Petroleum Africa
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Monday, September 24, 2018
Eco (Atlantic) Oil & Gas, through its wholly owned subsidiary Pan Africa Oil Namibia Holdings (PAON Holdings), acquired the remaining 10% of the shares of Pan Africa Oil Namibia (PAO Namibia) from Amis Oil and Gas. Following completion of the acquisition, PAO Namibia will be a wholly owned subsidiary of the company.
Pursuant to the terms of the acquisition, Eco will issue 300,000 common shares to Amis. Amis has agreed not to dispose of the consideration shares for a period of 181 days following their issuance. The closing of the acquisition is conditional upon TSX regulatory approval and admission of the consideration shares to trading on AIM.
As a result of the acquisition, Eco will hold 100% of the issued share capital of PAO Namibia and in turn an 80% Working Interest (previously 72%) in the Tamar License (PEL 050). The remaining 20% Working Interest in the Tamar license is divided equally between NAMCOR (the National Petroleum Corp. of Namibia) and Spectrum Geo.
The Tamar license covers approximately 7,500 sq km offshore Namibia and is located in license areas 2211B and 2311A in the economic waters of Namibia and is directly adjacent to PEL 71 which is expected to be drilled by Chariot Oil and Gas and AziNam next month.
Application will be made for the admission to trading on AIM of the consideration shares. Admission is expected to take place at 8.00 am on September 25.
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