Eco (Atlantic) Oil & Gas Ltd. has announced the notice of its Annual General Meeting (AGM), which will be held on December 29, 2023, via teleconference. The company has also posted a formal notice of AGM, explanatory circular, and form of proxy to its shareholders. The AGM will discuss various matters, including the proposed appointment of Mr. Oliver Quinn as a non-executive director. Mr. Quinn, subject to shareholder approval, will be the nominee director of Africa Oil Corp., which holds 14.84% of Eco Atlantic's issued share capital. The company is pleased that Mr. Keith Hill, Africa Oil's board nominee, has agreed to remain as a non-executive director.
The appointment of Mr. Quinn is subject to customary due diligence required by the AIM Rules for Companies and AIM Rules for Nominated Advisers. The company's nominated adviser, Strand Hanson Limited, will undertake the due diligence. Shareholder approval is also required for the proposed farm out of Block 3B/4B to Africa Oil. The farm out, announced on July 11, 2023, is conditional on regulatory approvals from the government of South Africa and the TSX Venture Exchange. The TSXV has advised the company that shareholder approval is necessary for the farm out. The resolution to approve the farm out will be included in the AGM.
Eco Atlantic is an oil and gas exploration company focused on the offshore Atlantic Margins in South Africa, Namibia, and Guyana. The company aims to deliver value through its role in the energy transition by exploring for low carbon intensity oil and gas in stable emerging markets close to infrastructure. In Guyana, the company operates a 75% working interest in the Orinduik Block. In Namibia, the company holds operatorship and an 85% working interest in four offshore petroleum licenses in the Walvis Basin.