Eco (Atlantic) Oil & Gas to acquire JHI Associates in offshore oil and gas expansion deal
Type: Acquisition · Technology: Oil Gas · Country: Falkland Islands, Guyana · Announced: 2026-05-12
Eco (Atlantic) Oil & Gas secured unanimous shareholder approval on May 12, 2026, for its proposed acquisition of JHI Associates, marking a strategic expansion into offshore oil and gas exploration. Upon completion, Eco will gain a 35% participating interest in the PL001 license offshore the Falkland Islands, currently operated by Navitas Petroleum, while also gaining potential exposure to the Canje Block offshore Guyana through JHI's existing assets. The transaction includes the issuance of up to 96.3 million new common shares to JHI shareholders, with approximately 45% of these shares subject to 18-month lock-up arrangements to align incentives. Regulatory milestones remain pending, including approvals from the Falkland Islands Government, TSX Venture Exchange, and AIM, as well as confirmation of a five-year license extension for the PL001 license and operatorship by Navitas Petroleum. Eco's CEO Gil Holzman emphasized the seamless technical handover process, with JHI and Eco collaborating closely on the planned exploration of the PL001 license and ongoing discussions with Guyana's government regarding potential extensions or reissuances of JHI's Canje block.
Counterparties
- Navitas Petroleum (Operator)
- Atlantic Offshore Services (Buyer)
- JHI Associates (Seller)