FINWIRES · TerminalLIVE
FINWIRES

Eco (Atlantic) Oil & Gas Closes Farm-Down Deal for South African Offshore Block

By

Eco (Atlantic) Oil & Gas (ECO.L) completed the farm-down of its 37.5% working interest in Block 1 CBK offshore South Africa and transferred operatorship to Navitas Petroleum after securing regulatory approvals.

As such, the company has received the $4 million cash consideration under the deal, according to a Tuesday filing. Navitas will also carry Eco's expenses for the block's work program, capped at $7.5 million, with the amount to be repaid through Eco's share of future production proceeds.

The oil and gas exploration company will retain a 37.5% working interest in Block 1 CBK, with an option to acquire up to a 47.5% interest through its deal with OrangeBasin Energies.

What else is happening in Equities?

Equities

American Resources' Electrified Materials to Acquire Blackion in $13.2 Million All-Stock Deal

American Resources' (AREC) majority-owned Electrified Materials unit agreed to acquire Blackion in an all-stock deal valued at about $13.2 million, the company said Monday.The deal consideration will be paid in Electrified Materials shares based on a $275 million pre-money valuation, with 50% issued at closing and the remaining shares issued after 12 and 24 months, the company said.The acquisition will expand Electrified Materials' battery feedstock and critical materials platform, including battery chemistries, manufacturing scrap, black mass and critical mineral feedstocks, it added.American Resources shares were up 1.5% in premarket activity.

$AREC
Equities

Top Premarket Decliners

Research Frontiers (REFR) shares were down 27% in Monday's premarket activity, swinging from a 68% rise in the prior session.Delixy (DLXY) stock was 25% lower following a 1.8% gain in the previous session.Quanome Technologies (QNME) shares were down 19% after a 92% rise in the Friday session.NextNRG (NXXT) stock was nearly 17% lower, extending a 1.7% loss in the previous session.

$DLXY$NXXT$QNME$REFR
Equities

Petrobras Board Greenlights Participation in Brazil's New Diesel Subsidy Program

Petrobras (PBR) board approved the Brazilian state-run oil firm's participation in a new subsidy program for diesel producers and importers, the company said over the weekend.The subsidy, worth 1.00 real ($0.19) per liter for 30 days, could be extended for another 30 days and is cumulative with an existing subsidy of R$1.12 per liter.Additionally, the company said it received a R$448 million installment under Brazil's economic subsidy program for gasoline sales. This brings the cumulative amount Petrobras has received under the subsidy programs for diesel fuel, gasoline, and liquid petroleum gas to R$9.9 billion.

$PBR