JHI Associates had obtained a final court order from the Ontario Superior Court of Justice approving Eco (Atlantic) Oil & Gas' proposed acquisition of the company.
The company said the court approval follows unanimous shareholder backing for the transaction at a May 12 meeting, where 100% of votes cast supported the arrangement.
Eco said the remaining conditions for completion include approvals from the Falkland Islands Government, TSX Venture Exchange and AIM, as well as confirmation of a five-year license extension for the PL001 license and operatorship by Navitas Petroleum.
The company said completion of the transaction would give Eco a 35% participating interest in the PL001 license offshore the Falkland Islands, operated by Navitas Petroleum, as well as potential exposure to the Canje Block offshore Guyana.
Eco said it expects to issue up to 96.3 million new common shares to JHI shareholders upon completion, with around 45% of the shares subject to 18-month lock-up arrangements.
“Completion of the JHI acquisition is in its final stages and we are delighted with the positive outcome in the important milestones, being the overwhelming 100% shareholders vote and approval of the Final Order. The governmental approvals are expected imminently, and our teams are working hard to close as soon as practically possible once we receive these approvals.
“We are working closely with Navitas on the planned exploration of the PL001 license offshore the Falkland Islands to ensure a seamless technical handover from the JHI team to Eco and for Navitas to operate the block.
“Additionally, JHI and Eco remain engaged with the Government of Guyana with respect to a potential extension or reissuance of JHI’s Canje block offshore, in parallel to Eco’s ongoing discussions with the Ministry on the terms of the Orinduik Block offshore,” said Gil Holzman, President and Chief Executive Officer of Eco Atlantic.