Many in the upstream sector see southern Africa as a particularly promising frontier
Eco Atlantic expands in southern Africa
The AIM-listed independent will take over six licences in the region with its acquisition of Azinam Group
AIM-listed Eco Atlantic Oil & Gas has agreed to acquire independent Azinam Group, including its three South African licences and another three in Namibia. In return, Azinam will receive a 16.65pc stake in the combined company. The deal is expected to be concluded by the end of this month. Azinam’s portfolio includes operatorship and a 50pc stake in block 2B off the Atlantic coast of South Africa. Eco Atlantic plans to drill an exploration well there in the second half of 2022. Block 2B’s other stakeholders are Vancouver-headquartered Africa Energy Corp (27.5pc), Oslo-listed independent Panoro (12.5pc) and Stockholm-based Crown Energy (10pc). Eco Atlantic will also acquire 20pc in d
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