Eco Atlantic Oil & Gas Ltd's (Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG)) (Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG)) Gil Holzman caught up with Proactive London about the acquisition of a material offshore petroleum exploration asset base in Namibia and South Africa.
The firm is set to buy Azinam Group Ltd, including Azinam's entire offshore asset portfolio, in return for a 16.65% equity stake in the enlarged group.
Under the terms of the agreement with seller Azinam Holdings Ltd, Eco will issue new shares, equating to around 16% of the enlarged company.