Pires Investments PLC Investment in Eco (Atlantic) Oil & Gas Ltd (3399W)
08 February 2017 - 9:12PM
UK Regulatory
TIDMPIRI
RNS Number : 3399W
Pires Investments PLC
08 February 2017
Pires Investments plc
("Pires" or the "Company")
Investment in Eco (Atlantic) Oil & Gas Ltd
The Company announces that it has subscribed for 3,125,000
ordinary shares in Eco (Atlantic) Oil & Gas Ltd. ("Eco") at a
price of 16 pence per share for a consideration of GBP500,000,
representing approximately 2.6 per cent of Eco's issued share
capital.
The entire issued share capital of Eco was today admitted to
trading on the AIM Market of the London Stock Exchange, Eco's
shares are also admitted to the trading on the TSX Venture Exchange
in Canada.
Eco is an oil and gas exploration company focused on the
acquisition and development of unique upstream petroleum
opportunities around the world. It holds highly prospective
interests in the 1,800 square kilometre Orinduik offshore block in
Guyana and interests in four offshore petroleum licenses covering
more than 32,000 square kilometres in the Walvis and Lüderitz
Basins in Namibia.
The net loss of Eco Atlantic for the financial year ended 31
March 2016 was CAN $5,107,496.
Further information on Eco can be found at
www.ecooilandgas.com.
Peter Redmond Director of Pires commented:
"We are very pleased to take advantage of this investment
opportunity which is in line with Pires' established investing
policy. We believe Eco has an attractive value proposition with
licences located in highly prospective, sought after jurisdictions
within close proximity to significant discoveries and farm-in
activity. Notably, Eco will be the only AIM quoted oil and gas
exploration company to hold an oil and gas asset in Guyana."
"We continue to evaluate additional investment opportunities,
including reverse takeover opportunities, and will update
shareholders and the market in due course"
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Pires Investments plc
Peter Redmond, Director Tel: 020 7580
John May, Director 7576
Cairn Financial Advisers LLP,
nominated adviser Tel: 020 7213
Liam Murray, Tony Rawlinson 0880
Peterhouse Corporate Finance,
broker Tel: 020 7469
Duncan Vasey, Lucy Williams 0930
This information is provided by RNS
The company news service from the London Stock Exchange
END
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