Company Incentive Plan - Exercise of Options
Eco (Atlantic) Oil and Gas Ltd. announced the issuance of common shares and restricted share units (RSUs) and stock options to directors, officers, and consultants. A total of 1,768,000 RSUs have vested and will convert into common shares, with 250,000 for directors, 350,000 for officers, and 1,168,000 for consultants. Additionally, 6,537,500 RSUs were issued to directors, which will vest and convert into common shares in one year. The company also granted 5,587,500 stock options at a price of CAD$1.24 (£0.67) per share, vesting over two years, and announced the exercise of 100,000 stock options for US$21,800. Following the admission of 1,868,000 new common shares on April 24, 2026, the total issued share capital will be 347,809,027.
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Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, announces the issuance of Common Shares and Restricted Share Units ("RSUs") and stock options to certain directors, officers and consultants of the Company.
Further to publication of the Company's Results for the three and nine months ended 31 December 2025 on 2 March 2026, all pre-existing Restricted Share Units ("RSUs") issued to certain directors and officers of the Company have vested and a total of 1,768,000 RSUs will be automatically converted into common shares in the capital of the Company ("Common Shares") (the "RSU Conversion Shares"). Of the RSUs vested 250,000 were issued to directors, 350,000 to officers and 1,168,000 to consultants.
To recognize the recent achievements and performance of the management and technical team, as well as the Board, the Company has made an award under its Company Incentive Plan.
In addition, the Company has also issued 6,537,500 RSUs to certain Executive and Non-Executive Directors, pursuant to the Eco's Omnibus Incentive Plan as approved at its Annual and Special Meeting held on 27 December 2024 (the "Plan") and as most recently approved by shareholders on 27 March 2026. The RSUs will automatically vest one year after the date of grant and convert into 6,537,500 common shares of the Company ("Common Shares").
In addition, the Company announces that it has granted stock options to subscribe for 5,587,500 Common Shares at an exercise price of $CAD1.24 (£0.67) per Common Share (the "Options") to certain directors, officers and consultants of the Company. The Options vest in two tranches from the date of grant, 50% after the first anniversary from the date of grant and 50% after the second anniversary from the date of grant. The Options are exercisable, following vesting, at the recipient's discretion and expire five (5) years from the date of grant. The grants are made pursuant to the Company's rolling Omnibus Incentive Plan, which permits the issuance of up to 10% of the Company's issued and outstanding common shares. The options are subject to the terms of the Company's Omnibus Incentive Plan and TSXV policies.
In addition, the Company has received a notice of exercise in respect of stock options over 100,000 common shares of no-par value each in the Company ("Common Shares"). The options were exercisable at a price of US$0.218 (CAD$0.30) per share, at a cost of US$21,800 (CAD$30,000) in respect of the exercise.
Total Voting Rights
Application has been made for admission to trading on the TSX Venture Exchange and AIM of a total of 1,868,000 new Common Shares of no-par value ("Admission"). Admission is expected on or about 24 April 2026. On Admission, the new Common Shares will rank pari passu with the Company's existing Common Shares. Following Admission, the Company's issued share capital will consist of 347,809,027 Common Shares, with each Common Share carrying the right to one vote. The Company does not hold any Common Shares in treasury.
For more information, please visit www.ecooilandgas.com or contact the following.
