Eco (Atlantic) Oil and Gas Ltd. to acquire JHI Associates
On March 11, 2026, Eco (Atlantic) Oil & Gas Ltd. (“Eco”) announced that it signed a binding agreement with JHI Associates, Inc. ("JHI") in which Eco agreed to acquire the issued and to be issued shares of JHI not already held by Eco for approximately US$52.3 million.
Under the terms of the arrangement agreement, Eco will acquire all remaining JHI common shares not owned by Eco based on an exchange ratio of 0.7054 Eco common shares per JHI share. Upon closing, Eco will issue approximately 96,307,811 new common shares such that approximately 21.8% of Eco's then issued share capital will be held by JHI shareholders, with approximately 45% of the issued shares subject to lock‑up arrangements for 18 months.
The acquisition, once concluded, will result in Eco becoming the sole owner of JHI’s cash balance, which pursuant to the transaction, will amount to US$1.0 million as well as its 35% working interest in the PL001 licence area in the Falkland Islands, a block directly adjacent to the transformational Sea Lion Field currently under development. Eco will also acquire JHI’s 17.5% participating interest in the Canje Block offshore Guyana, pending potential extension discussions with the Government of Guyana. The PL001 licence joint venture partners, Navitas Petroleum LP ("Navitas") and JHI, are working with the Falkland Islands Government (“FIG”) to secure a five‑year extension of the licence, which expires on 31 December 2026, in preparation to drill an exploration well. The remaining 65% interest in the PL001 licence area will be held by Navitas, assuming approval of their farm-in to PL001.
The acquisition positions Eco at the forefront of one of the most compelling offshore growth stories globally, the North Falkland Basin, alongside intended operator and strategic partner Navitas.
Closing of the transaction is expected to take place in the third quarter of 2026, subject to several conditions, including the approval of a five-year licence extension on PL001 from FIG, as well as approvals from the TSX Venture Exchange, and the approval of two thirds of the votes cast by JHI shareholders at a special meeting to be held to approve the acquisition.
Further information can be found on ACCESS Newswire’s website.
JHI Associates is an oil and gas exploration company focused on frontier exploration in the Guyana-Suriname Basin.
Eco Atlantic is a TSX-V and AIM-quoted Atlantic Margin-focused oil and gas exploration company with offshore licence interests in Guyana, Namibia, and South Africa.