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Eco Atlantic Oil & Gas ( (TSE:EOG) ) has shared an update.
Eco Atlantic Oil & Gas has secured a final court order from the Ontario Superior Court approving its acquisition of JHI Associates, following unanimous shareholder support for the plan of arrangement. With legal and shareholder milestones completed, the remaining steps involve obtaining government and stock exchange approvals, including a Falkland Islands licence extension and regulatory sign-offs, before closing.
Upon completion, Eco will issue up to about 96.3 million new shares to JHI investors, with roughly 45% subject to an 18-month lock-up, broadening its shareholder base to more than 1,000 holders. The deal will give Eco full ownership of JHI, a 35% stake in the PL001 licence offshore the Falkland Islands, and potential continuation of JHI’s interest in Guyana’s Canje Block, strengthening Eco’s Atlantic Margin portfolio and partnership with operator Navitas Petroleum.
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 licence interests in Guyana, Namibia and South Africa. The group targets low carbon intensity oil and gas resources in stable emerging markets near existing infrastructure, operating key blocks in the Guyana-Suriname Basin, Namibia’s Walvis Basin and South Africa’s Orange Basin.
For an in-depth examination of EOG stock, go to TipRanks’ Overview page.