As announced on 13 November 2017, Eco (Atlantic) Oil & Gas Ltd (ECO) has entered into an agreement with Africa Oil Corp (AOC) in which AOC will acquire a 19.77% shareholding in ECO. AOC will acquire the aforementioned stake by way of a private placement of 29.2 million common shares at roughly USD 0.38/share (CAD 0.48/share) for a total consideration of approximately USD10.9 million (CAD14.0 million). As a result AOC will gain an interest in exploration acreage on both sides of the Atlantic (Namibia and Guyana). In addition the agreement provides AOC the right to participate in any future ECO equity issuances, on a pro rata basis, and to appoint one nominee to ECOâs board of directors. As a result, Keith Hill, President and CEO of AOC, will join the ECO board of directors as soon as practicable. Additional terms of the agreement include: AOC will be entitled to bid jointly on any new assets or ventures proposed to be acquired by ECO, on the same terms as ECO and for an interest at least equal AOCâs percentage holding of the common shares in ECO. AOC will also have a right of first offer on the farmout of exploration properties currently held by ECO. In terms of Namibian acreage, ECO currently holds interests in four licences PEL 30 (Block 2012A), PEL 33 (Block 2213), PEL 34 (Blocks 2111B, 2211A) and PEL 50 (Blocks 2211Ba, 2311a). Worth Noting in September 2017, AOC acquired a 2.8% interest in PEL 037 (Blocks 2012B, 2112A and 2113B) operated by Tullow, via AOCâs 28% interest in Africa Energy Corp.  Â 
Africa Oil and Eco (Atlantic) O+G have agreed a strategic partnership for exploration in Namibia and Guyana. AOC will acquire a 19,77% shareholding in ECO for US$11 MM. This new investment complements AOCâs 28,5% in Africa Energy Corp., itself holder of rights offshore Namibia (PEL 30, PEL 34, PEL 33 and PEL 50) and offshore South Africa.