Eco Atlantic Oil & Gas, the Atlantic Margin-focused exploration company, said JHI has obtained an interim order from the Ontario Superior Court of Justice enabling JHI to convene the annual and special meeting required to approve the court‑approved plan of arrangement.
JHI has scheduled that shareholder meeting for 12 May at 10:00 a.m. (Toronto time), where a special resolution needing at least two‑thirds of votes cast will be tabled and where Eco says shareholders representing about 60% of JHI's outstanding shares have entered voting support agreements. Also, a final court order will follow, on 15 May and, the deal remains subject to customary closing conditions and regulatory approvals from the Falkland Islands Government and the TSX Venture Exchange.
The transaction is expected to close on or before the end of the third quarter of 2026.
Assuming completion, Eco will indirectly hold 100% of JHI and thus a 35% participating interest in PL001 offshore the Falkland Islands, with Navitas Petroleum LP holding the remaining 65%.
"We expect a positive outcome from the JHI shareholder meeting that will allow progression to closing upon final Falkland Islands Government approvals," Gil Holzman, President and Chief Executive Officer, said.
