The FINANCIAL -- London Stock Exchange on February 8 welcomed the AIM listing of Eco (Atlantic) Oil & Gas Ltd., a Canadian-based natural resources exploration firm.
The company, which raised £5.08 million on admission and now has a market capitalisation of approximately £18.9 million, is focused on the identification, acquisition and development of upstream petroleum opportunities in politically stable jurisdictions around the world, especially in Africa.
Canadian companies have made a significant impact on London markets in 2017, underlining the UK’s ability to develop, fund and support high growth international companies. Eco Atlantic is the third Canadian company to list on London Stock Exchange in 2017, following successful IPOs from online bingo-led operator Intertain (Jackpotjoy) and oil and gas firm, Zenith Energy, according to London Stock Exchange.
Eco Atlantic and Zenith Energy are part of a growing trend of Canadian listed companies choosing to dual list in London. Over the last three years, five Canadian natural resources companies have chosen to dual list on London Stock Exchange: Mkango Resources, SDX Energy, Dalradian Resources, Bacanora Minerals and Canadian Overseas Petroleum. In total, there are 21 companies dual listed in London and Toronto, and 22 Canadian companies overall listed on London markets.
London is the world’s leading market for internationally ambitious natural resources companies. There are 160 oil and gas companies listed, more than on any other exchange in the world. Since 1985, over £100 billion has been raised by oil and gas companies in London, and the companies listed include six of the ten largest listed oil and gas companies in the world.
To celebrate the listing of Eco Atlantic, Gil Holzman, CEO, along with staff from the company took part in a special welcome ceremony at London Stock Exchange this morning.
Sarah Baker, Head of North American Strategy, London Stock Exchange Group, said:
“We welcome Eco Atlantic to AIM, the world’s leading growth market. As the world’s most international financial centre, London has unparalleled strength in enabling companies, both large and small, to raise finance and grow. Eco Atlantic is the fourth North American firm to join our markets so far this year and we look forward to welcoming many more.”
Gil Holzman, CEO of Eco Atlantic, said:
"We are delighted to list on AIM today, a highly attractive market which will complement our objectives at a transformational time in our development as we look to progress our prospective licences in Guyana and Namibia towards discoveries and later production. We are excited to have received such strong support from UK and European investors, whose outlook fits nicely with our vision for growth, and has seen our placing being over subscribed, having raised £18.9 million. We look forward to updating the market on our progress and utilising our new London listing, which we believe is an excellent platform for us to continue to build.”