Eco Atlantic ups stake in oil exploration company
As a result of the deal, Eco Atlantic will have an 80% working interest in the Tamar License offshore Namibia.
Jo-Maré Duddy – Eco (Atlantic) Oil & Gas, pending regulatory approval, will be the sole owner of Pan Africa Oil Namibia Holdings (PAO Namibia) following the acquisition of Amis Oil and Gas Ltd’s stake of 10% in the company.
Eco Atlantic is an independent oil and gas exploration company listed on the Alternative Investment Market of the London Stock Exchange (AIM) and on the Toronto Stock Exchange (TSX-V).
In a statement on Thursday, Eco Atlantic said as a result of the transaction it will hold 100% of the issued share capital of PAO Namibia and in turn an 80% working interest in the Tamar License (PEL 050) offshore. It previously held an interest of 72%. The other partners are Namcor and Spectrum Geo Ltd, each with an interest of 10%.
According to the company’s website, Eco Atlantic currently holds an option to buy back Spectrum’s working interest for US$1.45 million prior to a farm-in and US$900 000 after a farm-in.
The Tamar License covers approximately 7 500 square kilometres and is located in license areas 2211B and 2311A. Eco said the license directly adjacent to PEL 71 which is expected to be drilled by Chariot Oil and Gas Ltd and AziNam Ltd next month.
"We are very pleased to announce the completion of this transaction, which simplifies our corporate structure, bringing all of our subsidiaries under Eco Atlantic's sole and wholly owned ownership,” the president and chief executive of Eco Atlantic, Gil Holzman, commented on the deal.
“Following the Company's acquisition of the minority interest in Eco (Atlantic) Guyana Inc. announced earlier this year, this transaction further simplifies our corporate structure, and aligns all stakeholders into the ultimate parent company thus enables us to better manage each of our subsidiaries and their respective held licenses in preparation for future potential developments and transactions," he said.
Pursuant to the terms of the acquisition, Eco Atlantic will issue 300 000 common shares to Amis.
Besides Tamar, Eco Atlantic is the majority stakeholder and operator of prospective license blocks in the Walvis Basin, Sharon, Cooper and Guy offshore Namibia. According to its website, it is estimated that 25 billion barrels of prospective resources could be held within this licence area.
“The Walvis Basin is a proven petroleum system and Eco Atlantic is working in partnership with Tullow Oil, Namcor and AziNam on these projects within the region,” the company said.
Eco Atlantic’s news came a day after Global Petroleum Ltd announced that it acquired an 85% interest in oil exploration Block 2011A offshore Namibia.
Eco Atlantic is an independent oil and gas exploration company listed on the Alternative Investment Market of the London Stock Exchange (AIM) and on the Toronto Stock Exchange (TSX-V).
In a statement on Thursday, Eco Atlantic said as a result of the transaction it will hold 100% of the issued share capital of PAO Namibia and in turn an 80% working interest in the Tamar License (PEL 050) offshore. It previously held an interest of 72%. The other partners are Namcor and Spectrum Geo Ltd, each with an interest of 10%.
According to the company’s website, Eco Atlantic currently holds an option to buy back Spectrum’s working interest for US$1.45 million prior to a farm-in and US$900 000 after a farm-in.
The Tamar License covers approximately 7 500 square kilometres and is located in license areas 2211B and 2311A. Eco said the license directly adjacent to PEL 71 which is expected to be drilled by Chariot Oil and Gas Ltd and AziNam Ltd next month.
"We are very pleased to announce the completion of this transaction, which simplifies our corporate structure, bringing all of our subsidiaries under Eco Atlantic's sole and wholly owned ownership,” the president and chief executive of Eco Atlantic, Gil Holzman, commented on the deal.
“Following the Company's acquisition of the minority interest in Eco (Atlantic) Guyana Inc. announced earlier this year, this transaction further simplifies our corporate structure, and aligns all stakeholders into the ultimate parent company thus enables us to better manage each of our subsidiaries and their respective held licenses in preparation for future potential developments and transactions," he said.
Pursuant to the terms of the acquisition, Eco Atlantic will issue 300 000 common shares to Amis.
Besides Tamar, Eco Atlantic is the majority stakeholder and operator of prospective license blocks in the Walvis Basin, Sharon, Cooper and Guy offshore Namibia. According to its website, it is estimated that 25 billion barrels of prospective resources could be held within this licence area.
“The Walvis Basin is a proven petroleum system and Eco Atlantic is working in partnership with Tullow Oil, Namcor and AziNam on these projects within the region,” the company said.
Eco Atlantic’s news came a day after Global Petroleum Ltd announced that it acquired an 85% interest in oil exploration Block 2011A offshore Namibia.
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