Eco (Atlantic) Oil & Gas, the oil and gas exploration company focused on the offshore Atlantic Margins, has signed a MoU to acquire 100% of Azinam Group, including Azinam's entire offshore asset portfolio, in return for a 16.65% equity stake in the enlarged group on completion of the acquisition
Azinam is a wholly-owned subsidiary of Azinam Holdings (the vendor), which is majority owned by Seacrest Capital Group. Azinam has successfully built a material offshore petroleum assets base in Namibia and South Africa.
Offshore South Africa, Orange Basin, Eco Atlantic will acquire 50% working interest and operatorship in Block 2B, where Africa Energy Corp. and Panoro Energy maintain working interests. Eco will also acquire a material Working Interest of 20% in the deepwater 3B/4B Block and the shallow water and Nearshore 3B/4B Blocks.
Offshore Namibia, Eco will acquire additional Working Interests in its current oil blocks where Azinam is a partner, being petroleum exploration licenses (PELs) #97, #98 and #99.
Gil Holzman, co-founder and CEO of Eco Atlantic, commented, “The acquisition strengthens our long-term and strategic position in Namibia, giving us 85% and operatorship in four highly prospective blocks, and gives us added versatility as we look to partner with a major player to help accelerate further exploration activities in the country's burgeoning energy industry.
“We anticipate that our drilling in South Africa this year will be closely followed by an exploration well in Guyana. These activities come at a time when global discovered resources volumes and access to energy in southern Africa is at an all-time low and hydrocarbons are desperately required as the world navigates the path of successfully achieving the energy transition.”