Eco Atlantic Oil & Gas

Navitas Petroleum plans an exploration well on licence PL001 in the North Falkland Basin; drilling for the Sea Lion project is expected to begin in early 2027. Navitas estimates the 2U potential of the first target at 640 million barrels of oil, of which Eco would be attributable about 225 million barrels if successful, subject to completion of the acquisition of JHI Associates. For Block 1 CBK off South Africa, unweighted prospective resources of around 4.5 trillion cubic feet of gas and more than 3.6 billion barrels of oil are estimated; regulatory approvals are still pending. Eco holds a 75% operated interest in Block 1 CBK and is working in the Falklands on the JHI takeover and further offshore engagements. » Mere på de.investing.com

The Ontario Superior Court of Justice granted JHI an interim order enabling a shareholders’ meeting on 12 May 2026 to vote on the arrangement with Eco Atlantic. About 60% of outstanding JHI shares are already covered by voting agreements in favour of the arrangement; if approved, JHI intends to seek final court approval on 15 May 2026. Closing is expected by the end of Q3 2026, subject to customary conditions and approvals (including the Government of the Falkland Islands and TSX Venture); upon closing Eco will indirectly hold 100% of JHI and 35% of licence PL001. » Mere på de.investing.com

Eco Atlantic has completed a direct placing of US$10 million and is issuing 26,909,091 new ordinary shares at 27.5 pence per share. A warrant is issued with each subscribed share, allowing the acquisition of one further share at 40 pence for up to three years. The new shares will be admitted to trading on AIM on 30 January at 08:00 GMT, increasing the issued share capital to 342,141,027 ordinary shares. The shares issued under the placing are not registered in the US or Canada and may not be offered there without registration or an applicable exemption. » Mere på de.investing.com