Namibia
Eco Atlantic Oil & Gas has provided an update on its offshore Namibian portfolio.
The update highlights progress on key farm-out transactions and upcoming exploration activities across its Petroleum Exploration Licences (PELs).
The company announced that the closing of its farm-down agreement with BP Namibia Energy for Petroleum Exploration Licences 97, 99, and 100 is progressing and is expected to be completed in Q3 2026, subject to the fulfilment of the remaining conditions.
Upon completion of the transaction, BP will pay Eco a cash consideration of US$2.7 million. BP will also fund 100% of Eco’s retained 25% interest, as well as Eco’s proportionate share of the interests held by the National Petroleum Corporation of Namibia (NAMCOR) and local partners during the current exploration phase.
The agreement provides for a maximum aggregate carry consideration of up to US$63 million across the three licences, based on a maximum of US$21 million per asset.
Eco said it is continuing to work with its partners to prepare for extensive exploration programmes offshore Namibia.
Planned activities include completing seismic reprocessing on PEL 97 and acquiring a large-scale 3D seismic survey covering more than 3,000 square kilometres across PELs 99 and 100.
The company also expects to receive the necessary government approvals for its previously announced farm-out of PEL 98 to Lamda Energy (Pty) Ltd during the third quarter of 2026.
These developments form part of Eco’s strategy to advance exploration activities in Namibia while leveraging strategic partnerships to reduce costs and accelerate the evaluation of prospective offshore acreage.
