Eco Atlantic Oil & Gas (AIM:ECO), the AIM and TSX-V listed offshore exploration company, has obtained formal ministerial approval from Namibia's Ministry of Industries, Mines and Energy for the assignment of its 85% participating interest in Petroleum Exploration Licence 98 to Lamda Energy (Pty), a wholly Namibian-owned company.
The approval satisfies the final governmental consent, with the parties now completing remaining transaction documentation ahead of an imminent close.
"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.
Beyond PEL 98, Eco confirms an application covering its separate farm-out of PELs 97, 99 and 100 to BP Namibia Energy has been submitted to the Ministry, representing the next key regulatory hurdle for that transaction.
The company also filed its application with South Africa's Petroleum Agency on 26 June for the Block 1 CBK farm-out to Navitas Petroleum.
In Guyana, Eco and Navitas are in advanced negotiations with the Ministry of Natural Resources on a new Production Sharing Agreement for the Orinduik Block, with completion targeted in the third quarter of 2026.
