As announced on 20 September 2018, Eco (Atlantic) Oil & Gas Ltd (ECO) via its wholly owned subsidiary Pan Africa Oil Namibia Holdings (Pty) Ltd. (PAON Holdings), acquired the remaining 10% of the shares of Pan Africa Oil Namibia Ltd (PAO Namibia) from Amis Oil and Gas Ltd (Amis). Following the completion of the acquisition PAO Namibia will be a wholly owned subsidiary of the PAON Holdings and intern ECO. As a result of the Acquisition, Eco will hold 100% of the issued share capital of PAO Namibia and in turn an 80% working Interest (previously 72%) in the Tamar License PEL 050 (Blocks 2211Ba, 2311a). The remaining 20% Working Interest in the Tamar License is divided equally between NAMCOR (the National Petroleum Corp. of Namibia) and Spectrum Geo Ltd.  The terms of the acquisition are as follows: Â     Eco will issue 300,000 common      shares (Consideration shares) to Amis  Amis will not dispose of the shares      for a period of 181 days following their issuance.   The closing of the acquisition is      conditional upon TSX regulatory approval and admission of the      Consideration shares to trading on AIM.   The licence covers 8,070 sq km within the Walvis Sub-Basin in water ranging between 2,600 m and 3,400 m deep.  Background information  On 25 June 2018, ECO was granted a one-year extension to its PEL 50 (Blocks 2211Ba, 2311a), extending the validity of the licence to March 2019. At the end of the extension period, ECO and partners intend to serve notice to progress into the second renewal period. Entering the second renewal period will extend the validity of the licence to March 2021 (with a one-year extension option). Commitments for entering the second renewal period include the acquisition of 3D seismic data.
As announced on 20 September 2018, Eco (Atlantic) Oil & Gas Ltd (ECO) via its wholly owned subsidiary Pan Africa Oil Namibia Holdings (Pty) Ltd. (PAON Holdings), acquired the remaining 10% of the shares of Pan Africa Oil Namibia Ltd (PAO Namibia) from Amis Oil and Gas Ltd (Amis). Following the completion of the acquisition PAO Namibia will be a wholly owned subsidiary of the PAON Holdings and intern ECO. As a result of the Acquisition, 