Middle East

Eco Atlantic increases the exposure of the Cange block off

Ecoa Atlantic, an oil and gas company, has increased its shares in JHI Associates by acquiring an additional 800,000 common shares of JHI in exchange for 1.2 million new shares of Eco.

“The purchase of 800,000 shares of JHI’s common stock is expected to be completed on January 21, 2022, and the total number of shares currently held by Eco at JHI will increase to 5.8 million shares,” Eco Atlantic said Wednesday. rice field.

In June 2021, Eco acquired 5 million common shares, equivalent to a 6.4% stake in JHI Associates Inc. (“JHI”), a Canadian private company with a 17.5% stake in the Canje block off Guyana. Did.

“Canje block operators, ExxonMobil, and block partners are working to technically define additional drilling prospects at deeper locations in the Cretaceous and Santonian.-At the prolific Stavroque block off the coast of Guyana. One discovery. “

Notable, Eco Atlantic said that Sapote-1 has recorded hydrocarbon shows, at least at the time of drilling, these shows were considered non-profit... Exxon’s other two wells, Bulletwood-1 When Javiro-1, Excavated before Sapote-1, but no evidence of commercial hydrocarbon content could be found.

Regarding the acquisition of JHI shares by Eco, we will hold a total of 5.8 million shares of JHI, which is equivalent to approximately 7.35% of JHI’s issued common stock. Eco also holds a warrant to underwrite 9,155,471 new JHI common stock at an exercise price of US $ 2.0 per share for 18 months (“JHI Warrant”). If the JHI Warrant is fully exercised, Eco will own ceteris paribus, a 11.4% stake in JHI on a fully diluted basis.

“This investment is an eco-strategy to create shareholder value through an advanced exploration program in the offshore Atlantic margin for a lucrative barrel, as developing countries bridge essential reserve requirements throughout the energy transition phase. They are in agreement, “said Ecoa Transtic.

Gilholtzmann, Co-Founder and Chief Executive Officer of Eco-Trantic, commented: Building a shareholding in JHI.

“This also represents another step in the broader integration between the smaller exploration players we want to lead. It took place in Canje in 2021 as ExxonMobil and Brock’s partners continue to review. Following work, at the nearby Stabroek block after recent very positive drilling results, we believe this is another exciting opportunity for our portfolio. “

https://www.oedigital.com/news/493620-eco-atlantic-increases-exposure-in-canje-block-off-guyana Eco Atlantic increases the exposure of the Cange block off

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