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Eco (Atlantic) Oil & Gas, an AIM-listed and Canada-headquartered oil and gas company focused on the Atlantic Margin, has shed light on the latest developments regarding its acquisition of the issued and to-be-issued shares it does not already hold in JHI Associates (JHI).
Following the announcement about its proposed acquisition of JHI Associates by way of a court-approved plan of arrangement, Eco confirmed that JHI obtained an interim order from the Ontario Superior Court of Justice, which provides for, among other things, the calling, holding, and conducting of the annual and special shareholders’ meeting and other procedural matters in connection with the previously disclosed binding agreement between the duo.
The company underlines that the receipt of the interim order is a key milestone in the transaction process and allows JHI to proceed with seeking final shareholders’ approval. As a result, the firm has set its annual and special meeting of shareholders for May 12, 2026. At the meeting, JHI shareholders will be asked to pass a special resolution approving the arrangement with Eco.
This approval requires at least two-thirds of the votes cast by JHI shareholders present at the meeting, in person or by proxy. Eco claims to have been informed that shareholders representing approximately 60% of the other player’s outstanding shares have already entered into voting support agreements in favour of the arrangement, demonstrating strong alignment on the transaction.
Following shareholder approval, JHI intends to seek a final order of the court on May 15, 2026, to approve the arrangement. Once the shareholder approval is obtained at the meeting, the transaction is expected to close on or before the end of the third quarter of 2026, subject to the satisfaction of customary closing conditions under the arrangement agreement, including applicable regulatory approvals by the Falkland Islands government and the TSX Venture Exchange.
Gil Holzman , President and Chief Executive Officer of Eco Atlantic, commented: “The JHI acquisition is progressing well with this important milestone of the interim court order. The next step, expected within two weeks, is to receive JHI’s final shareholders’ approval, and as early voting support agreements indicate there is overwhelming support for the plan of arrangement. Eco expects a positive outcome from the JHI shareholder meeting allowing the companies to progress to closing of the arrangement and completion of the JHI acquisition upon final approvals from the Falkland Islands government.
“We then look forward to working closely with Navitas Petroleum on the exploration of the PL001 license offshore the Falkland Islands. Additionally, it is noted that in the interim JHI remains engaged with the government of Guyana with respect to a potential extension of the Canje block offshore.”
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Following the completion of the acquisition, Eco will indirectly hold 100% of the outstanding shares in JHI and, in turn, a 35% participating interest in PL001 offshore the Falkland Islands, operated by Navitas Petroleum , which holds the remaining 65% interest.