Petroleum Africa
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Tuesday, November 29, 2016
Eco Atlantic Oil & Gas, through its wholly owned subsidiary in Ghana has sold off its total interest in Eco Atlantic Ghana Ltd. The company entered into a Share Purchase and Sale Agreement with PetroGulf Ghana Ltd.
The agreement received the required consent from GNPC on November 19, as required under Eco’s petroleum agreement with the state-run firm. On November 21 the deal received consent from its partner GNPC Explorco, as required by the joint operating agreement.
Eco Ghana holds the company’s interest in the Three Point West Deep Water Offshore Block. Prior to entering the agreement, PetroGulf, a locally held Ghanaian company, held a 4.5% interest holder in the block. Pursuant to the agreement, Eco Atlantic is entitled to receive $576,580 as reimbursement for past operating expenditures owed to the company on the block. PetroGulf assumes all obligations of Eco Ghana on the block.
The sale of its Ghanaian asset allows the company to focus on its assets in Guyana, were several significant discoveries have been made in the vicinity of. The company is partnered with Tullow on its recently acquired Orinduik Block.
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