Eco Atlantic Oil & Gas Ltd - Toronto-based oil and gas exploration company - Completes acquisition of Azinam Group Holdings. On February 8, Eco Atlantic signed a definitive share purchase agreement to buy 100% of Azinam in return for a 17% equity stake in the company. Azinam owns a portfolio of offshore petroleum assets in Namibia and South Africa. Eco Atlantic is now the sole owner of Azinam's portfolio.
Co-Founder & Chief Executive Gil Holzman says: "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. 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 in the third quarter of 2022."
Current stock price: 28.10 pence, down 1.4% in London on Friday
12-month change: up 16%
By Heather Rydings; heatherrydings@alliancenews.com
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Eco (atlantic) (ECO)