Ambitious explorer Eco Atlantic Oil & Gas has signed a deal to acquire privately owned Azinam Group which holds operated and non-operated stakes in a swathe of acreage offshore Namibia and South Africa.

Under a just announced memorandum of understanding, Toronto- and London-listed Eco Atlantic will acquire 100% of Azinam, including its entire offshore asset portfolio, in return for a 16.65% equity stake in the enlarged group when the deal completes.