Eco Atlantic Oil and Gas plans to seek admission of its shares to trading on the London-based Alternative Investment Market (AIM), a sub-market of the London Stock Exchange, Offshore reported.
The company is already listed on Canada’s Toronto Stock Exchange (TSX). The announcement of its intentions to list on AIM makes it the first company to go for a dual listing in 2017, Petroleum Africa informed.
Eco Atlantic intends to raise $2.4m to $3.6m to finance the exploration program at Orinduik, to progress its work program in Namibia, and to pursue other potential oil and gas sector opportunities, such as additional license interests in Guyana and other prospective West African basins.
Strand Hanson Ltd. is acting as financial and nominated adviser to the company on the listing, with Brandon Hill Capital the lead broker, and Peterhouse Corporate Finance joint brokers.
In partnership with Tullow Oil, Eco Atlantic has a 40% stake in the shallow-water 1,800 km² Orinduik block in the Guyana-Suriname basin. In Namibia, the company has stakes in three offshore petroleum licenses in the Walvis basin – Cooper (32.5%), Sharon (60%), and Guy (50%) – with combined prospective resources of more than 2.3b barrels net.