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M&A / Property Routine +

Eco (Atlantic) Oil and Gas Ltd. Announces Ministerial Approval for Namibia PEL 98 Farm-Out

Eco Atlantic Secures Final Namibian Approval for PEL 98 Farm-Out, Advances Atlantic Margin Portfolio

By The Northwire Desk — AI Analysis Jun 29, 2026 · 02:00 EOG · 0.885 Eco (Atlantic) Oil & Gas Ltd.
Executive Summary
  • Eco Atlantic received final Ministerial approval from Namibia for the farm-out of its 85% interest in PEL 98 to Lamda Energy, marking the final governmental consent required.
  • Section 11 applications were submitted to Namibian authorities for the farm-out of PELs 97, 99, and 100 to BP Namibia Energy Limited.
  • A Section 11 application was formally submitted to the Petroleum Agency South Africa (PASA) for the Block 1 CBK farm-out to Navitas Petroleum LP.
  • Advanced negotiations are ongoing for a new Production Sharing Agreement (PSA) in Guyana with Navitas, with completion expected in Q3 2026.
  • The company is awaiting formal confirmation of a five-year license extension and Navitas operatorship for the Falkland Islands PL001 license.
Material Impact
  • The ministerial approval for PEL 98 is a procedural milestone that finalizes a previously announced transaction. It does not introduce new financial terms, unexpected upside, or changes to the strategic roadmap.
  • The submission of Section 11 applications for the BP and Navitas farm-outs keeps the company on track for the Q3 2026 closing timeline previously guided by management.
  • Cash considerations ($2.7M from BP, $4M from Navitas) and carried working interests remain unchanged from prior announcements. The news confirms execution but lacks new catalysts.
  • The market has already priced in the strategic partnerships with BP and Navitas, as evidenced by the stock's run from ~$0.14 to ~$1.25 over the past six months. This update is a continuation of expected execution rather than a market-moving surprise.
EOG · Price
Company Overview
  • Eco Atlantic is an offshore exploration and production company focused on the Atlantic Margin, with assets in Namibia, Guyana, the Falkland Islands, and South Africa.
  • The company's strategy centers on partnering with supermajors and IOCs to de-risk exploration programs while retaining carried working interests and upside exposure.
  • Key assets include PELs 97, 98, 99, 100 in Namibia; the Orinduik Block in Guyana; PL001 in the Falkland Islands; and Blocks 1 CBK and 3B/4B in South Africa.
Read the original news release →

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