Eco Atlantic drilling off coast of Guyana
LONDON, Feb 7 (Reuters) – Eco Atlantic Oil & Gas, a Canadian oil explorer, will list on London’s junior AIM market on Wednesday, raising 4.8 million pounds ($6 million) to help finance a drilling campaign offshore Guyana with partner Tullow Oil.
Eco Atlantic, which expects to have a market capitalisation of around 20 million pounds when it lists on Wednesday, will be the only AIM-listed company with oil assets in offshore Guyana, an area which the United States Geological Survey has earmarked as one of the world’s top-rated underexplored basins and where Exxon Mobil has already made a large discovery.
“We want to list now because of our recent Guyana discoveries and our exploration programme with Tullow Oil that is set to start at the beginning of the second quarter,” Eco Atlantic Chief Executive Gil Holzman told Reuters.
“The overall improvement in the oil exploration sector is also helping.”
Eco Atlantis also owns several licences to drill in offshore Namibia, one of which is also in partnership with Tullow.
Eco Atlantis’ listing follows last week’s flotation of Diversified Gas & Oil, the largest oil and gas listing on AIM since mid-2014.
(Reporting by Karolin Schaps; editing by Jason Neely)