Minority interest acquired in Eco’s Guyana subsidiary

first_imgEco (Atlantic) Oil & Gas Ltd), an oil and gas exploration company with licenses in highly prospective regions in South America and Africa, has announced that Eco (Guyana) Oil and Gas (Barbados) Ltd, have acquired the remaining six per cent interest in its Guyana operations.Eco Guyana holds a 40 per cent working interest in the Orinduik Block, offshore Guyana, with the remaining 60 per cent held by Tullow Oil.The Acquisition is being affected via share purchase agreements entered into between Eco Barbados and the minority shareholders of Eco Guyana (the “Minority Shareholders”).The total consideration paid by the Group will be US$200,000 with US$100,000 payable upon closing, expected to be February 27, 2018, and US$100,000 payable 60 days thereafter, in addition to the issuance of a total of 1,700,384 common shares of the company. The Common Shares, which will be issued to the minority shareholders, represent approximately one per cent of the company’s share capital on a fully diluted basis.According to a release, the closing of the acquisition is conditional upon TSX regulatory approval and admission of the Common Shares to trading on AIM.“In connection with the Acquisition, each minority shareholder has agreed not to dispose of more than one-third of their common shares, issued to them at closing of the acquisition, for a period of 90 days. An additional one-third of the Common Shares issued to each Minority Shareholder may be disposed of from day 91 after closing, with the remaining Common Shares held by the minority shareholders being eligible to be disposed of after 181 days following issuance.”Application will be made for the admission to trading on AIM of the 1,700,384 common shares issued to the Minority Shareholders in conjunction with the acquisition of the Eco Guyana shares. Admission is expected to take place March 5.Following admission, it is understood that the issued share capital of the company will consist of 159,195,217 common shares.The Stabroek Block is 6.6 million acres. Esso Exploration and Production Guyana Limited (Exxon’s subsidiary) is the operator and hold a 45 per cent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds a 30 per cent interest, and CNOOC Nexen Petroleum Guyana Limited holds a 25 per cent interest.last_img read more


first_imgMEN’S FOOTBALL:Our Senior and Reserve sides are expected to travel to Kilcar this Saturday evening in their sixth game of the league. Throw in time to be confirmed for Saturday’s match, for more details check out the parish bulletin and the club facebook page later in the week. Both Senior and Reserves teams lost out against a stronger St. Michael’s teams on Sunday, with Colm Mc Fadden on fine form in their front line. LADIES FOOTBALL:Ladies Football training continues on Tuesday’s and Thursday’s between 8pm- 9pm.GIRLS FOOTBALL: U16/U14 Girls continue to train on Wednesday’s at 5:15pm.U12 Girls continue to train on Wednesdays at 4:15pmU10/U8/U6 continue to train on Saturday mornings at 11:15am till 12:15, all sessions are €2.BOYS FOOTBALL:U6 age group continue to train within the Club Gym on Sunday mornings from 10am -11:15am.The sessions are based on GAA Fundamentals; a Croke Park initiative based on research aimed at bettering your child’s coordination (including hand eye) balance, agility and basic fitness in a fun filled environment. It is also an introduction into the basic skills of Gaelic games. All children are welcome to attend.U8 age group continue to train on Sunday mornings at 11am to 12:30pm, also within the Club Gym. All underage sessions are €2.U10 age group continue train on Sunday’s from 12:30 to 1:30pm. U14 Training takes place on Monday from 5-6 and on Thursday from 4.30 to 6.00.HURLING:U10/U12 Boys and Girls Hurling continue on Friday Evenings from 6pm-7pm. All equipment provided €2 per session.LOTTO: There was no winner of this week’s lotto jackpot of €750. The €50 winner was Mary Mc Laughlin, Drumaville, Malin, with Ruairi Mc Carron receiving the €20 seller’s prize. Winning sequence was 2-1-4-7-5-3-6. Next week’s lotto jackpot stands at €800 and we thank the local community for their continued support of the weekly draw.PRO:For the next number of weeks Christina Mc Laughlin will be taking over all PRO duties. She can be contacted on 086 1980399 or alternatively send an email to the new club email address pro.malin.donegal@gaa.ie at no later than 9 o clock on the Sunday evening. Please note the new club email addressGAA: MALIN GAA CLUB NEWS was last modified: April 29th, 2013 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:GAA: MALIN GAA CLUB NEWSlast_img read more