Eco (Atlantic) Oil & Gas, a Canada-based independent oil and gas exploration firm, has purchased the remaining 10% share in its subsidiary Pan Africa Oil Namibia from Amis Oil and Gas (Amis) for an undisclosed amount.

Under the deal, Eco will issue 300,000 common shares to Amis. Amis has agreed not to divest the consideration shares for 181 days after their issuance.

As a result of the acquisition, Eco will own 100% of the issued share capital of Pan Africa Oil Namibia, and consecutively, receive an 80% working interest in the Tamar License (PEL 050).

The remaining 20% interest in the Tamar License is divided equally between the National Petroleum Corp. of Namibia (NAMCOR) and Spectrum Geo.

Spanning across 7,500 square kilometres offshore Namibia, the Tamar License is located in license areas 2211B and 2311A in the waters of Namibia.

Applications will now be submitted for trading on AIM of the consideration shares. This admission is likely to take place on 25 September.

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By GlobalData
"Spanning across 7,500 square kilometres offshore Namibia, the Tamar License is located in license areas 2211B and 2311A in the waters of Namibia."

After admission, the issued share capital of the Eco will include of 159,495,217 common shares, which will be used by shareholders to calculate whether they are required to notify their interest in, or a change to their interest in, the share capital of Eco.

Eco Atlantic president and CEO Gil Holzman said: “We are very pleased to announce the completion of this transaction, which simplifies our corporate structure, bringing all of our subsidiaries under Eco Atlantic’s sole and wholly owned ownership.

“Following the company’s acquisition of the minority interest in Eco (Atlantic) Guyana Inc. announced earlier this year, this transaction further simplifies our corporate structure, and aligns all stakeholders into the ultimate parent company thus enables us to better manage each of our subsidiaries and their respective held licenses in preparation for future potential developments and transactions.”

The acquisition is subject to TSX regulatory approval and admission of the consideration shares to trading on AIM.