Eco Atlantic Oil & Gas (AIM:ECO) has confirmed that the Ontario Superior Court of Justice issued the final order approving its court‑approved plan of arrangement to acquire JHI Associates Inc.
The remaining closing conditions are receipt of a five‑year extension of PL001 from the Falkland Islands Government and confirmation of Navitas Petroleum LP's operatorship, a requirement that JHI holds US$1m cash at completion, and final TSX‑V and AIM approvals.
"Completion of the JHI acquisition is in its final stages and we are delighted with the 100% shareholder vote and Final Order, and we expect governmental approvals imminently to allow prompt closing," Gil Holzman, President and Chief Executive Officer, said.
On completion, Eco will hold 100% of JHI's shares and thereby a 35% participating interest in PL001-with Navitas via its subsidiary holding the remaining 65% and operatorship-and a potential extension of JHI's 17.5% working interest in the Canje Block offshore Guyana subject to government approval.
Eco says it is working closely with Navitas on planned exploration of PL001 and remains engaged with the Governments of Guyana and the Falklands, and expects to close once the requisite government approvals are obtained.
