Eco Atlantic Oil & Gas (LSE:ECO) has obtained final court approval in Canada for its proposed acquisition of JHI Associates, after JHI shareholders unanimously voted in favour of the transaction. The deal is now awaiting only final regulatory and government clearances before completion. Under the agreement, Eco is expected to issue up to approximately 96.3 million new shares, with a large proportion subject to lock-up arrangements. The acquisition is intended to strengthen Eco’s position in offshore assets in the Falklands and Guyana while broadening its investor base.
Strategic expansion across Atlantic offshore assets
Once completed, the transaction will hand Eco full ownership of JHI and secure a 35% interest in Falklands licence PL001, which is operated by Navitas Petroleum. The company could also retain exposure to JHI’s 17.5% stake in the Canje Block offshore Guyana, subject to ongoing negotiations. According to management, the remaining requirements are mainly procedural, with the company continuing to coordinate with Navitas and relevant host governments to facilitate the transfer of technical obligations and support future exploration activity across its Atlantic-focused portfolio.
More about Eco Atlantic Oil & Gas
Eco Atlantic Oil & Gas is listed on both the TSX Venture Exchange and AIM, specialising in oil and gas exploration across offshore Atlantic Margin basins. Its portfolio includes licences in Guyana, Namibia and South Africa, with a focus on low carbon intensity resources in emerging markets located near established infrastructure. The company holds interests across the Guyana-Suriname, Walvis and Orange basins, aiming to drive long-term growth through exploration activity.
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