company:
50 Burnhamthorpe Road West
ON L5B 3C2,
Gustavson Associates LLC
5757 Central Avenue
Boulder, CO 80301
Yellow Jersey PR Limited
Unit G014, Metal Box Factory
30 Great Guildford Street
London SE1 0HS
Computershare Investor Services (Jersey) Limited
Jersey JE1 1ES
Computershare Investor Services plc
Bristol BS13 8AE
Transfer Agent :
TSX Trust Company
200 University Avenue
Toronto ON M5H 4H1