Eco Atlantic Oil & Gas acquired Pan Africa Oil Namibia on Thursday after the AIM-listed firm picked up the last 10% of the outfit's shares not already in its possession.

In order to fund the acquisition of Pan African from Amis Oil and Gas, Eco will issue 300,000 common shares to Amis.

As a result of the acquisition, Pan African will become a wholly-owned subsidiary of Eco, giving the firm an 80% working interest in the Tamar License, with the remaining 20% being divided equally between the National Petroleum Corporation of Namibia and Spectrum Geo.

The Tamar License is expected to be drilled by Chariot Oil and Gas and AziNam in October.

Eco Atlantic chief executive Gil Holzman, said: "We are very pleased to announce the completion of this transaction, which simplifies our corporate structure, bringing all of our subsidiaries under Eco Atlantic's sole and wholly owned ownership."

"This transaction further simplifies our corporate structure, and aligns all stakeholders into the ultimate parent company thus enables us to better manage each of our subsidiaries and their respective held licenses in preparation for future potential developments and transactions."