{"id":11787,"date":"2022-02-08T11:15:32","date_gmt":"2022-02-08T11:15:32","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=11787"},"modified":"2022-02-08T11:15:32","modified_gmt":"2022-02-08T11:15:32","slug":"south-africa-eco-atlantic-signs-definitive-share-purchase-agreement-with-azinam","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-signs-definitive-share-purchase-agreement-with-azinam\/","title":{"rendered":"SOUTH AFRICA: Eco Atlantic Signs Definitive Share Purchase Agreement with Azinam"},"content":{"rendered":"

Further to the announcement on 10 January 2022, Eco (Atlantic) Oil & Gas Ltd. has<\/span> confirmed that it <\/span>has signed a definitive Share Purchase Agreement (SPA) to acquire 100% of Azinam Group Limited in return for a 16.5% equity stake in the Company.<\/span>\u00a0<\/span><\/p>\n

The Acquisition is expected to complete in two to three weeks pending TSX-V approval, at which time a further announcement will be made.<\/span>\u00a0<\/span><\/p>\n

Gil Holzman Co-Founder and CEO of\u00a0Eco Atlantic\u00a0commented:<\/span>\u00a0<\/span><\/p>\n

“We are very pleased to have signed the final definitive SPA to acquire\u00a0Azinam Group. This now puts the Company a step further towards joining all of Azinam’s offshore exploration acreage into our broader portfolio.<\/span><\/span>\u00a0<\/span><\/p>\n

