09:26 AM EDT, 03/11/2026 (MT Newswires) -- Eco (Atlantic) Oil & Gas ( ECAOF ) , which closed unchanged after setting fresh 52 week highs yesterday, said Wednesday that it is acquiring the issued and to be issued shares of JHI Associates Inc. not already held by it, in an all-shares transaction.

A statement noted JHI has core assets comprising a 35% working interest in the PL001 licence area in the Falkland Islands, and a 17.5% working interest in the Canje Block offshore Guyana.

Eco has agreed to acquire all remaining JHI common shares based on an exchange ratio of 0.7054 common shares in the capital of the company for each JHI share. The acquisition is subject to a number of conditions.

On completion of the deal, Eco will issue near 96.3 million shares to JHI securityholders, giving them a 21.8% stake. The acquisition is valued at US$52.3 million, based on the 30-day volume weighted average price of Eco's shares on the TSX Venture Exchange, ending March 9, of $0.7362.

Eco said: "This landmark acquisition complements Eco's existing Atlantic Margin portfolio in Namibia and South Africa, whilst adding to its exposure offshore Guyana. The acquisition positions Eco at the forefront of one of the most compelling offshore growth stories globally, the North Falkland Basin, alongside intended operator and strategic partner Navitas Petroleum LP."