Eco (Atlantic) Oil & Gas Ltd. announced on March 11, 2026 that it has signed a binding agreement to acquire the remaining shares of JHI Associates, Inc., a move that deepens the company’s exposure to offshore Guyana while adding a new exploration position in the North Falkland Basin.
The Toronto-based exploration company said the agreement was signed on March 10 and will see Eco acquire all issued and to-be-issued JHI shares not already held by the company. The acquisition is valued at about US$52.3 million based on the company’s 30-day volume weighted average share price on the TSX Venture Exchange.
The transaction gives Eco a 35% working interest in the PL001 license offshore the Falkland Islands and a 17.5% interest in the Canje Block offshore Guyana.
Eco said the acquisition aligns it with Navitas Petroleum LP on the PL001 license, where the company is expected to hold a 65% interest subject to approval from the Falkland Islands Government. The block sits in the North Falklands Basin, close to the Sea Lion development, which reached Final Investment Decision in December 2025 and is targeting first oil in 2028.
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Eco President and Chief Executive Officer Gil Holzman said the deal strengthens the company’s strategy of expanding its Atlantic Margin portfolio with experienced operating partners. He said securing an interest in the PL001 license places the company near one of the basin’s most important developments.
“Eco is advancing beyond pure exploration exposure and positioning itself within a basin entering a new phase of development-led growth,” he added.
The PL001 license covers approximately 1,126 square kilometers in water depths of 400 to 500 meters and has identified more than 50 exploration leads and prospects from 3D seismic data. A competent persons report estimated around 3.1 billion barrels of prospective recoverable resources across the block. Holzman said the company believes the development of nearby infrastructure will support further exploration activity in the basin.
“With Sea Lion progressing toward development and infrastructure build-out, and with planned drilling activity supported by a meaningful carry, we believe Eco is now exceptionally well positioned to participate in the next chapter of growth in the region while maintaining capital discipline and maximising shareholder value,” Holzman said.
Eco said the acquisition will also retain exposure to Guyana through the Canje Block, which lies north of the Stabroek trend within the same petroleum system as several major discoveries. Holzman said discussions are continuing with the Government of Guyana on future work in the country.
Completion of the acquisition is expected in the third quarter of 2026, subject to several conditions including a five-year extension of the PL001 license, regulatory approvals, and support from two-thirds of JHI shareholders at a special meeting expected within four weeks.
