Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG) has acquired minority interests in its Guyana subsidiary so that it is now wholly owned.
It cleans up the group’s ownership structure, in relation to the potentially high impact exploration venture in which it is partnered with Tullow Oil.
The minority shareholders in the Eco Guyana subsidiary will now receive US$200,000, with the first half paid on February 27 followed by another US$100,000 up to sixty days later, and they will also receive some of the group’s common shares (a total of 1.7mln shares will be issued).
"The successful purchase of the remaining 6% minority shares in Eco Guyana simplifies and strengthens our corporate structure and provides additional flexibility for us to manage our Guyana assets as we enter a year in which we are expecting significant activity on our Blocks as well as potential growth in the region," said Gil Holzman, Eco Atlantic chief executive.
Eco’s Guyana subsidiary owns a 40% stake in the Orinduik Block which is majority owned (the other 60%) by project operato,r Tullow Oil.