Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) said it has been given final approval for its Azinam acquisition 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.
Eco Atlantic said it also expects to shortly receive formal acknowledgment from the government of South Africa in respect of this change of control.
Gil Holzman, co-founder and chief executive officer, said: "We are happy to now officially own Azinam Group Ltd and its subsidiaries. We now look forward to operating a number of highly prospective licences in three exploration hotspots: Guyana, Namibia and South Africa.
Holzman added: "We continue to make strong progress towards the upcoming drilling of the Gazania-1 well on Block 2B, offshore South Africa, and following the signing of the rig contract earlier in the month we anticipate drilling to commence in late Q3 2022.
"We look forward to receiving the final formal acknowledgement from the South African government for the change of control entities and to making further updates on our strategic acreage in due course."