Eco Atlantic Oil & Gas says it is receiving strong interest from potential industry partners as it advances work across its four Petroleum Exploration Licences (PELs) in the Walvis Basin.
Eco’s President and Chief Executive Officer Gil Holzman said the company is currently assessing additional strategic options in response to “considerable interest” from industry players seeking to enter Namibia’s emerging offshore petroleum sector.
Eco holds an 85% operated interest in PELs 97, 98, 99 and 100.
Eco confirmed that all four licences were granted one-year extensions during the reporting period, enabling continued development of its exploration portfolio.
“In Namibia, our focus has been on portfolio optimisation, aimed at maximising the value of our assets and unlocking their potential for the benefit of our stakeholders,” Holzman said.
As part of this optimisation drive, Eco said it has agreed to farm out its entire working interest in PEL 98, known as the Sharon Block, to Lamda Energy (Pty) Ltd, a wholly Namibian-owned company.
The transaction remains subject to government approval. Eco said the farm-out supports greater local participation in the upstream sector and aligns with Namibia’s wider energy development objectives.
“We secured one-year extensions across all four of our PELs and agreed a farm-out of PEL 98 to Lamda Energy, reinforcing the potential of our portfolio and deepening our support for local ownership and operational leadership in Namibia,” Holzman said.
The operational update forms part of Eco’s unaudited results for the three and six months ended 30 September 2025.
The company reported that it maintained a stable financial position during the period, with N$36.1 million (US$2.1 million) in cash and cash equivalents, no debt, and total equity of N$302 million (US$17.6 million). Total assets were reported at N$325.8 million (US$18.9 million).
Eco further stated that it expects an additional N$197.9 million (US$11.5 million) in milestone payments from its joint venture partners on South Africa’s Block 3B/4B.
Beyond Namibia, Eco said it continues to progress its broader Atlantic Margin portfolio. In South Africa, the company completed the acquisition and operatorship of Block 1, now renamed Block 1 CBK in honour of its late Co-Founder and COO Colin Brent Kinley.
The company said preparations are ongoing for the planned drilling of the Nayla prospect on Block 3B/4B, pending environmental authorisation.
Eco also confirmed that in Guyana it remains engaged in the farm-out process for the Orinduik Block, while reassessing the commercial outlook for its Jethro-1 and Joe-1 heavy oil discoveries following ExxonMobil’s final investment decision on the Hammerhead development.