“We are working towards drilling a well on Block 2B, a highly prospective play in the\u00a0Orange Basin, offshore\u00a0South Africa, close to the recent discovery by Shell and Qatar Energy in the\u00a0Orange Basin\u00a0in\u00a0Namibia. The well is planned for the second half of this year. The Company also anticipates drilling a further exploration well in\u00a0Guyana\u00a0following this. Eco (the designated Operator), along with the Block partners at Africa Energy and Panoro, believe that Block 2B, which already has an established oil discovery, possesses considerable upside potential. We also evaluate that Block 3B\/4B, with the\u00a0Block Partners\u00a0at Africa Oil and Ricocure in the\u00a0Orange Basin,\u00a0South Africa, is directly correlated to the Graff-1 well, which was announced on Friday\u00a04 February 2022\u00a0by Namcor and block partners as a light oil discovery in the primary and secondary targets. We look forward to firming up our exciting drilling plans and updating our shareholders on the funding structure and timing of the wells in due course.”<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Further to the announcement on 10 January 2022, Eco (Atlantic) Oil & Gas Ltd. has confirmed that it has signed a definitive Share Purchase Agreement (SPA) to acquire 100% of … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":10002,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7445,11],"tags":[2944,70,8285,274,9998,8287,9843,9014,10146,2371],"class_list":["post-11787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-africa-energy","tag-africa-oil","tag-azinam","tag-block-2b","tag-block-3b-4b","tag-eco-atlantic","tag-graff-1","tag-panoro","tag-ricocure","tag-south-africa","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/Africa-Oil-S.A-Portfolio.jpg?fit=400%2C275&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-347","jetpack-related-posts":[{"id":12015,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-completes-acquisition-of-azinam\/","url_meta":{"origin":11787,"position":0},"title":"SOUTH AFRICA: Eco Atlantic Completes Acquisition of Azinam","author":"","date":"March 11, 2022","format":false,"excerpt":"Eco (Atlantic) Oil & Gas Ltd. has confirmed that it and Azinam Group Holdings (Azinam) have completed all conditions required to be completed in order to close Eco's acquisition of Azinam save and accept for receipt of the final approval of the TSX Venture Exchange. As disclosed in the Company's\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/South-AfricaTranskei-Algoa.jpg?fit=602%2C320&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/South-AfricaTranskei-Algoa.jpg?fit=602%2C320&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/South-AfricaTranskei-Algoa.jpg?fit=602%2C320&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":12100,"url":"https:\/\/www.oilnewskenya.com\/index.php\/eco-atlantic-receives-tsxv-approval-for-the-closing-of-the-azinam-acquisition\/","url_meta":{"origin":11787,"position":1},"title":"SOUTH AFRICA\/NAMIBIA:Eco Atlantic Receives TSXV Approval for the Closing of the Azinam Acquisition","author":"","date":"March 28, 2022","format":false,"excerpt":"Eco (Atlantic) Oil & Gas has confirmed that it and Azinam Holdings Limited have now received final approval from the TSX Venture Exchange for\u00a0Eco's acquisition (through a wholly-owned subsidiary)\u00a0of Azinam Group Limited, and accordingly Eco is now the sole owner of Azinam and will now issue 22,296,300 new Common Shares\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/SOUTH-AFRICA-AREA-2.jpg?fit=745%2C422&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/SOUTH-AFRICA-AREA-2.jpg?fit=745%2C422&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/SOUTH-AFRICA-AREA-2.jpg?fit=745%2C422&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/05\/SOUTH-AFRICA-AREA-2.jpg?fit=745%2C422&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":11552,"url":"https:\/\/www.oilnewskenya.com\/index.php\/namibia-south-africa-eco-atlantic-acquires-azinams-asset-base\/","url_meta":{"origin":11787,"position":2},"title":"Namibia\/South Africa: Eco Atlantic Acquires Azinam’s Asset Base","author":"","date":"January 10, 2022","format":false,"excerpt":"Highlights\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Acquisition of a material offshore petroleum exploration asset base in\u00a0Namibia\u00a0and\u00a0South Africa \u00b7\u00a0\u00a0\u00a0\u00a0Consideration in the form of new common shares to Azinam Holdings Limited who will own 16.65% of the enlarged Group \u00b7\u00a0\u00a0\u00a0\u00a0The Vendor will also be issued warrants in the Company, exercisable only upon a\u00a0producible commercial discovery \u00b7\u00a0\u00a0\u00a0\u00a0The transaction\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/01\/Eco-Atlantic_Namibia-Licence-Map_July-2021-761x1024-1.png?fit=761%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":14488,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-completes-farm-down-in-block-3b-4b-to-totalenergies-qatarenergy\/","url_meta":{"origin":11787,"position":3},"title":"SOUTH AFRICA: Eco Atlantic Completes Farm Down in Block 3B\/4B to TotalEnergies & QatarEnergy","author":"","date":"August 29, 2024","format":false,"excerpt":"Eco (Atlantic) Oil & Gas has announced completion of a farm down of a 13.75% Participating Interest in Block 3B\/4B\u00a0offshore the\u00a0Republic of South Africa\u00a0and Transfer of Operatorship of the Block after receipt of the\u00a0requisite regulatory approvals (Section 11) from the government of\u00a0South Africa.\u00a0Eco now holds a 6.25% interest in Block\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B-1.png?fit=852%2C454&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B-1.png?fit=852%2C454&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B-1.png?fit=852%2C454&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/03\/South-Africa-Block-3B-4B-1.png?fit=852%2C454&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":14245,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-totalenergies-qatarenergy-acquire-participating-interest-in-block-3b-4b-assumes-operatorship\/","url_meta":{"origin":11787,"position":4},"title":"SOUTH AFRICA: TotalEnergies , QatarEnergy Acquire Participating Interest in Block 3B\/4B Assumes Operatorship","author":"","date":"March 6, 2024","format":false,"excerpt":"TotalEnergies has signed, together with its partner QatarEnergy, an agreement to acquire participating interests in Block 3B\/4B, offshore South Africa, from Africa Oil South Africa, Azinam (a wholly owned subsidiary of Eco Atlantic Oil and Gas) and Ricocure. Following completion of the transaction, TotalEnergies will hold a 33% participating interest\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/03\/South-Africa-TotalEnergies-Blocks.png?fit=661%2C659&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/03\/South-Africa-TotalEnergies-Blocks.png?fit=661%2C659&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/03\/South-Africa-TotalEnergies-Blocks.png?fit=661%2C659&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":14180,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-receives-government-approval-for-6-25-farm-out-of-block-3b-4b-to-africa-oil\/","url_meta":{"origin":11787,"position":5},"title":"SOUTH AFRICA: Eco Atlantic Receives Government Approval for 6.25% Farm Out of Block 3B\/4B to Africa Oil","author":"","date":"January 23, 2024","format":false,"excerpt":"Eco (Atlantic) Oil & Gas has announced that\u00a0its wholly owned subsidiary,\u00a0Azinam Limited,\u00a0has received final government approval for the farm out of its 6.25% Participating Interest in Block 3B\/4B to Africa Oil Corp. announced on\u00a011 July 2023. The\u00a0South Africa Department of Mineral Resources and Energy\u00a0(DMRE) and\u00a0the\u00a0Petroleum Agency South Africa (PASA) have\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/01\/Africa_Oil_Corp__Africa_Oil_Announces_Farmin_to_Azinam_Block_3B_.jpg?fit=400%2C300&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/11787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=11787"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/11787\/revisions"}],"predecessor-version":[{"id":11789,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/11787\/revisions\/11789"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/10002"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=11787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=11787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=11787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}