{"id":13004,"date":"2022-12-19T13:42:26","date_gmt":"2022-12-19T13:42:26","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=13004"},"modified":"2022-12-19T13:42:26","modified_gmt":"2022-12-19T13:42:26","slug":"south-africa-eco-atlantic-receives-government-approval-closing-of-the-acquisition-of-additional-interest-in-block-3b-4b","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-receives-government-approval-closing-of-the-acquisition-of-additional-interest-in-block-3b-4b\/","title":{"rendered":"SOUTH AFRICA: Eco Atlantic Receives Government Approval &#038; Closing of the Acquisition of Additional Interest in Block 3B\/4B"},"content":{"rendered":"<p class=\"dt\"><span class=\"de\">Eco Atlantic <\/span><span class=\"du\">\u00a0announces an update,<\/span>\u00a0<span class=\"dv\">further to its announcement of\u00a027 June 2022, in relation to the acquisition by<\/span>\u00a0<span class=\"dw\">its wholly owned subsidiary\u00a0Azinam Limited\u00a0(&#8220;Azinam<\/span><span class=\"dx\">&#8220;)<\/span>\u00a0<span class=\"dy\">of<\/span>\u00a0<span class=\"dw\">an additional 6.25% Participating Interest in Block 3B\/4B, offshore South Africa from the Lunn Family Trust, one of the shareholders of Ricocure Limited <\/span><span class=\"du\">.\u00a0\u00a0 Eco has confirmed that it has now received the requisite regulatory approvals from the Department of Mineral Resources and Energy of South Africa and the Petroleum Agency of South Africa in respect of the Acquisition, which was the final condition in respect of completion. <\/span><span class=\"dx\">\u00a0<\/span><\/p>\n<p class=\"dt\"><span class=\"de\">Accordingly,\u00a0Eco Atlantic, through Azinam, will now close the Acquisition and hold an increased Participating Interest of 26.25% in Block 3B\/4B, with Africa Oil Corp., the Operator of the block, holding a 20%<\/span>\u00a0<span class=\"dw\">Participating Interest,<\/span>\u00a0<span class=\"cw\">and Ricocure, holding the remaining 53.75%<\/span>\u00a0<span class=\"dx\">Participating Interest<\/span><span class=\"de\">.\u00a0\u00a0\u00a0<\/span><span class=\"dh\">\u00a0<\/span><\/p>\n<p class=\"ea\"><span class=\"dn\">In accordance with the completion consideration outlined in Eco&#8217;s announcement\u00a0<span class=\"eb\">on\u00a027 June 2022,<\/span>\u00a0the Company will now:<\/span><\/p>\n<p class=\"ec\"><span class=\"ct\">\u00b7\u00a0\u00a0\u00a0<\/span>\u00a0<span class=\"dn\">pay a cash amount of\u00a0US$500,000\u00a0to the Vendor;<\/span><\/p>\n<p class=\"ec\"><span class=\"ct\">\u00b7\u00a0\u00a0\u00a0<\/span>\u00a0<span class=\"dn\">issue to the Vendor new Common Shares at the agreed price of 30p (CAD$0.48) having an aggregate value of\u00a0US$500,000<\/span><\/p>\n<p class=\"ec\"><span class=\"ct\">\u00b7\u00a0\u00a0\u00a0<\/span>\u00a0<span class=\"cr\">issue to the Vendor new Common Shares at the agreed price of 30p (CAD$0.48) having an aggregate value of US$3 million, which will be subject to special lock up restrictions.<\/span><\/p>\n<p class=\"ec\"><span class=\"ct\">\u00b7\u00a0\u00a0\u00a0<\/span>\u00a0<span class=\"cr\">issue to the Vendor new Common Shares at the agreed price of 30p (CAD$0.48) having an aggregate value of\u00a0US$2 million; and<\/span><\/p>\n<p class=\"ec\"><span class=\"ct\">\u00b7\u00a0\u00a0\u00a0<\/span>\u00a0<span class=\"dn\">issue to the Vendor, new Common Shares equal to\u00a0US$2 million\u00a0divided by the greater of (i) the value of the 30 day VWAP per Common Share prior to the date of the press release announcing the issue of such Common Shares; and (ii) the lowest issuance price then allowed by the rules of the TSXV and AIM (to the extent then listed on such markets, otherwise the average (if listed on more than one market) on such markets as the Common Shares are then listed). This shall be subject to obtaining prior TSXV approval in the event that such issue of Common Shares would cause the Vendor to own more than 9.99% of the issued and outstanding Common Shares (calculated at the time of issuance).<\/span><\/p>\n<p class=\"ei\"><span class=\"ej\">Gil Holzman, President and Chief Executive Officer of\u00a0Eco Atlantic, commented:<\/span><span class=\"ek\">\u00a0<\/span><span class=\"em\">\u00a0<\/span><\/p>\n<p class=\"en\"><span class=\"eo\">&#8220;<\/span><span class=\"dj\">We are extremely pleased to have received the South African authorities&#8217; final approval and to be increasing our interest in Block 3B\/4B to 26.25%. The Block looks to be a very exciting licence for all the partners involved.\u00a0Recently completing a full reprocessing of the 3D data on the Block, we are upbeat about the prospectivity of the licence and following the significant oil discoveries, Venus &amp; Graff, made earlier in the year offshore\u00a0Namibia Orange Basin, and we are pleased to be strengthening our working relationship with\u00a0Ricocure\u00a0and Africa Oil Corp.