Eco (Atlantic) Oil & Gas has received formal 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 98 to Namibian-owned Lamda Energy, clearing the final government consent required under Section 11 of Namibia’s Petroleum (Exploration and Production) Act. The remaining transaction documentation is being finalised, with completion expected shortly.
The approval lands amid a broader wave of portfolio activity for Eco Atlantic. In Namibia, the company has submitted a separate Section 11 application covering its farm-out agreement with bp Namibia across Petroleum Exploration Licences 97, 99, and 100. In South Africa, regulatory applications for its Block 1 CBK farm-out to Navitas Petroleum were formally submitted to and received by the Petroleum Agency South Africa on 26 June 2026.
Further afield, Eco said negotiations continue with Guyana’s Ministry of Natural Resources on a new production sharing agreement for the Orinduik Block, with completion targeted for the third quarter of 2026, while the company is also awaiting regulatory approvals tied to its Falkland Islands portfolio following its farm-in to licence 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. “It is also highly encouraging to see broader momentum across Namibia’s upstream sector continue to grow,” he added, noting that ministerial approvals are progressing across the company’s portfolio and providing increased confidence for companies operating in the country.
Source: worldoil.com | energy-pedia.com | oilreviewafrica.com