{"id":12015,"date":"2022-03-11T10:48:45","date_gmt":"2022-03-11T10:48:45","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12015"},"modified":"2022-03-11T10:48:45","modified_gmt":"2022-03-11T10:48:45","slug":"south-africa-eco-atlantic-completes-acquisition-of-azinam","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-completes-acquisition-of-azinam\/","title":{"rendered":"SOUTH AFRICA: Eco Atlantic Completes Acquisition of Azinam"},"content":{"rendered":"

Eco (Atlantic) Oil & Gas Ltd. has<\/span> confirmed that it and Azinam Group Holdings (Azinam) have completed all conditions required to be completed in order to close Eco’s acquisition <\/span>of Azinam save and accept for receipt of the final approval of the TSX Venture Exchange.<\/span><\/p>\n

As disclosed in the Company’s announcement of February 8, 2022, the Acquisition will result in the issuance to Azinam of 40,170,474 common shares\u00a0 in the capital of Eco, providing Azinam with 16.5% of Eco’s share capital as enlarged by such issue, providing for a cashless acquisition to become the sole owner of Azinam’s entire African portfolio.<\/span><\/p>\n

In addition to the New Issue, Azinam will be issued warrants to acquire additional Common Shares, exercisable only in the case of a producible commercial discovery on Block 2B or Block 3B\/4B, as follows: 20,000,000 warrants exercisable at a price of\u00a0CAD$1.00\u00a0per Common Shares during the twenty-four month period immediately following the date of receipt of the Approval, and 20,000,000 warrants exercisable at a price of\u00a0CAD$1.50\u00a0per Common Share during the thirty-six month period immediately following the Approval, such exercise dates to be extended in the event a well is not drilled on Block 2B or Block 3B4B, until such time as a well is drilled on either block and a producible commercial discovery declared. At no time will Azinam be entitled to subscribe for and purchase such amount of Common Shares which, when aggregated with its already exiting ownership of Common Shares, would result in Azinam being the registered or beneficial holder of more than 19.9% of the then issued and outstanding Common Shares, without the prior written consent of the Exchange and Eco and in accordance with the policies of the Exchange.\u00a0 Eco has agreed that, for as long as Azinam holds at least a 12.5% interest in Eco’s share capital, it shall be entitled to nominate one director for election to Eco’s board of directors.\u00a0 \u00a0\u00a0<\/span><\/p>\n

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

“We are pleased to have completed this acquisition, subject to final Approval to issue the shares. we now own and operate a number of highly prospective licences in three of the most exciting regions for exploration in the world:\u00a0Guyana,\u00a0Namibia\u00a0and\u00a0South Africa. We continue to make strong progress towards the upcoming drilling of the Gazania-1 well, offshore\u00a0South Africa, and following the signing of the rig contract earlier in the month we anticipate drilling to commence in late Q3 2022.\u00a0 We look forward to making further updates on our strategic acreage in due course.”<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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 … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":10821,"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":[8285,274,8287,9749,1675,1806,2371],"class_list":["post-12015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-azinam","tag-block-2b","tag-eco-atlantic","tag-gazania-1-well","tag-namibia","tag-offshore","tag-south-africa","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/08\/South-AfricaTranskei-Algoa.jpg?fit=602%2C320&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-37N","jetpack-related-posts":[{"id":12100,"url":"https:\/\/www.oilnewskenya.com\/index.php\/eco-atlantic-receives-tsxv-approval-for-the-closing-of-the-azinam-acquisition\/","url_meta":{"origin":12015,"position":0},"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, 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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, 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has confirmed that it has\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\/03\/Africa-Oil-S.A-Portfolio.jpg?fit=400%2C275&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":14618,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-africa-oil-announces-increase-in-its-interest-in-the-core-orange-basin-block-3b-4b\/","url_meta":{"origin":12015,"position":3},"title":"SOUTH AFRICA: Africa Oil Announces Increase in its Interest in the Core Orange Basin Block 3B\/4B","author":"","date":"January 13, 2025","format":false,"excerpt":"Africa Oil announces an increase in the group\u2019s direct interest in Block 3B\/4B, offshore South Africa, to 18.0%. This block lies to the southeast and on trend with a number of Orange Basin oil discoveries including Venus, and is operated by TotalEnergies.\u00a0\u00a0 The Company and its wholly-owned subsidiary, Africa Oil\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\/07\/South-Africa-Block-3B-4B.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\/07\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/South-Africa-Block-3B-4B.png?fit=852%2C454&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":14451,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-namibia-eco-atlantic-reports-transaction-with-africa-oil-corp\/","url_meta":{"origin":12015,"position":4},"title":"SOUTH AFRICA\/ NAMIBIA: Eco Atlantic Reports Transaction with Africa Oil Corp","author":"","date":"July 30, 2024","format":false,"excerpt":"Eco (Atlantic) Oil & Gas has announced\u00a0it has signed an Assignment and Share Cancellation Agreement with\u00a0Azinam Limited,\u00a0Eco's wholly owned subsidiary, Africa Oil Corp. pursuant to which Azinam has agreed to sell and assign a 1% Participating Interest in Block 3B\/4B offshore the\u00a0Republic of South Africa,\u00a0including the associated Exploration Right and\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\/07\/Africa-Oil-Assets.png?fit=460%2C521&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":11787,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-signs-definitive-share-purchase-agreement-with-azinam\/","url_meta":{"origin":12015,"position":5},"title":"SOUTH AFRICA: Eco Atlantic Signs Definitive Share Purchase Agreement with Azinam","author":"","date":"February 8, 2022","format":false,"excerpt":"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 Azinam Group Limited in return for a 16.5% equity stake in the Company.\u00a0 The Acquisition is expected to complete in\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\/03\/Africa-Oil-S.A-Portfolio.jpg?fit=400%2C275&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\/12015","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=12015"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12015\/revisions"}],"predecessor-version":[{"id":12017,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12015\/revisions\/12017"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/10821"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=12015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}