Eco Atlantic Oil & Gas (TSE:EOG) has released an update.
Eco Atlantic Oil & Gas Ltd. has announced a strategic deal to exchange a 1% stake in Block 3B/4B offshore South Africa for the cancellation of all Africa Oil’s shares in Eco, valued at approximately C$11.5 million. This transaction reduces Eco Atlantic’s outstanding common shares by about 16.16%, thereby decreasing shareholder dilution and maintaining the company’s interests in its exploration portfolios across Namibia, South Africa, and Guyana. The completion of the deal is subject to regulatory approvals, after which Africa Oil will no longer hold shares in Eco or have a board appointment right.
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