Eco Atlantic Oil & Gas Ltd. has advanced its planned acquisition of JHI Associates, positioning the company to secure a 35% participating interest in the PL001 license offshore the Falkland Islands. The move expands its Atlantic Margin portfolio and sets the stage for new exploration opportunities.
JHI Associates received an interim court order allowing the transaction to proceed to a shareholder vote scheduled for mid-May. The deal is expected to close by the third quarter of 2026, subject to shareholder, regulatory and final court approvals.
Upon completion, Eco Atlantic will indirectly hold a 35% stake in the PL001 license, alongside operator Navitas Petroleum LP. The transaction also positions the company to benefit from potential extensions in Guyana, where JHI continues discussions regarding a potential extension of the Canje block.
"The JHI acquisition is progressing well with this important milestone," said CEO Gil Holzman. "We expect a positive outcome from the shareholder meeting and look forward to working with Navitas Petroleum on exploration of the PL001 license."
