Eco (Atlantic) acquires outstanding minority interest in PAO Namibia

Image: UK Web Financial Group

Eco (Atlantic) Oil & Gas, the independent oil and gas exploration company with licenses in highly prospective regions in Guyana and Namibia, has acquired the remaining 10% of the shares of Pan Africa Oil Namibia (PAO Namibia) from Amis Oil and Gas, through its wholly-owned subsidiary, Pan Africa Oil Namibia.

“This transaction simplifies our corporate structure, bringing all our subsidiaries under Eco Atlantic’s sole and wholly-owned ownership and aligns all stakeholders into the ultimate parent company, enabling us to better manage each of our subsidiaries and their respective held licenses in preparation for future potential developments and transactions,” Gil Holzman, President and CEO of Eco Atlantic said in a statement on Thursday.

Following completion of the Acquisition, PAO Namibia will be a wholly-owned subsidiary of the company.

The Tamar License covers 7,500km2 offshore Namibia and is located in license areas 2211B and 2311A in the economic waters of Namibia, directly adjacent to PEL 71 which is expected to be drilled by Chariot Oil and Gas and AziNam next month.