Eco Atlantic advances offshore Falklands acquisition after shareholder approval
(WO) — Eco Atlantic said it has secured final court approval for its proposed acquisition of JHI Associates Inc., advancing the company’s planned expansion into offshore Falkland Islands acreage and additional Guyana exposure.
The Ontario Superior Court of Justice approved the transaction on May 15 following unanimous shareholder approval from JHI investors earlier this month.
According to Eco Atlantic, the remaining conditions required to close the transaction include approval of a five-year extension for the PL001 license offshore the Falkland Islands, confirmation of operatorship arrangements involving Navitas Petroleum and final regulatory approvals from the TSX Venture Exchange and AIM market.
Once completed, Eco expects to acquire 100% of JHI’s outstanding shares and secure a 35% participating interest in the PL001 license offshore the Falklands. Navitas Petroleum would retain the remaining 65% working interest and operatorship through a subsidiary.
The transaction could also strengthen Eco Atlantic’s position offshore Guyana through a potential extension of JHI’s 17.5% working interest in the Canje Block, subject to ongoing government discussions and approvals.
Eco said it expects to issue up to approximately 96.3 million new common shares to JHI shareholders as part of the arrangement.
“Completion of the JHI acquisition is in its final stages,” said Gil Holzman, president and CEO of Eco Atlantic. “We are working closely with Navitas on the planned exploration of the PL001 license offshore the Falkland Islands.”
Holzman added that Eco and JHI continue discussions with Guyanese authorities regarding both the Canje Block and Eco’s existing Orinduik Block interests offshore Guyana.
The deal expands Eco Atlantic’s offshore Atlantic Margin portfolio as interest continues building around frontier exploration opportunities in the Falklands and offshore Guyana.
