BVI-based oil and gas exploration company Eco Atlantic Oil & Gas Ltd. has entered into a Share Purchase and Sale Agreement, through its wholly owned subsidiary Eco Atlantic Ghana Limited, which holds company's interest in the Three Point West Deep Water Offshore Block Ghana’s economic waters . According to the agreement, Eco Atlantic sold its total interest in Eco Ghana to PetroGulf Ghana Limited.
Under the terms of the agreement, the BVI company is entitled to receive US$576,580 as reimbursement for past operating expenditures owed to the company on the Block, and the purchasing company assumes all obligations of Eco Ghana related to the sold block.
The sale has received the consent of GNPC as required by the Petroleum Agreement, and the consent of GNPC Explorco as required by the Joint Operating Agreement.
