A Namibian farm-out approval, an Italian environmental filing, and a Peruvian gold miner's strategic pivot defined Monday's small-cap oil and gas session. Eco Atlantic secured the ministerial green light needed to hand over an 85% stake in PEL 98, while Nativo Resources refocused its Tesoro project on high-grade targets, a shift that weighed on the shares, and Prospex Energy moved its Italian gas programme a formal step closer to the drill bit.
Eco Atlantic lands Namibia ministerial approval for PEL 98 farm-out
Eco (Atlantic) Oil and Gas (AIM:ECO) received the final regulatory consent required to complete its farm-out of an 85% interest in Namibia's PEL 98 licence to Lamda Energy. The ministerial approval clears the last formal hurdle, with transaction documentation now being finalised. Eco Atlantic shares slipped 3.86% to 49.88p on the day.
Nativo Resources shifts Tesoro focus to high-grade underground zones
Nativo Resources (AIM:NTVO) announced a strategic redeployment of underground resources at its Tesoro gold project in Peru, directing activity toward priority high-grade targets following a 186-sample geological programme that validated the company's structural model. The work provides greater confidence in the deposit's architecture, but the La Patona processing plant, central to bringing Tesoro into production, remains on hold pending financing before construction can begin. The shares fell 15.4% to 0.22p.
Prospex Energy files EIA for four-well Italian gas campaign
Prospex Energy (AIM:PXEN) submitted an Environmental Impact Assessment to Italian regulators, marking a formal regulatory milestone on the path to a four-well drilling programme at the Selva Malvezzi concession in Northern Italy. The filing targets expanded gas output from the licence and moves the campaign into the official permitting process. Prospex shares edged 1.21% higher to 3.188p.
