Petroleum Africa
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Wednesday, December 24, 2014
Eco (Atlantic) Oil & Gas is acquiring Pan African Oil in an all-share deal. Eco Atlantic says that the acquisition will save on costs and strengthen its position as the dominant license holder offshore Namibia. Pan African operates two licenses offshore Namibia, covering almost 13,000 sq km.
Under the terms of the acquisition Pan African shareholders will get up to 0.326 of a common share of Eco Atlantic for each Pan African share held, with the new merged company to become a subsidiary of Eco Atlantic.
The deal still requires two-thirds shareholder approval from Pan African, with a special meeting expected to be held on January 21. Regulatory clearance is also necessary.
On closing of the deal, Eco Atlantic said it expects to receive about $3.1 million in cash, as the closing balance. If the closing balance excluding transaction costs is less, the exchange ratio will be adjusted, it added.
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