Namibia: Eco Atlantic in deals with Africa Oil, ONGC
Issue 358
- 23 Nov 2017
| 1 minute read
Africa Oil Corporation (AOC) has bought a 19.77% stake in Eco (Atlantic) Oil & Gas for C$14m ($11m) and entered into a strategic alliance agreement to identify new projects. AOC bought 29.2m new shares in Eco at C$0.48/share, and president and chief executive Keith Hill is expected to join the Eco board as a non-executive director. The agreement allows AOC to bid jointly with Eco on any new assets or ventures, and to have a right of first refusal on any farm-out by Eco.
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