Court Approval Secured#
Eco (Atlantic) Oil & Gas Ltd. has announced that JHI Associates Inc. received an interim order from the Ontario Superior Court of Justice. This order allows JHI to advance its proposed acquisition through a court-approved plan of arrangement.
Upcoming Shareholder Meeting#
The interim order enables JHI to seek final approval from its shareholders at a special meeting scheduled for May 12, 2026, at 10:00 a.m. Toronto time. During this meeting, shareholders will vote on a special resolution to approve the arrangement with Eco. To pass, the resolution requires at least two-thirds of the votes cast by shareholders present at the meeting.
Support from Shareholders#
According to the announcement, approximately 60% of JHI’s outstanding shares are represented by shareholders who have signed voting support agreements in favor of the acquisition. This strong backing indicates a positive outlook for the upcoming vote.
Next Steps and Transaction Details#
If the shareholders approve the acquisition, JHI plans to seek a final court order on May 15, 2026. The transaction is anticipated to close by the end of the third quarter of 2026, pending standard closing conditions, including regulatory approvals from the Falkland Islands Government and the TSX Venture Exchange. Once completed, Eco will indirectly own 100% of JHI’s outstanding shares and a 35% interest in PL001, an offshore project in the Falkland Islands, with Navitas Petroleum LP holding the remaining 65% interest.
Eco Atlantic is an oil and gas exploration company with interests in offshore licenses across Guyana, Namibia, and South Africa. It operates a 100% working interest in the Orinduik Block offshore Guyana and holds operatorship in three petroleum licenses in Namibia, covering a significant area in the Walvis Basin. PillarFour Capital Inc. is serving as Eco’s financial advisor for this transaction.