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Eco Atlantic Oil & Gas Ltd - oil and gas exploration company focused on offshore Atlantic Margins - Signs legally binding letter of intent under which its subsidiary, Azinam Ltd, will farm out a 6.3% participating interest in block 3B/4B to Africa Oil SA Corp, a subsidiary of Africa Oil Corp, for up to USD10.5 million. The completion of the acquisition is subject to customary conditions, including regulatory approvals from the government of South Africa and from the TSX Venture Exchange in Toronto. Upon completion, Africa Oil SA will hold a 26% interest, Azinam will hold a 20% interest and Ricocure (Propertiary) Ltd will hold the remaining 54%.
The price is conditional on meeting milestones. The milestones are: USD2.5 million within 30 days of signing; USD2.5 million upon government approval of the transfer; USD4 million upon completion of target farm out to third party; and USD1.5 million upon spud of first exploration well at block 3B/4B.
Current stock price: 13.65 pence, up 1.9% in London on Tuesday morning
12-month change: down 46%
By Heather Rydings, Alliance News senior economics reporter
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