Eco (Atlantic) Oil & Gas Ltd. (TSXV:EOG) signed a Commercially Binding Term Sheet to acquire remaining 92.7% stake in JHI Associates Inc. for $52 million on March 14, 2022. Consideration is in the form of approximately 127 million new common shares issued to JHI's shareholders based on an exchange ratio of 1.1994 new Eco common shares and convertible securities leading to JHI shareholders holding approximately 34% of Eco post Acquisition at current share count. The transaction also includes JHI's 17.5% Working Interest in the Canje Block offshore Guyana. For the year ending on December 31, 2021, JHI reported total gross assets of $30.7 million. JHI has the right to appoint two non-executive Directors to Eco's eight-member Board of the enlarged Group. The transaction is subject to the signing of an Arrangement Agreement and satisfactory completion of due diligence by Eco and any requisite Government of Guyana, Canje Block partners, stock exchange approvals and lock-up agreement by JHI's shareholders to restrict sale of consideration shares. The transaction is currently expected to close in quarter second of 2022. James Harris and James Bellman of Strand Hanson Limited acted as financial advisor to Eco (Atlantic) Oil & Gas Ltd. Emily Morris and Detlir Elezi of Berenberg acted as broker in the transaction. Neil Passmore of Hannam & Partners (Advisory) LLP acted as financial advisor to Eco (Atlantic) Oil & Gas Ltd.

Eco (Atlantic) Oil & Gas Ltd. (TSXV:EOG) cancelled the acquisition of remaining 92.7% stake in JHI Associates Inc. on June 14, 2022. Due to disagreements on the terms of lock-up arrangements between Eco and JHI's shareholders, As a result, the Board of Eco Atlantic has decided not to progress with the acquisition at the current time.