IN BRIEF: Eco Atlantic sells stake in block for up to USD10.5 million
11th Jul 2023 10:24
Eco Atlantic Oil & Gas Ltd - oil and gas exploration company focused on offshore Atlantic Margins - Signs legally binding letter of intent under which its subsidiary, Azinam Ltd, will farm out a 6.3% participating interest in block 3B/4B to Africa Oil SA Corp, a subsidiary of Africa Oil Corp, for up to USD10.5 million. The completion of the acquisition is subject to customary conditions, including regulatory approvals from the government of South Africa and from the TSX Venture Exchange in Toronto. Upon completion, Africa Oil SA will hold a 26% interest, Azinam will hold a 20% interest and Ricocure (Propertiary) Ltd will hold the remaining 54%. Read More