Eco (Atlantic) Oil & Gas Ltd said it has completed all conditions required to close the acquisition of Azinam Group Holdings, first announced in February, subject to final approval from the TSX Venture Exchange.
The deal, which sees Azinam shareholders getting a 16.5% stake in the enlarged group, will significantly enhance Eco Atlantic’s exploration portfolio in Africa’s Atlantic margin.
It adds further acreage in the Orange basin offshore Namibia, an area boosted by Shell’s new Graff discovery, along with a further prospective footprint in the South African portion of the Orange basin where a new well is targeted in 2022.
READ: Eco (Atlantic) Oil and Gas Ltd inks rig contract for South Africa well
“We now own and operate a number of highly prospective licences in three of the most exciting regions for exploration in the world: Guyana, Namibia and South Africa,” said Eco Atlantic co-founder and CEO Gil Holzman.
“We continue to make strong progress towards the upcoming drilling of the Gazania-1 well, offshore South Africa, and following the signing of the rig contract earlier in the month we anticipate drilling to commence in late Q3 2022.”
Shares rose 1.75% to 29p in early trade.