| Eco Atlantic Oil and Gas | c/o Celicourt +44 (0) 20 7770 6424 | |
| Strand Hanson (Financial & Nominated Adviser) | +44 (0) 20 7409 3494 | |
| James Harris, James Bellman, Edward Foulkes | ||
| Canaccord Genuity (Joint Broker) | +44 (0) 20 7523 8000 | |
| Henry Fitzgerald-O'Connor, Charlie Hammond | ||
| Berenberg (Joint Broker) | +44 (0) 20 3207 7800 | |
| Matthew Armitt | ||
| Celicourt (PR) | +44 (0) 20 7770 6424 | |
| Mark Antelme, Charles Denley-Myerson | ||
| PDMR Notification Forms | ||
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | 1. Keith Hill 2. Gadi Levin 3. Alice Carroll |
| 2. | Reason for the Notification | |
| a) | Position/status | 1. Non-Executive Chairman 2. Chief Financial Officer 3. VP Business Development, and Corporate Affairs |
| b) | Initial notification/amendment | Initial notification |
| a) | Name | ECO (ATLANTIC) OIL & GAS LTD. |
| b) | LEI | 213800WPR7ASTDWQUW50 |
| a) | Description of the Financial instrument, type of instrument | Issue of common shares of no par value in the Company pursuant to the vesting of restricted share units (RSUs) |
| Identification code | CA27887W1005 | |
| b) | Nature of the Transaction | Receipt of Common Shares pursuant to the conversion of the RSUs |
| c) | Price(s) and volume(s) | Price(s) Volume(s) Nil consideration 1. 250,000 Common Shares 2. 175,000 Common Shares 2. 175,000 Common Shares |
| d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
| e) | Date of the transaction | 20 April 2026 |
| f) | Place of the transaction | N/A |
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | 1. Gil Holzman 2. Alice Carroll 3. Gadi Levin 4. Keith Hill 5. Peter Nicol 6. Emily Ferguson 7. Alan Friedman |
| 2. | Reason for the Notification | |
| a) | Position/status | 1. President, CEO and Director of the Company 2. VP Business Development, and Corporate Affairs 3. Chief Financial Officer 4. Non-Executive Chairman 5. Non-Executive Director 6. Non-Executive Director 7. Non-Executive Director |
| b) | Initial notification/amendment | Initial notification |
| a) | Name | ECO (ATLANTIC) OIL & GAS LTD. |
| b) | LEI | 213800WPR7ASTDWQUW50 |
| a) | Description of the Financial instrument, type of instrument | Issue of restricted share units (RSUs) |
| Identification code | CA27887W1005 | |
| b) | Nature of the Transaction | Issue of RSUs |
| c) | Price(s) and volume(s) | Price(s) Volume(s) Nil consideration 1. 2,000,000 RSUs 2. 937,500 RSUs 3. 625,000 RSUs 4. 375,000 RSUs 5. 250,000 RSUs 6. 250,000 RSUs 7. 250,000 RSUs |
| d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
| e) | Date of the transaction | 20 April 2026 |
| f) | Place of the transaction | N/A |
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | 1. Gil Holzman 2. Alice Carroll 3. Gadi Levin 4. Keith Hill 5. Peter Nicol 6. Emily Ferguson 7. Alan Friedman |
| 2. | Reason for the Notification | |
| a) | Position/status | 1. President, CEO and Director of the Company 2. VP Business Development, and Corporate Affairs 3. Chief Financial Officer 4. Non-Executive Chairman 5. Non-Executive Director 6. Non-Executive Director 7. Non-Executive Director |
| b) | Initial notification/amendment | Initial notification |
| a) | Name | ECO (ATLANTIC) OIL & GAS LTD. |
| b) | LEI | 213800WPR7ASTDWQUW50 |
| a) | Description of the Financial instrument, type of instrument | Issue of options to subscribe for Common Shares at a price of $CAD1.24 (£0.67) per Common Share exercisable for a period of five years |
| Identification code | CA27887W1005 | |
| b) | Nature of the Transaction | Issue of options |
| c) | Price(s) and volume(s) | Price(s) Volume(s) $CAD 1.24 (£0.67) $CAD 1.24 (£0.67) $CAD 1.24 (£0.67) $CAD 1.24 (£0.67) $CAD 1.24 (£0.67) $CAD 1.24 (£0.67) $CAD 1.24 (£0.67) 1. 1,500,000 2. 937,500 3. 625,000 4. 375,000 5. 250,000 6. 250,000 7. 250,000 |
| d) | Aggregated information Aggregated volume Price | N/A (Single transaction) |
| e) | Date of the transaction | 20 April 2026 |
| f) | Place of the transaction | N/A |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.