\u00a0<\/span><span class=\"dj\">\u00a0<\/span><\/p>\n<p class=\"en\"><span class=\"dj\">&#8220;We are seeing growing industry interest in the entire\u00a0Orange Basin, and in particular in Block 3B\/4B, and as announced last month, a collaborative farm out process (of up to a 55% working interest) is underway. In the past six months, we have worked very closely with our partners to identify and determine the Block drilling prospects for a drilling campaign we are contemplating for next year.&#8221;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Eco Atlantic \u00a0announces an update,\u00a0further to its announcement of\u00a027 June 2022, in relation to the acquisition by\u00a0its wholly owned subsidiary\u00a0Azinam Limited\u00a0(&#8220;Azinam&#8220;)\u00a0of\u00a0an additional 6.25% Participating Interest in Block 3B\/4B, offshore South &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-receives-government-approval-closing-of-the-acquisition-of-additional-interest-in-block-3b-4b\/\" class=\"more-link\">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":[74,8285,9998,8951,8287,1806,8624,10921,2371],"class_list":["post-13004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-southern-africa","category-top-news","tag-africa-oil-corp","tag-azinam","tag-block-3b-4b","tag-department-of-mineral-resources-and-energy","tag-eco-atlantic","tag-offshore","tag-petroleum-agency-of-south-africa","tag-ricocure-limited","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-3nK","jetpack-related-posts":[{"id":12376,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-acquires-additional-interest-in-block-3b-4b\/","url_meta":{"origin":13004,"position":0},"title":"SOUTH AFRICA: Eco Atlantic Acquires Additional Interest in Block 3B\/4B","author":"","date":"June 27, 2022","format":false,"excerpt":"Eco (Atlantic) Oil & Gas has signed a farm-out agreement pursuant to which its wholly-owned subsidiary, Azinam Limited,\u00a0will acquire an additional 6.25% Participating Interest in Block 3B\/4B, offshore South Africa from the Lunn Family Trust, one of the shareholders of Ricocure (Proprietary) Limited, subject to the satisfaction of customary conditions\u2026","rel":"","context":"In &quot;Countries&quot;","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\/2020\/11\/Africa-Oil-S.A-Portfolio.jpg?fit=400%2C275&ssl=1&resize=350%2C200","width":350,"height":200},"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":13004,"position":1},"title":"SOUTH AFRICA: Eco Atlantic Completes Farm Down in Block 3B\/4B to TotalEnergies &amp; 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 &quot;Countries&quot;","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":13004,"position":2},"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 &quot;Countries&quot;","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":13004,"position":3},"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 &quot;Countries&quot;","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":[]},{"id":11787,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-signs-definitive-share-purchase-agreement-with-azinam\/","url_meta":{"origin":13004,"position":4},"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 &quot;Countries&quot;","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":13466,"url":"https:\/\/www.oilnewskenya.com\/index.php\/south-africa-eco-atlantic-awards-eia-contract-ahead-of-proposed-offshore-exploration-in-block-3b-4b-orange-basin\/","url_meta":{"origin":13004,"position":5},"title":"SOUTH AFRICA: Eco Atlantic Awards EIA Contract Ahead of Proposed Offshore Exploration in Block 3B\/4B\u00a0Orange Basin","author":"","date":"March 22, 2023","format":false,"excerpt":"Eco (Atlantic) Oil & Gas and its partners are applying\u00a0for Environmental Authorisation to undertake exploration activities in Block 3B\/4B in the\u00a0Orange Basin\u00a0off the\u00a0Northern Cape\/South-West Coast\u00a0of\u00a0South Africa\u00a0.\u00a0 The Joint Venture (JV) Partners have contracted\u00a0Environmental Impact Management Services (Pty) Ltd\u00a0(EIMS) of\u00a0South Africa\u00a0to apply for a permit to drill one well and one\u2026","rel":"","context":"In &quot;Countries&quot;","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":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13004","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=13004"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13004\/revisions"}],"predecessor-version":[{"id":13005,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13004\/revisions\/13005"}],"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=13004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=13004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=13004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}