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Eco Atlantic Oil & Gas ( (TSE:EOG) ) just unveiled an announcement.
Eco Atlantic Oil & Gas has secured a final court order in Canada for its acquisition of JHI Associates, after JHI shareholders unanimously backed the deal, leaving only regulatory and governmental approvals outstanding. The transaction will see Eco issue up to about 96.3 million new shares, with a significant portion under lock-up, and positions the company to consolidate interests in Falklands and Guyana offshore assets while expanding its shareholder base.
Completion of the deal will give Eco 100% ownership of JHI and a 35% stake in Falklands licence PL001, operated by Navitas Petroleum, alongside a potential continuation of JHI’s 17.5% interest in Guyana’s Canje Block subject to negotiations. Management says the remaining steps are largely administrative and is working with Navitas and host governments to ensure a smooth transfer of technical responsibilities and to align future exploration plans across its Atlantic portfolio.
More about Eco Atlantic Oil & Gas
Eco Atlantic Oil & Gas is a TSX-V and AIM-quoted exploration company focused on offshore Atlantic Margin basins, with licences in Guyana, Namibia and South Africa. The group targets low carbon intensity oil and gas in emerging markets close to existing infrastructure, operating assets in the Guyana-Suriname, Walvis and Orange basins to deliver value through exploration-led growth.
For a thorough assessment of EOG stock, go to TipRanks’ Stock Analysis page.