Eco claims that the only remaining conditions for completion of the arrangement include receipt from the Falkland Islands Government (FIG) for a five-year licence extension of the PL001 licence and Navitas Petroleum LP’s operatorship; JHI to have a cash balance of $1 million on completion of the acquisition; and the required TSX-V and AIM approvals.

Upon closing of the transaction, the AIM-listed player expects to issue in aggregate up to 96,307,811 new common shares to JHI shareholders, who are entitled to convert them into Eco shares after presenting their original share certificate. The firm explains that approximately 41.5 million (45%) of these shares will be subject to lock-up arrangements spanning 18 months following completion.