Canadian oil group Eco (Atlantic) Oil and Gas will be one of the first firms to pump up the London Stock Exchange’s junior market in 2017 when it floats later this month.
The Toronto Stock Exchange-listed firm, which holds Atlantic licences offshore Guyana and Namibia, will early this week announce its intention to float on the Alternative Investment Market (Aim) in late January.
It aims to raise around £2m to £3m before expenses and will use the funds to push ahead with exploration and work programmes.
Offshore Guyana, it holds licences with Tullow Oil adjacent to world-class ExxonMobil discoveries that have been declared commercial with up to 1.4bn barrels of oil equivalent (boe) and, offshore Namibia, its activities are near major farm-in activity from majors including Repsol, Tullow, BP and Galp.
Eco will be the only Aim-listed firm to have a Guyana oil and gas asset.
“Our Orinduik Block in Guyana, where we are partners with Tullow Oil, is just 6.5km from Exxon Mobil’s Liza Field discoveries, dubbed by Wood Mackenzie as ‘the most exciting thing happening in Latin American exploration currently’,” said Eco’s chief executive, Gil Holzman.
“We believe these assets and the exposure they provide for investors to the exciting markets of Guyana and Namibia, coupled with our clear strategy of partnering with mid-tier and major oil companies and developing through to production, and a management team with extensive oil and gas experience, sets Eco Atlantic apart from other exploration and development companies on the market.”
Strand Hanson is acting as financial and nominated adviser with Brandon Hill Capital as the lead broker and Peterhouse Corporate Finance as joint broker to the company in relation to its admission.