Partnership with Navitas in North Falklands Licence
TORONTO, ON / ACCESS Newswire / March 11, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSX-V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce that it signed a binding agreement on 10 March 2026 with JHI Associates, Inc. ("JHI") in which Eco has agreed to acquire the issued and to be issued shares of JHI not already held by Eco (the "Transaction" or the "Acquisition"). The Acquisition is subject to a number of conditions, further details of which are set out below.
This landmark acquisition complements Eco's existing Atlantic Margin portfolio in Namibia and South Africa, whilst adding to its exposure offshore Guyana. 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 Petroleum LP ("Navitas").
Eco has agreed to acquire all remaining JHI common shares ("JHI Shares") based on an exchange ratio of 0.7054 common shares in the capital of the Company ("Common Shares") for each JHI share (the "Exchange Ratio") (the "Arrangement Agreement").
Strategic alignment with Navitas, with the first asset confirmed in joint venture partnership.
New country entry into Falkland Islands, with near term exploration work program planned on the PL001 licence with operator Navitas, once confirmed by the Falkland Island Government ("FIG").
Anticipated five-year licence extension of the PL001 licence, providing significant runway for exploration and development.
Imminent adjacent development coming onstream, with first oil from the Sea Lion Field expected in 2028.
Agreed cash balance in JHI of a minimum of US$1.0 million on closing.
Provides Eco Shareholders with exposure to high impact near term exploration and development acreage in an additional emerging Atlantic Margin hydrocarbon province, and subject to a potential extension of the Canje licence, furthers its exposure in Guyana.