Eco (Atlantic) Oil & Gas, the oil and gas exploration company focused on the offshore Atlantic Margins, confirms that it has signed a definitive Share Purchase Agreement (“SPA”) to acquire 100% of Azinam Group Limited (“Azinam”) (the “Acquisition”) in return for a 16.5% equity stake in the Company.
The Acquisition is expected to complete in two to three weeks pending TSX-V approval, at which time a further announcement will be made.
“We are very pleased to have signed the final definitive SPA to acquire Azinam Group. This now puts the Company a step further towards joining all of Azinam’s offshore exploration acreage into our broader portfolio.
“We are working towards drilling a well on Block 2B, a highly prospective play in the Orange Basin, offshore South Africa, close to the recent discovery by Shell and Qatar Energy in the Orange Basin in Namibia. The well is planned for the second half of this year. The Company also anticipates drilling a further exploration well in Guyana following this. Eco (the designated Operator), along with the Block partners at Africa Energy and Panoro, believe that Block 2B, which already has an established oil discovery, possesses considerable upside potential. We also evaluate that Block 3B/4B, with the Block Partners at Africa Oil and Ricocure in the Orange Basin, South Africa, is directly correlated to the Graff-1 well, which was announced on Friday 4 February 2022 by Namcor and block partners as a light oil discovery in the primary and secondary targets. We look forward to firming up our exciting drilling plans and updating our shareholders on the funding structure and timing of the wells in due course.”Gil Holzman Co-Founder and CEO of Eco Atlantic commented.
“We are very pleased to have signed the SPA between Eco and Azinam that will create a larger exploration company that will be better positioned to take advantage of value accretive E&P opportunities,” Erik Tiller, Co-founder and CEO of Seacrest Capital Group also commented.
