Business
Eco (Atlantic) Oil and Gas Ltd. Announces JHI Acquisition - Interim Court Order Obtained
TORONTO, ONTARIO / ACCESS Newswire / April 30, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:...
About this update from Eco (atlantic) Oil & Gas Ltd.
[{"type":"text","content":"Eco (Atlantic) Oil and Gas Ltd. Announces JHI Acquisition - Interim Court Order ObtainedTORONTO, ONTARIO / ACCESS Newswire / April 30, 2026 / Eco (Atlantic) Oil & Gas Ltd. (AIM:ECO)(TSXV:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to provide an update, further to the Company's announcement on March 11, 2026, regarding the proposed acquisition of JHI Associates, Inc. (\"JHI\") by way of a court-approved plan of arrangement (the \"Arrangement\").Eco confirms that JHI has successfully obtained an interim order (the \"Interim Order\") from the Ontario Superior Court of Justice (Commercial List) (the \"Court\"), which provides for, inter alia, the calling, holding, and conducting of the annual and special shareholders' meeting and other procedural matters in connection with the Arrangement. The receipt of the Interim Order is a key milestone in the transaction process and allows JHI to proceed with seeking final shareholders' approval.JHI has set its annual and special meeting of shareholders for May 12, 2026, at 10:00 a.m. (Toronto time). At the meeting, JHI shareholders will be asked to, among other things, pass a special resolution approving the Arrangement with Eco. Approval of the Arrangement requires at least two-thirds of the votes cast by JHI shareholders present at the meeting, in person or by proxy. Eco is informed that shareholders representing approximately 60% of JHI's outstanding shares have already entered into voting support agreements in favour of the Arrangement, demonstrating strong alignment on the transaction.Following shareholder approval, JHI intends to seek a final order of the Court, on May 15, 2026, to approve the Arrangement.Once the shareholder approval is obtained at the meeting, the Transaction is expected to close on or before the end of the third quarter of 2026, subject to the satisfaction of customary closing conditions under the Arrangement agreement, including applicable regulatory approvals by the Falkland Islands Government and the TSX Venture Exchange.Assuming completion of the Transaction, Eco will indirectly hold 100% of the outstanding Shares in JHI and, in turn, a 35% participating interest in PL001 offshore the Falkland Islands operated by Navitas Petroleum LP (holding the remaining 65% interest).Gil Holzman, President and Chief Executi...