Eco Atlantic secures approval for Namibia PEL 98 farm-out

(WO) — Eco Atlantic Oil & Gas has received ministerial approval from Namibia's Ministry of Industries, Mines and Energy for the farm-out of its 85% participating interest in offshore Petroleum Exploration Licence (PEL) 98 to Namibian-owned Lamda Energy, clearing the final government approval required for the transaction.

The approval satisfies Section 11 requirements under Namibia's Petroleum (Exploration and Production) Act. Eco said the remaining transaction documentation is being finalized, with completion of the farm-out expected shortly.

The company also reported progress on several other transactions across its exploration portfolio.

In Namibia, Eco has submitted a Section 11 application for its previously announced farm-out agreement with bp Namibia covering Petroleum Exploration Licences 97, 99 and 100. In South Africa, the company confirmed that regulatory applications have also been submitted for its Block 1 farm-out transaction with Navitas Petroleum.

Meanwhile, Eco said negotiations continue with Guyana's Ministry of Natural Resources on a new production sharing agreement for the Orinduik Block, with completion targeted during the third quarter of 2026.

The company is also awaiting regulatory approvals related to its Falkland Islands portfolio following its farm-in to PL001 and proposed acquisition of JHI Associates.

"Ministerial approval for the PEL 98 transaction is a significant milestone for Eco and our partners as we move the farm-out towards completion," said Gil Holzman, co-founder and chief executive officer of Eco Atlantic.

Holzman added that continued regulatory progress in Namibia is helping advance exploration and commercial activity across the country's offshore sector.

The latest approvals mark another step in Eco's strategy to advance exploration partnerships across its Atlantic Margin portfolio while reducing capital exposure through farm-out agreements.