14th Oct 2026 07:00
Eco Atlantic Oil & Gas Ltd - Toronto-based explorer on offshore Atlantic margins - Enters agreements with two Israel-based institutional investors to subscribe for new shares worth USD7.7 million. Eco Atlantic will issue 18.0 million new shares, a 4.9% stake in its resulting enlarged total, at 32.5 pence each to the investors, which it doesn't name. The fresh cash "strengthens our financial position as we progress our licences in Guyana, Namibia and South Africa, and the completion of our acquisition of JHI, while maintaining a strong balance sheet and preserving significant upside for shareholders," says Chief Executive Officer Gil Holzman.
Back in March, Eco Atlantic agreed to buy oil and gas explorer JHI Associates Inc in an all-share deal worth USD52.3 million. JHI has a 35% working interest in the PL001 licence area in the Falkland Islands, a block directly adjacent to the Sea Lion field under development, and a 18% working interest in the Canje Block off the coast of Guyana.
Current stock price: 39.60 pence, closed up 16% in London on Tuesday
12-month change: up from 7.30p
By Tom Waite, Alliance News editor
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